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On 5 Jan 2015, the Singapore International Commercial Court ("SICC") was officially launched at the Singapore Supreme Court. The SICC is set to become a vital component of Singapore's rapid advancement as the regional dispute resolution hub of choice in Asia, functioning alongside complementary institutions like the Singapore International Arbitration Centre and the Singapore International Mediation Centre. Apart from the Singapore Rules of Court, the procedural guidelines for the SICC can be found in the SICC Practice Directions, which took effect on 1 January 2015, as well as in the newly introduced SICC User Guides.
Our Update takes a look at the pertinent features of the SICC, as well as what parties should know about dispute resolution before the SICC.
In February 2015, the Monetary Authority of Singapore ("MAS") issued a consultation paper setting out proposals and clarifications on securities-based crowdfunding ("SCF") in Singapore. The consultation closed on 18 March 2015.
MAS is proposing that at first instance, given the nascent stage of the SCF industry, to only facilitate SCF offers to accredited investors and institutional investors. Retail investors may still participate in other forms of crowdfunding, e.g., donation-based crowdfunding and reward-based crowdfunding. In addition, MAS is proposing to lower the base capital requirement for intermediaries interested in operating SCF platforms from $250,000 to $50,000 and to remove the requirement for such intermediaries to maintain a security deposit of $100,000 with MAS.
Please refer to our Update for more details on the proposals.
On 27 Feb 2015, Singapore, Australia, Korea, New Zealand, Philippines and Thailand ("Working Group") issued a joint consultation paper on the proposed rules that will govern the Asia Region Funds Passport ("ARFP").
The proposed rules cover areas such as the eligibility and operational criteria for passport fund managers and passport funds, as well as the authorisation process for passport funds. It will also set out common standards and expectations among regulators from passport member economies on the supervision of passport funds, including the protection of investor interests. When implemented, the ARFP will allow fund managers operating in a passport member economy to offer their funds in other passport member economies under a streamlined authorisation process.
More details on the ARFP can be found here.
On 3 March 2015, the Monetary Authority of Singapore and the Singapore Exchange jointly signed a MOU with the Securities Commission Malaysia and the Securities and Exchange Commission, Thailand to establish a Streamlined Review Framework ("Framework") for the ASEAN Common Prospectus. The Framework will facilitate cross-border offerings of equity securities and debt securities in ASEAN, and will enhance ASEAN's attractiveness as a fund-raising centre. The Framework is an initiative of the Asean Capital Markets Forum.
Under the Framework, the review process for a multi-jurisdiction offering of equity securities or debt securities will be streamlined, as long as the prospectus is prepared in accordance with the ASEAN Disclosure Standards. The Framework requires both home and host authorities to complete the review process at the same time, within three to four months from the date of submission. This will enhance market efficiency as the time taken for the issuer to obtain approval to offer its securities in multiple jurisdictions would be shortened, providing more certainty to the issuer in terms of the time-to-market.
The signatories to the MOU target to implement the Framework by the third quarter of 2015. They will jointly issue a handbook to provide guidance on the various administrative and procedural matters including the criteria for issuers, the application procedures and the review timeline.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
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Rajah & Tann Singapore LLP
9 Straits View Marina One West Tower #06-07 Singapore 18937 Republic of Singapore http://sg.rajahtannasia.com
Contacts: Francis Xavier, SC, PBMPartnerD +65 62320551francis.xavier@rajahtann.comChia Kim HuatPartnerD +65 62320464kim.huat.chia@rajahtann.comAndrew CL OngPartnerD (65) 62320259andrew.c.ong@rajahtann.comHoward CheamPartnerD +65 62320685howard.cheam@rajahtann.comRajah & Tann Asia is a network of legal practices based in Asia. | Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client. | This update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this update. |
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