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eOASIS is Rajah & Tann Singapore LLP's legal information website for clients, containing business and legal information prepared from a practitioner's viewpoint. It has four different modules, updated regularly, and materials range from commentaries on the latest legal developments to key legal and business information.

What's new on eOASIS

On 20 February 2017, during the Budget 2017 speech, Minister for Finance Mr Heng Swee Keat announced the government's plans to introduce carbon tax in Singapore starting from 2019. We provide some insights into the new carbon tax and discuss the impacts it may have on businesses operating in Singapore. 

The Monetary Authority of Singapore ("MAS") has issued a consultation paper titled "Proposed Regulatory Regime for Managers of Venture Capital Funds", setting out proposals for a simplified regulatory regime for venture capital fund managers so as to allow them to operate more nimbly in supporting start-ups in Singapore and the region. This is one of the specific measures that MAS is adopting to support the recommendations of the Committee on the Future Economy, and help position Singapore's financial sector for the future.

The update looks at the key proposals in the consultation paper. 

Is a foreign incorporated bank in Singapore mandated under the Banking Act (Cap. 19) to apply for, and secure approval from the Singapore courts to transfer its business, notwithstanding that the transfer/merger had already been validly effected under its own laws of incorporation? This was the issue before the Singapore International Commercial Court in the case of BNP Paribas Wealth Management v Jacob Agam and another [2017] SGHC(I) 2, which was being considered for the first time in Singapore. 

In August 2016, the Singapore Exchange’s (“SGX”) Listings Advisory Committee ruled in favour of allowing dual-class share ("DCS") structures to list on SGX subject to appropriate safeguards. Since then, SGX has engaged with various stakeholders to discuss the possibility of introducing DCS structures in Singapore.

On 16 February 2017, SGX issued a consultation paper, seeking public feedback on whether DCS structures should be introduced, and if so, what safeguards such structures should be subject to. The consultation ends on 17 April 2017.  

The Monetary Authority of Singapore ("MAS") has issued a consultation paper titled Proposed Regulatory Regime for Managers of Venture Capital Funds, setting out proposals for a simplified regulatory regime for venture capital fund managers so as to allow them to operate more nimbly in supporting start-ups in Singapore and the region. This is one of the specific measures that MAS is adopting to support the recommendations of the Committee on the Future Economy, and help position Singapore's financial sector for the future.

The Update looks at the key proposals in the consultation paper. 

This is a follow-up legal update on the impact of the case of Giant Light Metal Technology (Kunshan) Co Ltd v Aksa Far East Pte Ltd [2014] SGHC 16 (“Giant Light”) more than two years after the decision. In Giant Light, Rebecca Chew and Paul Tan from Rajah & Tann Singapore LLP successfully represented Giant Light Metal Technology (Kunshan) in what is believed to be the first instance of a Singapore Court enforcing a judgment from the People's Republic of China. In this Update, we would wish to share how Giant Light has impacted the recognition and enforcement of a Singapore Supreme Court Judgment in China. 

This Update provides a brief summary of the key statutory and regulatory developments in Singapore for the year 2016.  

To appeal against a decision of the court, a litigant has to provide security for costs in order to cover the potential costs the respondent may incur in arguing the appeal. In Yuanta Asset Management International Limited v Telemedia Pacific Group Limited, the Court examined security for costs issues in the context of foreign litigants, and when this might warrant a higher quantum of security. The Respondent was successfully represented by Paul Tan and Josephine Chee from Rajah & Tann Singapore LLP. 

For those involved in construction or projects in Singapore, it is essential to be familiar with the Workplace Safety and Health Act ("WSHA"). The WHSA sets out duties relating to safety, health and welfare in workplaces, as well as penalties of fines and/or imprisonment for the breach of these duties. The case of Public Prosecutor v GS Engineering & Construction Corp [2016] SGHC 276 marks the first time that a prosecution under the WSHA has come before the High Court on appeal. The Court thus had the opportunity to consider the sentencing precedents and guidelines for WSHA offences. 


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