SINGAPORE Looking Back: 2020 and Gazing Into: 2021 Looking Back: 2020
In 2020, in order to manage the impact of the COVID-19 pandemic, the Singapore Government has implemented legal and regulatory changes concerning, among other things, temporary reliefs for contractual obligations, financial reliefs for businesses and individuals significantly affected by the pandemic, measures facilitating the holding of virtual general meetings and remote dispute resolution proceedings.
In the area of dispute resolution, changes to the legislative framework and case law developments in international arbitration and shipping further develop Singapore's position as a dispute resolution hub in the region.
Significant updates were made to Singapore's insolvency and bankruptcy statutes and case laws, enhancing Singapore's competitiveness as an international hub for restructuring and insolvency.
As ESG (environmental, social and governance) issues are drawing increasing attention from all quarters, various initiatives have also been rolled out to support the adoption of ESG standards.
Other key areas with important developments include:
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introduction of a legal framework for a new corporate structure for investment funds, variable capital companies (VCC);
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court holdings on legal issues concerning cryptocurrency and regulation of digital payment token;
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guidance on responsible adoption of technology such as artificial intelligence (AI) and data analytics solutions, internet of things and related cyber security issues; and
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enhancement of business conduct requirements for financial institutions (FIs).
Gazing Into: 2021
The Future Economy Council which is tasked to drive the growth and transformation of Singapore's economy for the future has identified sustainability as a key growth area. Apart from the initiatives rolled out by the Singapore government in 2020, more may be implemented to support Singapore's vision to become a centre for ESG-related solutions and services.
Proposed changes to the Personal Data Protection Act have been passed and are awaiting implementation.
In addition, the following key trends and/or developments are to be noted:
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5G roll-out and various issues arising from digitalisation;
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increased adoption of mediation as an alternative dispute resolution mechanism;
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cross-border trade in the Asia Pacific following the signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement; and
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transition from Singapore Dollar Swap Offer Rate (SOR) to Singapore Overnight Rate Average (SORA) for a range of financial products.
Full Report
Click on the link below for the full report which provides summaries of the key legal and case law developments related to the above areas:
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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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