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 10 January 2017, the Singapore Parliament passed the Civil Law (Amendment) Bill 2016, which will allow third-party funding but only – at the moment – in the field of international (but not domestic) arbitration and related proceedings. The introduction of this option may provide a more viable route for certain disputants to pursue legitimate legal claims, taking into account issues of cash flow and the potentially high costs of dispute resolution. This Update takes a look at the amendments, as well as the key features and restrictions of the proposed third-party funding framework.
A Happy New Year to all, as we share the latest competition news from the region and beyond. 2016, although a difficult year which saw new limits being pushed, remained one where competition regulators have been very busy, as was the last quarter. We strongly advocate businesses remain apprised of the competition developments and legislative changes as we move into the new year, to avoid any competition issues in their business activities and dealings. This is particularly critical for companies with businesses across many countries.
The Accounting and Corporate Regulatory Authority of Singapore ("ACRA") and the Ministry of Finance ("MOF") are seeking feedback on proposed amendments to the Companies Act, Limited Liability Partnerships Act and the Accountants Act. The consultation ends on 13 January 2017.
In their press release, ACRA and MOF said that the proposed amendments seek to reduce the regulatory burden on business entities, improve the ease of doing business, and enhance the transparency of business entities. This update looks at the key proposed amendments.