eOASIS is Rajah & Tann Singapore LLPs legal information website for clients, containing business and legal information prepared from a practitioners 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 25 November 2016, the Ministry of Manpower ("MOM") and its tripartite partners - the National Trade Union Congress and the Singapore National Employers Federation - issued an advisory stating that, with effect from 1 January 2017, it is a mandatory requirement for businesses to notify the MOM of their redundancy exercises, and the failure to do so is an offence. This Client Update provides an overview of this new mandatory notification regime and also discusses the current position on the payment of retrenchment benefits in Singapore.
In a recent landmark decision, the UK Employment Tribunal held that Uber drivers are deemed to be workers with certain employee rights, rather than being self-employed. This decision is a potential game-changer with far-reaching consequences not just for Uber drivers in different countries, but also for the many "Uber" - like companies operating on-demand technology platforms. This Client Update takes a look at this UK decision, and its potential effects in Singapore and beyond.
The Cyber Security Law of the People's Republic of China (the "Cyber Security Law") has been the subject of much attention, going through a number of stages of development. On 7 November 2016, the PRC's highest legislative authority, the National People's Congress Standing Committee, officially enacted the Cyber Security Law following a third and final round of amendments. The Cyber Security Law will come into effect on 1 June 2017. This article looks at the changes that have been made to the final Cyber Security Law since the second draft, and the potential impact of these changes.
On 7 November 2016, the Securities and Futures (Amendment) Bill 2016 ("Bill") was introduced in Parliament. The legislative amendments contemplated in the Bill mark the completion of the Monetary Authority of Singapore's ("MAS") two-phase review to implement over-the-counter ("OTC") derivatives reforms, in line with recommendations made by the Financial Stability Board ("FSB") and the G20 to strengthen regulation of OTC derivatives markets following the 2008 global financial crisis. The first phase of legislative amendments was passed in November 2012. The Bill also introduces amendments aimed at enhancing regulatory safeguards for retail investors, enhancing the credibility and transparency of the capital markets, and strengthening MAS' ability to take enforcement action against market misconduct.
This update aims to provide a general overview of the key provisions in the Bill.