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eOASIS is Rajah & Tann Singapore LLP's legal information website for clients, containing business and legal information prepared from a practitioner's viewpoint. It has four different modules, updated regularly, and materials range from commentaries on the latest legal developments to key legal and business information.

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Vietnam Supreme Court Upholds Recognition and Enforcement of ICC Arbitral Award in Landmark Decision
In its landmark decision in Decision 03/2023/KN-KDTM, the Supreme People's Court of Vietnam ("Supreme Court"), the country's apex court, recognised and enforced an arbitral award issued under the 2017 Rules of Arbitration of the International Chamber of Commerce ("ICC Rules").

The proceedings before the Supreme Court concerned interesting, and important, questions on the interaction between the ICC Rules and the 2010 Law on Commercial Arbitration ("LCA"), the relevant legislation governing arbitration in Vietnam. Article 61 of the LCA requires an arbitral award to be issued within 30 days after the end of the last hearing date. However, is this deadline mandatory or is it subject to modification by the timelines in the ICC Rules?

In a decision reflecting the pro-arbitration stance of the Vietnamese courts, the Supreme Court held that the ICC Rules takes precedence. This decision has provided much needed clarity and certainty on the recognition and enforcement of ICC awards in Vietnam.

The successful award creditor was represented in the ICC arbitration and the Vietnamese court proceedings by Dr Chau Huy Quang (Managing Partner), Logan Leung (Deputy Managing Partner), Quach Vu An Khoa (Senior Associate), Luong Hoang Quy (Associate), Nguyen Dang Ngoc (Associate) of Rajah & Tann LCT, and Sim Chee Siong (Head, Construction & Projects) of Rajah & Tann Singapore.

Visit Arbitration Asia for insights from our thought leaders across Asia concerning arbitration and other alternative dispute resolution mechanisms, ranging from legal and case law developments to market updates and many more. 

MAS Requires All Financial Institutions to Apply Fair Dealing Guidelines to All Products & Services
On 30 May 2024, the Monetary Authority of Singapore ("MAS") updated the "Guidelines on Fair Dealing – Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers" ("Revised Fair Dealing Guidelines"). With immediate effect, the Revised Fair Dealing Guidelines has an expanded scope to cover all financial institutions ("FIs") and all of the products and services (including incidental services) offered by such FIs to any customers (not limited to retail customers). They are expected to incorporate key principles and guidance on the fair treatment of customers into various stages of the product life cycle or provision of service by the FIs.

The Revised Fair Dealing Guidelines set out the following five fair dealing outcomes for FIs:

  • Outcome 1: Customers have confidence that they deal with FIs where fair dealing is central to the corporate culture.
  • Outcome 2: FIs offer products and services that are suitable for their target customer segments.
  • Outcome 3: Customers are served by competent representatives.
  • Outcome 4: Customers receive clear, relevant, and timely information that accurately represent the products and services offered and delivered.
  • Outcome 5: FIs handle customer complaints in an independent, effective and prompt manner.
This Update discusses some of the principles and guidance under the fair dealing outcomes and highlights some key changes introduced in the Revised Fair Dealing Guidelines.
 

Singapore's Green Data Centre Roadmap – Carving a Route for a Sustainable Digital Future
On 30 May 2024, at the ATxSummit, Deputy Prime Minister Mr Heng Swee Keat launched the Green Data Centre ("DCs") Roadmap ("Roadmap") to guide digital sustainability and to chart green growth pathways for DCs. Under the Roadmap, at least 300 megawatts ("MW") of additional DC capacity will be provided, with the possibility of achieving additional capacity through the use of green energy. The possible 300-and-more MW is expected to significantly add to the existing 1.4 gigawatts of computing capacity in Singapore, with an added emphasis on energy efficiency, use of green (low-carbon) energy and water usage targets, and an emphasis on industry partnerships as catalysts.

The challenge of managing DCs' resource footprint, while a global one, is augmented within Singapore as a compact microcosm. The ability to expand DCs' capacity in a sustainable manner will depend on the ability to make DCs green. Singapore, applying its advantage as a regional data centre hub and a dynamic international business hub, is taking the lead in crafting innovative strategies for the long-term sustainable growth of DCs through the Roadmap.

This Update highlights (i) the Roadmap's key recommendations; (ii) the steps that players in the DC ecosystem should start implementing to achieve the energy efficiency and water usage targets that will become applicable over the next 10 years; and (iii) the Government grants and other assistance available to support the move to a sustainable digital future.

 

Amendments to Licensed Builder Framework to Come into Operation on 15 June 2024
Amendments to the licensed general builder and licensed specialist builder framework are set to come into operation on 15 June 2024. These amendments are aimed at improving and clarifying the builder licensing scheme and to facilitate the Building and Construction Authority's operations.

The amendments are part of a series of changes to the Building Control Act 1989 introduced in the Building Control (Amendment) Act 2020. The changes therein have been implemented progressively from 2021. This Update provides a summary of the key amendments set to come into force in this latest round of implementation.  


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