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.
Further Changes to COVID-19 (Temporary Measures) Act Concerning Rental Relief, Collective Sales, Construction Contracts and Meetings
On 4 September 2020, the COVID-19 (Temporary Measures) (Amendment No. 2) Bill ("Bill") was passed in Parliament, setting out further proposed amendments. The Bill seeks to strengthen the COVID-19 (Temporary Measures) Act by:
This Update highlights the key features of the Bill.
- Expanding the powers of rental relief assessors;
- Allowing applications for the extensions of deadlines for collective sales;
- Clarifying the interaction between Part 8 of the Act (which deals with contracts affected by delay in the performance or breach of a construction contract, supply contract or related contract) and other dispute resolution proceedings; and
- Enhancing the certainty of alternative meeting arrangements.
MAS Imposes New Requirements on Execution of Customers’ Orders on Capital Market Intermediaries w.e.f. 3 March 2022
With effect from 3 March 2022, capital markets intermediaries will be required to establish and implement written policies and procedures to:
- Place and/or execute customers’ orders on the best available terms ("Best Execution"); and
- Place and/or execute comparable customers’ orders according to time of receipt of such orders.
This new requirement is set out in new Notice SFA 04-N16 on Execution of Customers' Orders issued by the Monetary Authority of Singapore ("MAS") on 3 September 2020. The accompanying Guidelines to MAS Notice SFA 04-N16 on Execution of Customers' Orders was also issued on the same day to provide guidance on the interpretation of the Notice.
This follows the MAS' consultation on the proposal in November 2017. A Response to the Feedback Received on the Consultation was published on 3 September 2020.
This Update highlights the key features of the Best Execution requirement and its application on capital markets intermediaries.
Updated Public Sector Standard Conditions of Contract (or "PSSCOC", 8th Edition, July 2020)
The Public Sector Standard Conditions of Contract ("PSSCOC") is a standard contract form commonly used for public sector construction contracts in Singapore. It was first published in 1995 by the Building and Construction Authority and had undergone updates throughout the years. Recently, the BCA published the latest edition of the PSSCOC ("8th Edition") which serves as an update of the previous edition published in July 2014 ("7th Edition").
Generally, the 8th Edition does not make fundamental changes to the allocation of risks and responsibilities between the Employer and the Contractor but serves to provide greater clarity and certainty to parties by introducing several points of clarification. In this update, we highlight a number of differences between the 7th and 8th Editions of the PSSCOC.
Restructuring & Insolvency Regimes in Southeast Asia: A Comparative Overview
As business and commerce becomes increasingly cross-border in nature, it is important for businesses to have knowledge of restructuring and insolvency regimes of foreign jurisdictions. This is particularly relevant in the Southeast Asia region, given the close connection and links amongst the Southeast Asian states.
In this publication, we take a broad look at the key areas of interest in the restructuring and insolvency regimes across the region. The comparative overview covers various differences and similarities in the respective restructuring and insolvency frameworks in these jurisdictions.
Rajah & Tann Asia, as a regional network of law firms, has an established presence across Southeast Asia. Our regional offices have the requisite restructuring and insolvency expertise to assist with your queries and restructuring and insolvency needs across these jurisdictions.