Legal Updates for December 2017
New SIA Building Contract 2016 (Lump Sum)
In this Update, we turn our eye on domestic standard forms and discuss the Singapore Institute of Architects' launch of a new suite of contracts known as the SIA Building Contracts 2016. This is a suite of 6 contracts, the Lump Sum Contract, the Design & Build Contract, the Subcontract and their respective international versions. We highlight a number of key changes to the SIA Building Contract 2016 (Lump Sum) since the previous 9th Edition and discuss the differences between the domestic version and international version.
CCS Consults on Proposed Amendments to the Competition Act
On 21 December 2017, the Competition Commission of Singapore ("CCS") issued a three-week public consultation on its proposed amendments to the Competition Act (Cap. 50B) (the "Act"). The proposed amendments have been introduced on the back of the CCS’s practical experience in enforcing the Act, and aims to align the CCS’s practices with international best practice. This Update provides a summary of the proposed amendments to the Act, followed by our comments on the same.
CCS Publishes Findings of Retail Petrol Market Inquiry
On 19 December 2017, the Competition Commission of Singapore ("CCS") published its findings from the second market study inquiry that it had conducted on the Singapore retail petrol market. From the inquiry, the CCS found no evidence of collusion between Singapore petrol retailers, but considered that there was room to increase competition in the market. In particular, the CCS took the view that that there is a need to increase consumer awareness in order to enable them to make informed petrol purchasing decisions.
Repeal Of U.S. Net Neutrality And What It Could Mean For Singapore
On 14 December 2017, the United States Federal Communications Commission voted to repeal the net neutrality regulations set in place during the Obama administration in 2015. Net neutrality generally refers to network providers treating all sources of Internet content equally as well as consumers' rights to access content and services on the Internet on a non-discriminatory basis. Effectively, net neutrality seemingly creates a more level playing field for businesses. This Update provides a summary of the changes to the United States’ position on net neutrality, followed by our comments on the potential impact of the FCC decision on net neutrality in Singapore.
CCS Market Inquiry on Car Parts in Singapore
On 11 December 2017, the Competition Commission of Singapore ("CCS") published its findings from its market inquiry into the supply of car parts in Singapore for the servicing, repair and customisation of cars. The purpose of the market inquiry was to better understand how the relevant markets functioned, and whether there were any features or market practices that limited competition in the relevant markets in Singapore. This Client Update provides a summary of the relevant findings, followed by our comments on their possible implications for businesses operating in the automotive industry and beyond.
Proposed Enhancements to Continuous Disclosure Requirements under the Listing Rules
Singapore Exchange ("SGX") is consulting on proposals to recalibrate disclosure requirements under the SGX-ST Listing Rules and the SGX-ST Catalist Listing Rules. The key proposed amendments relate to rights issue fund raising, transactions with interested persons, provision of financial assistance to third parties as well as significant disposal of assets. These proposed amendments take into account recommendations from a working committee tasked to review the Listing Rules, suggestions from market participants as well as SGX's review of the Listing Rules in light of developments in both local and global markets.