Legal Updates for September 2023
SGX RegCo Shares Key Elements for a Credible Climate Transition Plan
On 8 September 2023, the Singapore Exchange Regulation ("SGX RegCo") issued the "Regulator's Column: Developing and executing a credible climate transition plan", highlighting three key elements of developing, executing and disclosing a credible climate transition plan, which companies should adopt. In June 2023, the inaugural IFRS Sustainability Disclosure Standards ("ISSB Standards"), that required information about a company’s climate transition plan as part of its strategy, were published. SGX RegCo expects to consult on amendments to the SGX-ST Listing Rules to align sustainability reporting requirements with the ISSB Standards by the end of 2023. SGX RegCo aims to finalise its recommendations on mandatory climate reporting for SGX-ST equity issuers by 2024. To help you and your business with the process, this Update outlines the three key elements of developing, executing and disclosing a credible climate transition plan and action items as stated in the Regulator's Column.
Amendments to Carbon Pricing Act 2018 Come into Force on 1 Jan 2024
The Carbon Pricing Act 2018 ("CPA") provides for, among other things, requirements relating to registration as registered persons and reportable facilities, as well as, reporting and payment of tax in relation to greenhouse gas emissions. The Carbon Pricing (Amendment) Act 2022 which amends the CPA, will come into operation on 1 January 2024. This Update provides you with a summary outline of the upcoming key changes to the CPA and our comments on this development.
New Mechanisms, Shortened Timelines: SIAC Consults on Draft Seventh Edition of SIAC Rules
Since its establishment in 1991, the Singapore International Arbitration Centre ("SIAC") has emerged as a leading global arbitration institution. Ranked second among the world’s top five arbitral institutions, SIAC was also determined to be the most preferred arbitral institution in the Asia-Pacific in the 2021 Queen Mary University of London and White & Case International Arbitration Survey: Adapting Arbitration to a Changing World.
Part of SIAC's competitive edge is the SIAC Rules ("2016 Rules"), currently in their sixth edition, which provide a framework to ensure that SIAC arbitrations are administered in an efficient, cost-effective and flexible manner. Per the last revision, the 2016 Rules incorporated new procedures for multi-contract disputes and providing for the joinder of additional parties, among others.
To enhance the user experience and raise the bar on efficiency, expedition and cost-effectiveness, SIAC recently launched a public consultation on the draft 7th Edition of the SIAC Rules ("Draft Rules"). The consultation will run from 22 August 2023 to 21 November 2023. Key amendments proposed include:
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- the introduction of new mechanisms for preliminary determination, coordinated proceedings, and the use of a new online case management system;
- the mandatory disclosure of third-party funding relationships and arrangements;
- amendments to the rules on the constitution of the tribunal, including a new list procedure that the President of the SIAC Court may employ when appointing an arbitrator;
- changes to the Emergency Arbitration procedure to improve its efficiency, such as shortened timelines;
- changes to the Expedited Procedure, including the monetary limit on the amount in dispute; and
- other general amendments, including information security measures and providing for virtual or hybrid hearings.