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5 October 2015 will go down as a date of great importance for Singapore, Malaysia, Brunei Darussalam, Vietnam and 8 other countries in the Asia-Pacific Economic Cooperation, as it marked the successful conclusion of negotiations for the Trans-Pacific Partnership ("TPP"). This brings to an end 5 long years of intense negotiations between the parties, which at various points in time, had threatened to break down.
At its simplest, the TPP may be classified as a free trade agreement between the participating countries - Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam. However, its scope and significance extends far beyond traditional trade issues, and touches on many other aspects of the law, including data protection, intellectual property and competition policy. It is for this reason that the TPP is seen as a "landmark 21st century agreement".
We issued a client update summarising the key aspects of the TPP and the possible interaction of the TPP with the ASEAN Economic Community ("AEC"), which was formally established on 31 December 2015. To view the Update, click here.
In October 2015, the Association of Banks in Singapore ("ABS") released a set of industry guidelines to enhance the implementation of responsible financing as part of Singapore banking sector's priorities to support sustainable development. These guidelines will help achieve systematic integration of Environmental, Social and Governance ("ESG") criteria into banks' risk assessment and lending decision process.
In addition, banks are expected to share their vision and commitment to responsible financing in the annual reports, and publish their ESG policy framework in 12-18 months' time. They are also to allocate resources to support the implementation of responsible financing.
We issued a client update on this. To view the Update, click here.
On 22 October 2015, the Monetary Authority of Singapore ("MAS") published an information paper titled "Guidance on Anti-Money Laundering and Countering the Financing of Terrorism Controls in Trade Finance and Correspondent Banking". The paper was issued after a series of inspections carried out by MAS between 2012 and September 2015 on banks' trade finance activities.
This information paper aims to provide guidance to banks, merchant banks and finance companies on the anti-money laundering and countering the financing of terrorism controls in trade finance and correspondent banking activities. The paper also aims to provide guidance to banks in their benchmarking against industry norms, the implementation of sound risk management practices, and the identification of control gaps.
The information paper may be accessed here.
In the case of The Royal Bank of Scotland NV v TT International Ltd, the Singapore Court of Appeal clarified its powers over excluded creditors when sanctioning a scheme of arrangement. The court also clarified what the creditors need to be made aware of prior to being asked to vote on a proposed scheme of arrangement. Rajah & Tann Singapore LLP successfully acted for the Respondent in this matter.
We issued a client update on this. To view the Update, click here.
In the recent case of Airtrust (Hong Kong) Ltd v PH Hydraulics & Engineering Pte Ltd, the Singapore High Court recognized that punitive damages are available for breach of contract, marking a significant step in the development of Singapore contract law.
The Plaintiffs in this case were successfully represented by Rajah & Tann Singapore LLP. We issued a client update on this. To view the Update, click here.
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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