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On 14 April 2016, the Singapore Parliament passed the Choice of Court Agreements Act ("CCAA"), which gives effect to the Hague Convention on Choice of Court Agreements (the "Hague Convention") and enhances cross-boundary dispute resolution by providing a framework for the mutual recognition and enforcement of foreign judgments of states which are parties to the Hague Convention.
Click here to read about the key elements of the CCAA, as well as its potential impact on dispute resolution in Singapore.
On 21 April 2016, the Personal Data Protection Commission ("Commission") released details of the various enforcement actions it has taken against errant organisations that have infringed the Personal Data Protection Act since the data protection provisions of the Act came into force on 2 July 2014. The Commission has also issued a new set of Advisory Guidelines on Enforcement of the Data Protection Provisions, providing greater clarity on the Commission's approach to enforcement actions.
Click here to get an overview of the key points in the Commission's report, and highlight what information can be found in the new advisory guidelines.
In the course of a commercial dispute, it is not uncommon for parties to seek information and documents relating to bank accounts. However, obtaining pre-action discovery against a bank may not be a simple matter, as applicants must fulfill the discovery requirements without breaching banking secrecy rules. The case of La Dolce Vita Fine Dining Co Ltd and another v Deutsche Bank AG and another [2016] SGHCR 3 presents an example of a successful application for pre-action discovery against two banks.
Click here to read our client update to find out what conditions must be satisfied before such discovery is allowed.
On 3 May 2016, the Monetary Authority of Singapore ("MAS") and the National Research Foundation established a FinTech Office to serve as a one-stop virtual entity for all financial technology ("FinTech") matters and to promote Singapore as a FinTech hub. MAS intends to actively engage FinTech firms, introduce a regulatory sandbox approach, and promote greater inter-operability across data systems. MAS has also indicated that it is working on proposed regulations for virtual currency intermediaries, which will be issued for public consultation when ready.
This Update discusses in more detail the role of the new FinTech Office, the proposed regulatory sandbox approach, and the formation of a new Financial Technology & Innovation Group within MAS' organisation structure which will be responsible for regulatory policies and development strategies to facilitate the use of technology and innovation in the financial sector.
Click here to read our subsequent client update on in relation to the consultation exercise on the proposed FinTech regulatory sandbox guidelines.
The Monetary Authority of Singapore has announced the launch of two new frameworks which will facilitate the sale of corporate bonds to retail investors. Issuers which meet the eligibility requirements relating to their risk profile will be able to offer bonds directly to retail investors in denominations as little as S$1,000 without the need for a prospectus.
Click here to read about the key features of the new frameworks and regulations.
Following the issue of its consultation paper setting out proposals and clarifications on facilitating securities-based crowdfunding ("SCF") in February 2015 ("Consultation Paper"), the Monetary Authority of Singapore ("MAS") finally published its response ("Response") to the feedback received in relation to its Consultation Paper on 8 June 2016. In addition to its earlier proposals which primarily focused on accredited investors and institutional investors, the MAS also announced in its Response, certain refinements to existing rules to better accommodate retail participation in SCF.
Click here to read about the notable highlights of the regulatory approach for SCF as set out in the Response.
In the modern commercial setting, insolvency has taken on an increasingly cross-border nature. Businesses, creditors and assets are rarely confined to a single jurisdiction. In Re Opti-Medix Ltd (in liquidation) and another matter [2016] SGHC 108, the Singapore High Court had to consider the issue of the recognition of foreign insolvency proceedings. In particular, the Court examined the recognition of foreign liquidators from jurisdictions other than the place of incorporation. The decision also looked at the increasing recognition of the need for courts to cooperate in order to effectively and efficiently resolve cross-border insolvency issues.
Click here to read our client update on this decision.
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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