Authored Publications

Latest Developments on the "Fair and Equitable Treatment" Standard in Investment Treaty Arbitration
The fair and equitable treatment ("FET") standard remains one of the key protections relied on by investors in investment disputes, but is often left undefined. Nonetheless, by general consensus and subject to treaties specifically providing otherwise, the core content of the FET standard appears to be comprised of: (i) protection afforded to the legitimate expectations of the investor; (ii) protection against arbitrary or discriminatory treatment; and (iii) protection against a host state's denial of justice to the investor.

Rajah & Tann Singapore has contributed a chapter on the FET standard, titled Fair and Equitable Treatment ", to Lexology's In-Depth: Investment Treaty Arbitration (formerly the Investment Treaty Arbitration Review). The chapter provides an overview of recent awards that have discussed and applied the FET standard. Covering disputes over renewable energy in Bulgaria to snow crabs in Norway, the awards illustrate how the tribunals sought to strike a balance between investors' rights, including their legitimate expectations, with the states' sovereign right to legislate and regulate.

The chapter was authored by Deputy Managing Partner and Head of International Arbitration Kelvin Poon, SC, together with Partners Matthew Koh and David Isidore Tan; Senior Associates Dennis Saw and Benny Santoso; Associates Jodi Siah, Timothy James Chong and Jerry Wang; and Practice Trainee Sean Gregory Rappa.

Rajah & Tann Contributes to Legal500 Guide on "Singapore: Class Action"
Rajah & Tann Singapore has contributed to the Singapore Chapter of the Legal500 comparative guide to class actions, sharing an overview of class action laws and regulations applicable in Singapore. The comparative guide provides information about the current issues affecting collective redress actions in each jurisdiction and addresses the relevant topics.

Authored by our dispute practitioners, Jerald Foo (Partner, Commercial Litigation) and Foo Xian Fong (Partner, Commercial Litigation), the guide is set out in a Q&A format addressing the key issues in collective redress actions. The guide covers, among other things, the collective redress mechanisms, how collective redress actions may be brought, jurisdictions of courts, causes of actions that can be relied on as basis for collective redress actions, limitations on types of claims and measure of damages.

The full Singapore Chapter is available here.

Find out more about our Commercial Litigation Practice here.

Rajah & Tann Singapore Contributes to Chambers and Partners International Fraud & Asset Tracing 2024 Guide – Singapore Chapter
Rajah & Tann Singapore contributed to the Singapore chapter of the International Fraud & Asset Tracing 2024 guide published by Chambers and Partners.

The dramatic surge of 1,530% in deepfake fraud incidents last year is a stark reminder of the evolving threats in the digital age, particularly within the cryptocurrency sector. As we navigate through 2024, we can expect to see a rise in the complexity and sophistication of investment scams, especially within the crypto space. In this chapter, Jansen Chow (Co-Head, Fraud, Asset Recovery & Investigations Practice), and Ang Leong Hao (Partner, Commercial Litigation Practice) provide a comprehensive overview of the legal framework, as well as the latest trends and developments within Singapore's legal landscape. The authors note that given Singapore’s pragmatic and commercial approach to dispute resolution, it is well placed to position itself as a leading jurisdiction to adjudicate fraud disputes.

Topics discussed in the chapter include:

Law and Practice

• Fraud claims;
• Procedures and trials;
• Corporate entities, ultimate beneficial owners and shareholders;
• Overseas parties in fraud claims;
• Enforcement;
• Privileges; and
• Special rules and laws.

• Singapore courts' robust approach towards dealing with Ponzi schemes;
• developments in fraud cases involving crypto-assets; and
• Singapore's continued push towards being a global crypto-restructuring hub.

Rajah & Tann Singapore Contributes to Lex Mundi AI Legislative Guide
Rajah & Tann Singapore has contributed the Singapore chapter of the Lex Mundi AI Legislative Guide. The guide, which covers more than 130 jurisdictions, is a vital tool for keeping abreast of specific legislation, final regulations or other formal regulatory guidance addressing the use of artificial intelligence ("AI") in the relevant jurisdictions. This is achieved by outlining these laws and identifying the agencies tasked with regulating the same. It is not the intention of the guide to address existing laws that might impact the use of AI; rather, it seeks to identify and monitor new AI-specific legislation on the horizon.

Rajesh Sreenivasan, Head of the Technology, Media & Telecommunications Practice, contributed the Singapore chapter. The full Singapore chapter can be read here. Find out more about our Technology, Media & Telecommunications Practice here.

Rajah & Tann Contributes ISCA Course on Listing in Singapore
Rajah & Tann's Capital Markets team and Mergers & Acquisitions team have designed and contributed an Institute of Singapore Chartered Accountants ("ISCA") course on Listing in Singapore.

The comprehensive course is curated to delve into key aspects of the listing process, and offer insights to guide users through the listing requirements and continuing obligations. The course covers the following topics:

• IPO, Bond Issue, Fundraising, Dual Listing – Which is suitable for the company's Financing in the Singapore jurisdiction?
• Brief comparison of equity v debt financing
• Why list in Singapore?
• Mainboard v Catalist
• Primary v Secondary listing
• From "Pte Ltd" to "Limited" – How to gear your company for listing in Singapore?
• Quantitative requirements;
• Overview of the IPO / listing process and timeline
• Parties involved in the IPO / listing process
• Key documents / points to consider in getting the applicant ready for an IPO / listing
• Common pre-clearance issues
• Post-listing continuing obligations

Rajah & Tann Singapore Contributes to Chambers and Partners Global Practice Guide: Corporate M&A 2024 – Singapore Chapter
Rajah & Tann Singapore Contributes to Chambers and Partners Global Practice Guide: Corporate M&A 2024 – Singapore Chapter

Rajah & Tann Singapore contributed to the Trends & Developments section of the Singapore chapter of Global Practice Guide: Corporate M&A 2024 published by Chambers and Partners.

Global M&A activity in 2023 saw a 6% decrease in volume and a significant 25% decrease in value compared to the previous year. In the Asia-Pacific, deal values plummeted by 26% compared to 2022, while deal volumes experienced a marginal 1% decrease. Despite macroeconomic challenges, regulatory shifts, and geopolitical instability, business leaders remain optimistic, intensifying investments in research and development (R&D) and capital expenditures. In this chapter, Partners Sandy Foo (Head), Tracy Ang (Deputy Head), Terence Quek (Deputy Head), Favian Tan, Loh Chun Kiat and Goh Jun Yi from the Mergers & Acquisitions Practice delve into the following key trends and legal developments shaping the future of M&A transactions in Singapore:

• Special purpose acquisition companies (SPAC) activity;
• Antitrust and competition;
• Shareholder activism;
• S-REIT market;
• Revised criteria for computing 90% threshold for compulsory acquisition under the Companies Act;
• Significant Investments Review Act which came into effect on 28 March 2024;
• Proposed enhancements to Singapore Exchange (SGX) Rules on corporate restructuring; and
• ESG and sustainability.

“Managing Conflict of Interest to Mitigate Corruption Risks” - Rajah & Tann Singapore Contributes to Q2 2024 issue of the SID Directors Bulletin
Conflict of interest is a pervasive and complex issue that can compromise the integrity, accountability and performance of directors and companies. If not managed well, this may lead to corrupt practices that will expose the directors and their companies to legal, reputational and operational risks, as well as potential criminal charges.

In an article titled “Managing Conflict of Interest to Mitigate Corruption Risks”, Rajah & Tann Head of Corporate and Transactional Group, Abdul Jabbar and Regional Director, Knowledge Management, Soo Seong Theng, explain the law governing corruption and conflict of interest in Singapore through a case study. The authors highlight some pointers on how a company may more effectively detect and manage conflict-of-interest situations involving directors with a view to minimising the risks of corruption in the company. Please click here to read the article.

This article first appeared in the Q2 2024 issue of the SID Directors Bulletin published by the Singapore Institute of Directors (SID). To find out more about the SID Directors Bulletin, please click here

Rajah & Tann Singapore Contributes to Chambers and Partners Global Practice Guide: Gaming Law 2023 – Singapore Chapter
Rajah & Tann Singapore contributed to the Singapore chapter of the Global Practice Guide: Gaming Law 2023 published by Chambers and Partners. In this guide, Lau Kok Keng (Head, Intellectual Property, Sports & Gaming), Senior Associates Yong Yi Xiang and Edina Lim, and Associate Zachary Foo provide a comprehensive overview of gambling law in Singapore, including the recently enacted Gambling Control Act, related subsidiary legislation and class licences. Covering a broad range of gambling law issues, the chapter aims to offer readers a good understanding of the laws and regulatory framework governing the different forms of gambling and associated activities in Singapore. Areas covered in the chapter include:

• Jurisdictional overview;
• Legislative framework;
• Licensing and regulatory framework;
• Land-based gambling;
• Online gambling;
• Responsible Gambling (RG), also known as Safer Gambling (SG);
• Anti-money laundering;
• Advertising;
• Acquisitions and changes of control; and
• Enforcement.

Rajah & Tann Contributes Singapore Chapter on Enforcement of Foreign Judgments
While international business offers new opportunities, they are often accompanied by challenges of their own. In the event of disputes, parties may need to enforce court judgments in a foreign jurisdiction, an often daunting prospect.

The online manual "Enforcement of Foreign Judgments" seeks to provide information and guidance to practitioners in this regard, alleviating the time and costs of consulting foreign lawyers or government agencies on country-specific policies and procedures for enforcement. Covering 102 jurisdictions from Algeria to Zambia, the manual addresses the following topics for each jurisdiction:

• categories of enforceable judgments, including arbitral awards;
• documentary requirements;
• methods of execution;
• translation of documents
• pending proceedings; and
• service requirements.

Rajah & Tann Singapore Contributes to Lexology In-Depth: Global Damages (Sixth Edition) – Singapore Chapter
Rajah & Tann Singapore Contributes to Lexology In-Depth: Global Damages (Sixth Edition) – Singapore Chapter Our dispute practitioners from Rajah & Tann Singapore, Partner Vikram Nair (Deputy Head, Dispute Resolution) and Associate Ashwin Menon, recently contributed to the Singapore chapter of the Sixth Edition of Lexology In-Depth: Global Damages (formerly The Global Damages Review).

The chapter provides an incisive survey of the codified rules and common law principles underpinning the analysis and presentation of damages in Singapore. With a focus on recent legal changes and noteworthy cases, it provides an in-depth examination of the various rules that set boundaries on what is permissible damages evidence.

The full Singapore chapter can be read here. This is reproduced with the permission of the publisher, Law Business Research Ltd.

Find out more about our Commercial Litigation practice here.

"Legal Due Diligence in a Digital and Data-Driven Economy" – Rajah & Tann Singapore Contributes to SAL Practitioner
For a mergers and acquisitions ("M&A") transaction to be successful, it is crucial to perform the appropriate legal due diligence. Where technology companies and/or intangible assets are involved in an M&A transaction, existing due diligence practices should be reassessed and tailored to take into consideration (i) the unique business models of technology companies; (ii) legal issues arising out of creation and commercialisation of intangible assets; and (iii) technical issues arising from laws on personal data protection and cybersecurity. In addressing this issue, Benjamin Cheong (Deputy Head) and Keith Wong (Associate) of Rajah & Tann Singapore's Technology, Media & Telecommunications Practice have authored an article titled "Legal Due Diligence in a Digital and Data-Driven Economy". The article considers the impact of the following areas on legal due diligence:

1. Singapore's Personal Data Protection Act 2012 (PDPA); and
2. The importance of managing intangible assets.

TRAIL Bits & Bytes – Rajah & Tann Partners with NUS Law to Showcase Thought Leadership in Law and Technology
The rapid development of technology has demanded equally swift responses in the law, and Rajah & Tann is at the forefront of exploring how technology and the law intersect. In furtherance of this, Rajah & Tann has partnered with The Centre for Technology, Robotics, Artificial Intelligence & the Law (TRAIL) of NUS Law, along with other leading Singapore law firms, to showcase thought leadership in law and technology through a monthly bulletin – Bits & Bytes.
With its inaugural issue in July 2023, Bits & Bytes covers how technology is used in or impacts different areas of law, featuring commentaries on legal topics, technological developments, legal policy, case notes and practice notes. Lawyers from Rajah & Tann have contributed the following articles spanning various areas of law, and continue to share our exploration of key issues in upcoming editions.

• The Impact of Technology on Sports (Part 1 & Part 2)
(By Lau Kok Keng) This two-part article discusses the evolution and state of technology which is deployed in sports today, the impact of the use of such technology, and some of the legal and ethical issues arising from such use.

Part 1 examines the state of technology deployed in coaching, training, nutrition, sports equipment and apparel, and in the making of on-field decisions. Part 2 looks at technology that has evolved in the provision of sports media content and entertainment, new opportunities which technology has offered to allow sports fans to enjoy and connect with sports, how technology has enabled challenges posed by pandemics and physical handicaps to be overcome, as well as the legal and ethical issues arising from the use of cutting-edge technology in sports.


• Issues of Jurisdiction in the Borderless World of Crypto Disputes
(By Jansen Chow, Foo Xian Fong, Rajesh Sreenivasan, Steve Tan, Benjamin Cheong, Lionel Tan & Tanya Tang) This article explores legal issues concerning the application of the concept of jurisdiction to crypto disputes, which occur within the borderless digital world. Our lawyers look at some recent decisions in Singapore, the UK and the US relating to crypto disputes and jurisdiction, and seek to identify the trends in this developing area of law.


• The Future of Digital Money in Singapore: MAS Proposes Framework for Purpose Bound Money
(By Rajesh Sreenivasan, Steve Tan, Benjamin Cheong, Lionel Tan & Tanya Tang) The Monetary Authority of Singapore has taken formative steps towards establishing a framework for the organised development of digital money usage by issuing a Purpose Bound Money ("PBM") Technical Whitepaper ("Whitepaper"). The Whitepaper provides a technical overview to the concept of PBM, which is a programmability model for digital money, proposing PBM as a common protocol for interacting with different forms of medium of exchanges. This article highlights the challenges of digital money, the key points of the Whitepaper and what it might mean for the future of digital money in Singapore.

Rajah & Tann Asia Member Firms, Members of Lifesciences Asia-Pacific Network (LAN), Contribute to the Singapore and Indonesia Chapters of Medical Device Cybersecurity Guide
Two member firms of Rajah & Tann Asia, Rajah & Tann Singapore and Assegaf Hamzah & Partners ("AHP"), are members of the Lifesciences Asia-Pacific Network ("LAN") which was established for the Lifesciences sector to support and guide clients on all their legal and regulatory needs in the Asia-Pacific region. LAN's members include other leading and largest law firms in the region, such as Atsumi & Sakai in Japan, Chen & Lin in Taiwan, CMS in China and Hong Kong, Corrs Chambers Westgarth in Australia, Khaitan & Co in India, Tilleke & Gibbins in Thailand and Vietnam, and Yulchon LLC in Korea.

Rajah & Tann Singapore and AHP have recently contributed to the Singapore and Indonesia chapters of Medical Device Cybersecurity guide, a comparative guide produced by LAN that provides a high-level summary of the cybersecurity and personal data privacy regimes that medical device companies looking to expand into the Asia-Pacific region must take note of. As medical devices become more interconnected and data-driven, cybersecurity and personal data privacy have become critical issues that medical device manufacturers must grapple with. Understanding the complex and rapidly evolving cybersecurity and personal data privacy landscape across the Asia-Pacific region is therefore essential in order to ensure compliance with legal and regulatory requirements in the relevant jurisdictions .

The guide covers these nine Asia-Pacific countries: Australia, China, India, Indonesia, Japan, Korea, Singapore, Thailand and Vietnam. Lau Kok Keng, Head of the Intellectual Property, Sports and Gaming of Rajah & Tann Singapore, and Mita Kartohadiprodjo, Partner with AHP, authored the Singapore and Indonesia chapters, respectively, of the guide.

To read the full guide, please click here.

Rajah & Tann Singapore Contributes to Chambers and Partners Global Practice Guide: Private Equity 2023 – Singapore Chapter
Rajah & Tann Singapore contributed to the Singapore chapter of the Global Practice Guide: Private Equity 2023 published by Chambers and Partners.

Our leading Private Equity Partners Evelyn Wee (Deputy Head, Corporate & Transactional Group; Head, Capital Markets), Sandy Foo (Deputy Head, Corporate & Transactional Group; Head, Mergers & Acquisitions), Tracy Ang (Deputy Head, Mergers & Acquisitions), Terence Quek (Deputy Head, Mergers & Acquisitions) and Hoon Chi Tern (Deputy Head, Capital Markets) have worked together to provide an overview of the dynamic landscape of Private Equity in Singapore.

In this comprehensive guide, the team has shared insights into the trends and developments shaping the industry in Singapore, from deal activity to growth opportunities in Asis, momentum in real estate tokenisation, and the democratisation of private equity, amongst others.

Additionally, the team has also outlined the key features of the Singapore private equity scene. Topics covered in this chapter include the following:

• transaction activity;
• private equity developments;
• regulatory framework;
• due diligence;
• structure of transactions;
• terms of acquisition documentation;
• takeovers;
• management incentives;
• portfolio company oversight; and
• exits.

Rajah & Tann Singapore Contributes to Chambers and Partners Global Practice Guide: Insurance Litigation 2023 – Singapore Chapter
Rajah & Tann Singapore contributed to the Singapore chapter of the Global Practice Guide: Insurance Litigation 2023 published by Chambers and Partners. In this guide, Partners Simon Goh (Head) and Wang Ying Shuang (Deputy Head) from the Insurance & Reinsurance Practice provide a comprehensive overview of Insurance Litigation law and practice in Singapore. Covering a wide range of areas relating to insurance disputes, the chapter aims to provide readers with legal insight required to make practical business decisions. The areas covered in the piece are the following:

• Rules governing insurer disputes;
• Jurisdiction and choice of law;
• Arbitration and insurance disputes;
• Coverage disputes;
• Claims against insureds;
• Insurers’ recovery rights;
• Impact of macroeconomic factors;
• Emerging risks; and
• Significant legislative and regulatory developments.

Rajah & Tann Singapore Contributes to Chambers and Partners Global Practice Guide: Employment 2023 – Singapore Trends and Developments
Rajah & Tann Singapore contributed to the Singapore chapter of the Global Practice Guide: Employment 2023 published by Chambers and Partners. Our top-ranked Employment team comprising Jonathan Yuen, Head of Employment (Disputes), Partners Ang Tze Phern and Doreen Chia, and Senior Associate Jonathan Cham provided a snapshot of the key changes in the employment regulatory framework and legislation in Singapore thus far, and their anticipated impact on employers and employees moving forward. In particular, they examined the following:

• Enhancements to the Singapore Employment Pass framework;
• Enhancements to the Guidelines on Fair Employment Practices and the introduction of Workplace Fairness Legislation; and
• Better protections for platform workers.

Rajah & Tann Contributes Articles to TRAIL Bits & Bytes: (1) "Responsible Use of AI – Guidance from a Singapore Regulatory Perspective"; and (2) "The Rise of Augmented Reality and its Novel Challenges"
Rajah & Tann has recently contributed the following articles to the October 2023 issue of Bits & Bytes, a monthly bulletin presented by The Centre for Technology, Robotics, Artificial Intelligence & the Law (TRAIL) of NUS Law in collaboration with four Singapore law firms including Rajah & Tann:

• Responsible Use of AI – Guidance from a Singapore Regulatory Perspective
  (By Rajesh Sreenivasan, Regina Liew, Larry Lim, Steve Tan, Benjamin Cheong, Lionel Tan, Tanya Tang, Justin Lee)
  Recent developments in artificial intelligence ("AI") have opened doors to a wide array of practical use cases. With the swift adoption of AI solutions by the commercial world across a variety of business functions, one of the key concerns that has surfaced is how to ensure that AI is used responsibly. This article takes a look at the guidance provided and initiatives undertaken by Singapore regulators on the responsible use of AI for businesses in various industries.
• The Rise of Augmented Reality and its Novel Challenges
  (By Lau Kok Keng)
  The increasing adoption of augmented reality ("AR") technology across multiple industries and purposes has given rise to significant concerns around the world. This article discusses the novel legal issues and disputes that may arise from the widespread adoption of AR devices.

"The Rise of Arbitration in the Asia-Pacific Region" – Rajah & Tann Contributes to The Asia-Pacific Arbitration Review 2024
Rajah & Tann Singapore has contributed a chapter titled "The rise of arbitration in the Asia-Pacific region" to The Asia-Pacific Arbitration Review 2024, published by the Global Arbitration Review (GAR), a leading resource on international arbitration news.

Arbitral hubs and institutions in Asia have reached new heights in terms of growth and popularity, achieving stellar global rankings and an ever-growing number of case filings. The popularity of arbitration as an alternative mode of dispute resolution has been augmented by the generally pro-arbitration stance taken by the countries in the region.

Authored by Rajah & Tann Singapore Partners Kelvin Poon, SC (Deputy Managing Partner and Head, International Arbitration), Avinash Pradhan (Deputy Head, International Arbitration), and Andre Yeap, SC (Senior Partner, International Arbitration), the chapter examines recent developments in Singapore and other parts of Asia. These include the growing profile of arbitral seats and institutions in Asia, and the pro-arbitration stance of jurisdictions across the region.

To read the full chapter, please click here.

Rajah & Tann Member Firms Contribute the Singapore and Thailand Chapters of Contract Laws of Asia – Limitations of Liability
Released by the Asian Business Law Institute (ABLI) with support from its parent organization Singapore Academy of Law, the Contract Laws of Asia – Limitations of Liability is the fourth full-fledged publication under ABLI's Contracts Project which aims to produce a set of standard-form contract terms where risks are relatively evenly allocated and which can be valid in a majority of Asian jurisdictions. The first turn of the Model Clauses is published here. This fully-cited, 99-page publication considers 12 jurisdictions and governing laws that are high priorities for parties contracting across borders in the Asia Pacific, and focuses on:

• Operation of exclusion and limitation of liability clauses in contracts in select common law jurisdictions, such as their requirements, restrictions (at common law and by statute, where applicable) and interpretation, whether non-contractual wrongs can be excluded and limited, etc.; and
• Operation of exclusion and limitation of liability clauses in contracts in select civil law and hybrid jurisdictions, such as whether different standards apply to specific types of contracts or under specialized laws.

Rajah & Tann Singapore Contributes to The Legal 500: Capital Markets Comparative Guide
Rajah & Tann Singapore shares our views on the legal and regulatory aspects of Capital Markets in Singapore in our contribution to the Singapore Chapter of The Legal 500: Capital Markets Comparative Guide.

Exclusively authored by our leading Capital Markets and Banking & Finance partners Evelyn Wee, Lee Xin Mei, Tan Mui Hui and Hoon Chi Tern, the Chapter provides a practical overview in an easy-to-use Question & Answer format of the Capital Markets laws and regulations applicable in Singapore. The Chapter covers the regulatory framework and landscape of both equity and debt capital market and gives useful guidance on a plethora of key legal issues and regulations such as the types of securities that can be listed on the Singapore Exchange Securities Trading Limited (SGX-ST), the listing requirements and the continuing listing obligations, as well as the common types of transactions that are subject to regulatory scrutiny and/or disclosure. The Chapter also gives valuable insights on the recent trends and developments in the Singapore capital markets, such as key environmental, social, and governance (ESG) and sustainability requirements in Singapore, as well as the expected outlook in fund raising activities in Singapore in 2023.

The full Singapore Chapter can be found here.

Find out more about our Capital Markets Practice and Banking & Finance Practice here and here.

Rajah & Tann Singapore Contributes to Practical Law Global Areas: Practice Note on Real Estate Considerations in Corporate Transactions (Singapore)
Rajah & Tann Singapore recently contributed a Practice Note titled "Real Estate Considerations in Corporate Transactions (Singapore)" to the Global Practice Areas section of Practical Law Global (Thomson Reuters).

Large corporate transactions typically require review and input from different legal specialities, including real estate. The scope of real estate counsel's role in the transaction depends on the materiality of the real estate assets to the corporate transaction, regardless of whether it is an asset purchase, a share purchase or a merger.

Authored by Partner Benjamin ST Tay, Deputy Head of the Corporate Real Estate Practice, Senior Partner Norman Ho, and Senior Associate Calvin Lim, the Practice Note provides an overview of matters that a buyer's real estate counsel must take note of when handling a corporate transaction that involves owned or leased Singapore real estate. It discusses the following key areas of a corporate transaction:

• Property due diligence and risk assessment;
• Negotiation of real estate provisions in the transaction documents; and
• Real estate closing conditions and deliverables.

Rajah & Tann Singapore Partners Contribute to Two Chapters of Singapore Academy of Law Annual Review of Singapore Cases
Our Partners have contributed two chapters on Insolvency Law and the Legal Profession to the Singapore Academy of Law Annual Review of Singapore Cases ("SAL Ann Review"). The SAL Ann Review is an annual publication that highlights key Singapore cases and regulators' decisions in an array of areas of law in the preceding year. Its contributors comprise leading practitioners and academics who review and analyse these cases.

Rajah & Tann Singapore Contributes Article for Singapore Economic Development Board: How Businesses can Unlock More Value from their Intangible Assets and Intellectual Property in Singapore
Sandy Foo, Head of Mergers & Acquisitions and Deputy Head of the Corporate & Transactional Group, and Rajesh Sreenivasan, Head of Technology, Media & Telecommunications, have contributed an article titled "How businesses can unlock more value from their intangible assets and intellectual property in Singapore" to the Singapore Economic Development Board's Business Insights platform.

The article highlights the importance of intangible assets for businesses and the challenges commonly faced in the valuation and reporting of such assets, particularly in today’s digital economy. In light of this, the Accounting and Corporate Regulatory Authority and the Intellectual Property Office of Singapore have proposed an Intangibles Disclosure Framework ("Framework") to help businesses disclose and communicate their intangibles. The article goes on to explore the key principles of the proposed Framework and how the Framework may benefit businesses with operations in the Southeast Asian region or seeking to develop a regional presence.

To read the full article, please click here.

Rajah & Tann Provides Jurisdictional Insights to the Guide on Conducting an Out-of-court Workout in Asia
The Guide on Conducting an Out-of-court Workout in Asia ("Guide") has been jointly released by the Asian Business Law Institute and the International Insolvency Institute as part of their Asian Principles of Business Restructuring Project. Rajah & Tann Singapore and Rajah & Tann (Laos) have assisted in this publication by providing Singapore and Laos jurisdictional insights.

One way of dealing with insolvency is a private agreement between creditors and the debtor to effect a restructuring. This is known in the industry as a “workout”. The Guide sets out a model of best practices, in the form of both principles and practice tips, for workouts of corporate debtors in Asia. The Guide considers the diverse cultures, heterogeneous economic development, and different legal systems in Asia. It confronts head-on the challenges of workouts in Asia, with especial challenges in developing jurisdictions. In particular, the Guide accentuates issues which are not necessarily identified, or accentuated, in the approaches of other jurisdictions and which may apply in some parts of Asia.

The Guide was produced with input from experts from Australia, Brunei, Cambodia, Hong Kong Special Administrative Region of China, India, Indonesia, Japan, Laos, Malaysia, Myanmar, Philippines, Singapore, South Korea, Thailand and Vietnam, and with the involvement of international organisations like INSOL International, the Insolvency Law Academy, the United Nations Commission on International Trade Law and the World Bank.

Sim Kwan Kiat, Head of Rajah & Tann Singapore's Restructuring & Insolvency Practice, and Lee Hock Chye, Managing Partner of Rajah & Tann (Laos), have provided input from the Singapore and Laos perspectives respectively.

The full Guide can be read here.

Rajah & Tann Asia Member Firms Contribute to Contract Laws of Asia – Model Clauses for Contracting in Asia
Two member firms of Rajah & Tann Asia, Rajah & Tann Singapore and R&T Asia (Thailand), have contributed to the "Contract Laws of Asia – Model Clauses for Contracting in Asia" guide jointly published by the Asian Business Law Institute ("ABLI") and the Singapore Academy of Law. This is the third publication under ABLI's Contracts Project which is a series of publications that discuss various aspects of contract law under the laws of each of the jurisdictions.

This publication aims to address some of the problems in commercial contracts between parties from different jurisdictions. It provides (to the extent possible) parties entering into cross-border contracts, governed by the laws of select jurisdictions, with a framework that is neutral as to the governing law chosen as well as the subject matter of the contract. Each model clause is designed to ensure that it is enforceable irrespective of which jurisdiction is selected as the governing law and irrespective of the subject matter of the contract.

The guide covers the following jurisdictions: Australia, China, England and Wales, India, Indonesia, Japan, Malaysia, New York, Philippines, Singapore, Thailand and Vietnam.

Sim Chee Siong, Soh Lip San, Matthew Koh, Loh Chun Kiat, Goh Jun Yi and Debbie Woo from Rajah & Tann Singapore are contributors from the Singapore jurisdiction, while Ittichai Prasongprasit and Thamolwan Cheewakriengkrai from R&T Asia (Thailand) are contributors from the Thailand jurisdiction.

Rajah & Tann Asia is one of the Founding Partners of ABLI, a non-profit permanent think tank dedicated to providing practical guidance in the field of Asian legal development and promoting the convergence of Asian business laws.

To read the full guide, please click here.

Rajah & Tann Asia Member Firms Contribute the Singapore and Thailand Chapters of Contract Laws of Asia – Liquidated Damages and Penalty Clauses
Two member firms of Rajah & Tann Asia, Rajah & Tann Singapore and R&T Asia (Thailand), have contributed the Singapore and Thailand Chapters, respectively, of the "Contract Laws of Asia – Liquidated Damages and Penalty Clauses" guide jointly published by the Asian Business Law Institute ("ABLI") and the Singapore Academy of Law. This is the second full-fledged publication under ABLI's Contracts Project which aims to produce a set of standard-form contract terms where risks are relatively evenly allocated and which can be valid in a majority of Asian jurisdictions.

This publication focuses on:

• Practical operation of liquidated damages clauses in contracts in select common law jurisdictions, including restrictions placed on such clauses, defences to claims under such clauses, treatment of claims under such clauses in the event of insolvency of the obligor, etc.
• Whether the common law concept of liquidated damages exists in select civil law and hybrid jurisdictions, and if this concept does not exist, where are the analogous remedies available in those jurisdictions, and how those remedies differ from liquidated damages in the common law context.

• Civil law and hybrid jurisdictions: China, Indonesia, Japan, the Philippines, Thailand and Vietnam
• Common law: Australia, England and Wales, India, Malaysia, New York, Singapore

Rajah & Tann Provides Singapore Jurisdictional Insights to the Guide on the Treatment of Insolvent Micro and Small Enterprises in Asia
The Guide on the Treatment of Insolvent Micro and Small Enterprises in Asia ("Guide") has been jointly released by the Asian Business Law Institute and the International Insolvency Institute as part of their Asian Principles of Business Restructuring Project. Rajah & Tann Singapore has assisted in this publication by providing Singapore jurisdictional insights.

The Guide identifies five key principles for more immediate adoption by jurisdictions as building blocks of a well-functioning micro and small enterprise insolvency framework, and six aspirational principles that should ideally be considered and adopted by jurisdictions over the longer term to provide micro and small enterprises with a more comprehensive legal and institutional environment to deal with financial distress. This tiered approach, unique among all current literature, is designed by considering the extreme diversity of institutional development of Asian jurisdictions and with the hope of assisting policymakers better digest the recommendations made in this Guide.

The Guide was produced with input from experts from Australia, Brunei, Cambodia, China, Hong Kong Special Administrative Region of China, India, Indonesia, Japan, Malaysia, Singapore, South Korea, Thailand and Vietnam, and with the involvement of international organisations like INSOL International, the United Nations Commission on International Trade Law and the World Bank.

Sim Kwan Kiat, Head of Rajah & Tann Singapore's Restructuring & Insolvency Practice, has provided input from the Singapore perspective for the Guide.

The full Guide can be read here.

Rajah & Tann Asia Member Firms Contribute the Singapore and Thailand Chapters of Contract Laws of Asia – Indemnities
Two member firms of Rajah & Tann Asia, Rajah & Tann Singapore and R&T (Thailand), have contributed the Singapore and Thailand Chapters, respectively, of the "Contract Laws of Asia – Indemnities" guide jointly published by the Asian Business Law Institute ("ABLI") and the Singapore Academy of Law. Indemnity clauses frequently appear in commercial contracts in the common law countries. Although they have since found their way into contracts in civil law jurisdictions and their use in commercial transactions in these countries has become increasingly popular, the common law concept of indemnity may not be fully appreciated in the civil world. The guide thus focuses on the following:

• Operation of indemnity clauses in contracts in select common law jurisdictions, such as when such clauses are commonly sought, the advantages and disadvantages of an indemnity, and how a claim under an indemnity clause differs from a claim for damages for breach of contract; and
• Whether the common law concept of indemnity exists in select civil law and hybrid jurisdictions, and if this concept does not exist, where are the analogous remedies available in those jurisdictions.

• Civil law and hybrid jurisdictions: China, Indonesia, Japan, the Philippines, Thailand and Vietnam
• Common law: Australia, England and Wales, India, Malaysia, New York, Singapore

Rajah & Tann Singapore Contributes to Practical Law Global: (i) Practice Note on Third-Party Litigation Funding in Singapore, (ii) Quick Guide on Litigation Funding Options in Singapore, and (iii) Quick Compare Chart on Litigation Funding Options
Partner Alina Chia from the Commercial Litigation Practice contributed the following to the Global Practice Areas section of Practical Law Global (registration required to access the articles):

• Practice Note on "Third Party Litigation Funding: Overview (Singapore)
• Litigation Funding Options: A Quick Guide (Singapore)
• Litigation Funding Options – Quick Compare Chart

Rajah & Tann Singapore Contributes to Practical Law Global Practice Areas: Practice Note on "Establishing a Business Presence in Singapore"
Rajah & Tann Singapore recently contributed a Practice Note titled "Establishing a Business Presence in Singapore" to the Global Practice Areas section of Practical Law Global (Thomson Reuters). The Global Practice Areas provide individuals working or advising on cross-border matters with the tools and resources they need to work confidently across multiple jurisdictions.

Authored by Abdul Jabbar (Head, Corporate and Transactional Group), Desmond Wee (Head, Corporate Commercial and Employment & Benefits), Vikna Rajah (Head, Tax) and Khairil Suhairee, the Practice Note discusses the options available for a foreign company intending to establish a business presence in Singapore, including incorporating a subsidiary, establishing a branch or representative office. It outlines the key features of these types of entities, the requirements to incorporate or establish them, employment matters, and the applicable tax regime.

The Practice Note also sets out other options through which a foreign company can enter the market, such as appointing an agent, a distributor or a franchisee, or setting up a joint venture. It is highlighted that the business structure or direction that a foreign company has to take depends on various factors including the type of activities that it wants to conduct in Singapore.

The full Practice Note can be read here. The Practice Note is reproduced from Practical Law with the permission of the publishers. For further information, visit www.practicallaw.com.

Find out more about our Corporate Commercial Practice here.

Rajah & Tann Singapore Contributes to Practical Law Global Practice Areas: Practice Note on "Foreign Companies Leasing Office Space in Singapore"
Rajah & Tann Singapore recently contributed a Practice Note titled "Foreign Companies Leasing Office Space in Singapore" to the Global Practice Areas section of Practical Law Global (Thomson Reuters).

Authored by Senior Partner Norman Ho, Senior Associate Marcus Tay and Associate Naomi Ho from the Corporate Real Estate practice, the Practice Note discusses the issues that a foreign organisation should take note of when it leases an office space in a multi-tenant building in Singapore. It provides guidance for foreign counsel on the leasing process in Singapore, including the workflow of a leasing transaction, laws affecting the parties in the transaction, and key documents, issues, and customs in leasing transactions. Topics discussed:

• Professionals that should be engaged when opening and leasing a foreign office;
• Common leasing structures;
• Principal stages in a typical leasing transaction (including physical and legal due diligence);
• Key lease terms for tenants;
• Lease registration requirements; and
• Taxes applicable to office space leases.

"Singapore – A nation fully equipped to handle complex Marine Insurance disputes" - Rajah & Tann Singapore Contributes to GIA Singapore's First Biannual Industry Newsletter
Our Shipping & International Trade Partner Leong Kah Wah contributed to General Insurance Association (GIA) Singapore's first biannual industry newsletter which showcases the latest insights and thought opinions on Singapore's marine insurance business and her maritime ecosystem.

In the article titled "Singapore – A nation fully equipped to handle complex Marine Insurance disputes", Kah Wah provided insights to the recently decided case PT Adidaya Energy Mandiri v MS First Capital Insurance Ltd [2022] SGHC(I) 14, where Partners Jainil Bhandari and Aleksandar Georgiev successfully represented the insurer in an insurance claim arising from a marine collision. This case is a great illustration of Singapore as a nation fully equipped to handle complex marine insurance disputes. For a summary of the key points of the decision, please click here to read our Client Update titled "Insurance Claims for Marine Collision – Court Examines Constructive Total Loss, Responsibilities of the Insured, and Notification"

To read the newsletter, please click here.

To find out more about our Singapore Shipping & International Trade practice and our Regional Shipping & International Trade practice, please click here and here.

Rajah & Tann Asia Member Firms, Members of Lifesciences Asia-Pacific Network (LAN), Contribute to the Singapore and Indonesia Chapters of Comparative Study: Patent Linkage Systems in APAC
Two member firms of Rajah & Tann Asia, Rajah & Tann Singapore and Assegaf Hamzah & Partners ("AHP"), are members of the Lifesciences Asia-Pacific Network ("LAN") which was established for the Lifesciences sector to support and guide clients on all their legal and regulatory needs in the Asia-Pacific region. LAN's members include other leading and largest law firms in the region, such as Atsumi & Sakai in Japan, Chen & Lin in Taiwan, CMS in China and Hong Kong, Corrs Chambers Westgarth in Australia, Khaitan & Co in India, Tilleke & Gibbins in Thailand and Vietnam, and Yulchon LLC in Korea.

Rajah & Tann Singapore and AHP have recently contributed to the Singapore and Indonesia chapters of Comparative Study: Patent Linkage Systems in APAC, a comparative article produced by LAN on the Patent Linkage System across the Asia-Pacific region. Drug patent disputes prior to the planned launch of generic drugs have long been a challenge. On one hand, innovator drug companies face various challenges in the manufacture of drugs, such as the size of investments to be injected, long lead times, high risks of failure, and the difficulty of achieving innovations in the drug research and development process. On the other hand, generic drug companies have to contend with issues relating to patent protection policies that contribute to prolonged market domination of innovator drugs. As a result, tension arises between the affected innovator drug companies and generic drug companies. A patent linkage system provides for an early resolution of drug patent disputes and mitigation of potential infringement risks prior to the marketing of generic drugs. It aims to balance the interests of innovator drug companies and generic drug companies.

The article provides an overview of the patent linkage systems in these Asia-Pacific countries: Australia, China, India, Indonesia, Japan, Korea, Singapore, Thailand and Vietnam. Lau Kok Keng, Head of the Intellectual Property, Sports and Gaming of Rajah & Tann Singapore, and Eko Basyuni, Partner with AHP, authored the Singapore and Indonesia chapters, respectively, of the article.

To read the full article with its annexes, please click here.

Find out more about Rajah & Tann Singapore's Intellectual Property practice here, and AHP's Intellectual Property practice here.

Rajah & Tann Singapore Contributes to Insolvency Law Journal: "Judicial discretion in the grant of relief in recognition applications under the Model Law"
Rajah & Tann Singapore Contributes to Insolvency Law Journal: "Judicial discretion in the grant of relief in recognition applications under the Model Law"

Rajah & Tann Singapore has authored an article titled "Judicial discretion in the grant of relief in recognition applications under the Model Law", published in the Insolvency Law Journal (Thomson Reuters).

Authored by Partner Sim Kwan Kiat (Head, Restructuring & Insolvency Practice), with thanks to Associate Samantha Lim for research assistance, the article examines how the courts have exercised their discretion in the grant of relief in recognition applications under the UNCITRAL Model Law on Cross-border Insolvency, and also considers how the recognition of a foreign insolvency proceeding affects the commencement of a local insolvency proceeding against the debtor.

The full article is available here.

To find out more about our Restructuring & Insolvency Practice, please click here.

Rajah & Tann Singapore Contributes an Article for Association of Information Security Professionals (AiSP): Understanding and Operationalising Singapore's Mandatory Data Breach Regime
Professor (Adjunct) Steve Tan, Partner and Deputy Head of the Technology, Media & Telecommunications Practice and Director of Rajah & Tann Technologies and Rajah & Tann Cybersecurity, has contributed an article titled "Understanding and Operationalising Singapore's Mandatory Data Breach Regime" to the October 2022 Newsletter of the Association of Information Security of Professionals (AiSP). The article provides a holistic interpretation of the mandatory data breach notification regime under Singapore’s Personal Data Protection Act ("PDPA"), tied to organisations’ operationalisation of the same. The data breach notification obligation under the PDPA requires organisations to notify Singapore's data protection regulator, the Personal Data Protection Commission (PDPC), and/or affected individuals, upon the occurrence of a data breach, if one of two notification thresholds is met. The article analyses the concept of a data breach under the PDPA, the notification thresholds as well as the statutory timelines involved.

With high statutory fines under the PDPA and robust enforcement of this legislation, it is in the interest of organisations subject to the PDPA to understand the requirements of this data breach notification regime.

To read the full article, please click here.

To read more about our Technology, Media & Telecommunications Practice, please click here. For more information on Rajah & Tann Technologies and Rajah & Tann Cybersecurity, please click here.

Rajah & Tann Singapore Contributes Article to The Business Times: "Real estate tokenisation: an emerging trend"
Real estate is an illiquid asset class and existing securitisation models may be costly, time-consuming, and inappropriate for most investors. Factors that can slow down real estate transactions include inefficiencies in price discovery, due diligence, and data security.

In the article titled "Real estate tokenisation: an emerging trend" which was published in the 25 November 2022 issue of The Business Times, Rajesh Sreenivasan (Head, Technology, Media & Telecommunications), Norman Ho (Senior Partner, Corporate Real Estate) and Regina Liew (Head, Financial Institutions Group) note that tokenisation and the blockchain protocol for property are gaining traction around the world. This is so because of the benefits that players in the real estate industry can derive from real estate tokenisation. Among others, tokenisation can help to standardise data formats and provide a single cost-effective solution for multiple processes in a secure platform. Tokenisation can also augment existing markets and unlock new business opportunities for investors.

The authors highlight that the emerging trend of real estate tokenisation has the potential to revolutionise the real estate market for investors, businesses and consumers. However, like all new technologies, this requires a balancing of industry, market and regulatory readiness.

To read the full article, please click here. More information on our Technology, Media & Telecommunications practice, Corporate real Estate practice, and Financial Institutions Group is available on our website.

In Conversation with SCMA: Trends in Maritime Industry, Attractiveness of Arbitration
In the latest edition of "In Conversation with our Corporate Member" published by the Singapore Chamber of Maritime Arbitration (SCMA), Rajah & Tann Singapore partner Kendall Tan (Head, Shipping & International Trade) talked about recent trends in the maritime and trade industry, as well as the attractiveness of arbitration as a dispute resolution mechanism for the global maritime industry among other matters.

In discussing Rajah & Tann Singapore's recent case highlights, Kendall noted that the dispute resolution landscape in the maritime and trade industry has largely been shaped by major corporate insolvencies, particularly in the oil trading sector. Challenges have also arisen from the disruptions in operations and supply chains due to the COVID-19 pandemic, together with ongoing and escalating geopolitical tensions that have led to direct conflict, sanctions, and trade-hostile measures.

Regarding the attractiveness of arbitration for the global maritime industry, Kendall highlighted that the courts are currently facing elevated caseloads due to the heightened number of disputes being litigated. Arbitration lends itself to the efficient management of disputes, and provides flexibility for parties to agree to simplified or tailored processes to reach a resolution. Arbitral institutions have also embraced technology to facilitate remote proceedings.

To read the interview in full, please click here. More information on our regional Shipping & International Trade, Singapore Shipping & International Trade practice, and International Arbitration practice is available on our website.

Chambers Private Equity 2022 Guide: Rajah & Tann Singapore Contributes Singapore Chapter
Rajah & Tann Singapore has contributed the Singapore chapter of the Chambers Private Equity 2022 Guide, with the Guide covering 42 jurisdictions worldwide.

Singapore continues to remain a key hub for fund managers and a popular domicile for the establishment of investment entities. In light of this, as well as its extensive network of double taxation treaties, Singapore naturally serves as the entry point for regional private equity and investment activity in India and Southeast Asia.

The Singapore chapter outlines key features of the Singapore private equity scene, and is authored by Rajah & Tann Singapore's leading partners Evelyn Wee (Deputy Head, Corporate & Transactional Group; Head, Capital Markets), Sandy Foo (Deputy Head, Corporate & Transactional Group; Head, Mergers & Acquisitions), Hoon Chi Tern (Deputy Head, Capital Markets), Terence Quek (Deputy Head, Mergers & Acquisitions), and Tracy-Anne Ang (Deputy Head, Mergers & Acquisitions). Topics covered include:

• mergers and acquisitions;
• due diligence;
• the structure of transactions;
• terms of acquisition documentation;
• public-to-private takeovers;
• mandatory offer thresholds;
• hostile takeover offers;
• management incentives;
• shareholder oversight and liability; and
• exits, including by an initial public offering (IPO).

Rajah & Tann Singapore Contributes Singapore Chapter of International Employment Lawyer's Guide to Workplace Investigations
Rajah & Tann Singapore has contributed the Singapore chapter of the Guide to Workplace Investigations, published by International Employment Lawyer. The Guide to Workplace Investigations examines key issue that organisations need to consider when they initiate, conduct and conclude investigations in the 23 jurisdictions covered by the guide. Employers have to navigate a complex set of obligations imposed by the law, frequently under time pressure and under adversarial conditions, when conducting workplace investigations. Authored by Jonathan Yuen (Head of Commercial Litigation and Employment & Benefits (Disputes)), partner Doreen Chia, together with Associates Tan Ting Ting and Yap Pui Yee, the Singapore chapter discusses practical issues relating to each stage of the workplace investigation process: from who the grievance handler should be, whether an employer can search an employee’s possessions files, what information must the employee under investigation be given about the allegations against him, to what extent should the investigation report be shared with the complainant or the employee being investigated.

Through this guide, legal, compliance and HR professionals will gain a baseline understanding of the legal and best practice requirements necessary to conduct a successful and defensible workplace investigation.

The full Singapore chapter can be read here.

Find out more about our Employment & Benefits Practice here.

Enforcement of Foreign Judgments – Contribution of Indonesia Chapter to Lexology's GTDT Series
Assegaf Hamzah & Partners ("AHP") has contributed the Indonesia chapter on "Enforcement of Foreign Judgments" to Lexology's Getting the Deal Through (GTDT) series.

Authored by AHP partner Simon Barrie Adiwidagdo, FCIArb (International Arbitration, Investment, and Banking & Construction), and associates Inara Chaidir and Josep Tambunan, the chapter is a quick reference guide that enables a side-by-side comparison of local insights into relevant treaties, conventions and other sources of law. Among other matters, it looks into limitation periods, defences, requirements for recognition, jurisdiction of the foreign court, and recent trends.

The chapter also considers the recognition and enforceability of foreign arbitral awards. A foreign arbitral award may be recognised if certain requirements (under Law No. 30 of 1999 on Arbitration and Alternative Dispute Resolution, as well as guidelines issued by the Indonesia Supreme Court) are met. The enforcing party may then continue with the enforcement process. To read the chapter in full, please click here. To find out more about our International Arbitration Practice, please click here.

Rajah & Tann Asia Member Firms, Members of Lifesciences Asia-Pacific Network, Produce Guides to Support the Lifesciences Sector on Legal Issues
Two member firms of Rajah & Tann Asia, Rajah & Tann Singapore and Assegaf Hamzah & Partners, are members of the Lifesciences Asia-Pacific Network ("LAN") which was established for the Lifesciences sector to support and guide clients on all their legal and regulatory needs in the Asia-Pacific region. LAN's members include other leading and largest law firms in the region, such as Atsumi & Sakai in Japan, Chen & Lin in Taiwan, CMS in China and Hong Kong, Corrs Chambers Westgarth in Australia, Khaitan & Co in India, Tilleke & Gibbins in Thailand and Vietnam, and Yulchon LLC in Korea.

To help the Lifesciences sector navigate key legal and commercial issues while doing business in the Asia-Pacific region, LAN publishes the following three guides:

• Comparative Guide on Data Protection Across Asia-Pacific - The guide provides a comparative overview of the latest data protection developments across the Asia-Pacific region, particularly in the jurisdictions which have seen significant changes in this area in the recent months, such as China, India, Korea, Singapore, Taiwan, Thailand and Vietnam. The guide discusses, in Question-and-Answer format, how personal, health-related and other data that are collected and used in the lifesciences and healthcare sector are regulated in each of the covered jurisdictions.
• A Comparative Overview of Distribution and Marketing of Drugs Across Asia-Pacific - The guide looks into the distribution and marketing of drugs in Australia, China, India, Indonesia, Japan, Korea, Singapore, Taiwan, Thailand and Vietnam. It also highlights the key legal and commercial issues that companies must take into account when doing business relating to drug distribution and marketing in these jurisdictions, in order to maximise opportunity and minimise risk.
• A Comparative Overview of Intellectual Property and Lifesciences Regulation Across Asia-Pacific - The guide provides a comparative overview of the regulatory and intellectual property (IP) considerations in the following priority jurisdictions for the Lifesciences sector: Australia, China, India, Indonesia, Japan, Korea, Singapore, Taiwan, Thailand and Vietnam. It also covers areas such as advertising, packaging and labelling of medicinal products, clinical trials and restrictions on dealings with healthcare professionals.

Rajah & Tann Singapore Contributes Singapore Chapter of Lexology's Initial Public Offerings Practice Guide
Rajah & Tann Singapore has contributed the Singapore chapter to Lexology's Initial Public Offerings 2023 practice guide, published as part of Lexology's Getting the Deal Through series.

Exclusively authored by our leading Capital Markets partners Evelyn Wee (Head, Capital Markets) and Hoon Chi Tern (Deputy Head, Capital Markets), together with Jasselyn Seet (Senior Associate, Capital Markets), the chapter provides local insights into initial public offerings (IPOs). Among other topics, it proffers a market overview in relation to size, issuers and exchanges; outlines the rulemaking and enforcement bodies; sets out listing requirements; and looks into recent trends.

To read the full chapter, please click here.

To find out more about our Capital Markets Practice, please click here.

Rajah & Tann Singapore Contributes to Singapore Venture Capital & Private Equity Guide 2022: "Navigating Venture Debt"
Rajah & Tann Singapore recently authored an article titled "Navigating Venture Debt" in the Singapore Venture Capital & Private Equity Guide 2022 published by the Singapore Venture & Private Capital Association (SVCA).

Contributed by our Venture Capital and Venture Debt experts Cheryl Tan, Brian Ng, Tracy-Anne Ang and Terence Quek, the article delves into venture debt, looking at reasons for companies to seek venture debt, its common features, considerations to take into account, as well as its comparisons to early-stage investment debt/equity instruments such as Y-Combinator’s SAFE, 500 Startups’ KISS and CARE notes.

The full article is available here.

"Mediation 2022": Rajah & Tann Singapore Contributes Singapore Chapter to Lexology's Getting the Deal Through Series
Rajah & Tann Singapore has contributed the Singapore chapter to Lexology's Mediation 2022 guide, published as part of Lexology's Getting the Deal Through (GTDT) series.

Exclusively authored by our leading mediation and dispute resolution partners Jonathan Yuen and Ang Tze Phern, the chapter provides local insights on one of the most popular methods of alternative dispute resolution, covering topics such as law and policy; mediators; procedure; settlement agreements; distinctive features; and recent trends in Singapore.

The full chapter is available here, and follows on from the Singapore chapter in the 2021 series, also authored by Jonathan Yuen and Ang Tze Phern.

To find out more about our Commercial Litigation Practice, please click here.

Rajah & Tann Singapore Partners Contribute to Two Chapters of Singapore Academy of Law Annual Review of Singapore Cases
Our Partners have contributed two chapters on Admiralty and Shipping Law and Insolvency Law to the Singapore Academy of Law Annual Review of Singapore Cases ("SAL Ann Review"). The SAL Ann Review is an annual publication that highlights key Singapore cases in an array of areas of law in the preceding year. Its contributors comprise leading practitioners and academics who review and analyse these cases.

• Admiralty and Shipping Law: Our Senior Partner, Toh Kian Sing, SC, highlighted four admiralty judgments in 2021, including one decision by the Court of Appeal concerning wrongful arrest claim.


• Insolvency Law: Our Partners Sim Kwan Kiat, Kelvin Poon, Wilson Zhu and with contribution from Raelene Pereira, discussed significant cases in 2021 including the Court of Appeal's decision on the test for insolvency and on the United Nation's Commission on International Trade Law (UNCITRAL) Model Law for Cross-border Insolvency ("Model Law"). They also covered cases where the courts considered the ambit of the estate costs rule, and addressed the much-debated interplay between insolvency law and maritime law.

• Admiralty and Shipping Law
• Insolvency Law

Fair and Equitable Treatment in Investor-State Disputes
Rajah & Tann Singapore has contributed a chapter titled "Fair and Equitable Treatment" to the seventh edition of The Investment Treaty Arbitration Review, published as part of The Law Reviews series.

The fair and equitable treatment ("FET") standard remains one of the key protections on which investors rely in investment disputes. Despite the differences in the wording of FET provisions across investment protection treaties, there appears to be a general consensus on the core content of the FET standard, which includes protection of legitimate expectations, protection against arbitrary or discriminatory treatment, and protection against denial of justice. The chapter briefly reviews recent awards that applied the FET standard and discusses some of these components of the FET standard.

The chapter was authored by our leading partners Kelvin Poon (Deputy Managing Partner and Head, International Arbitration), Andre Yeap SC (Senior Partner), and Matthew Koh (Partner), together with senior associates David Isidore Tan, Daniel Ho and Dennis Saw, associate Jodi Siah, and practice trainee Timothy James Chong of Rajah & Tann Singapore's International Arbitration Practice.

To read the chapter in full, please click here.

Rajah & Tann Singapore Partners Contribute to Two Chapters of Singapore Academy of Law Annual Review of Singapore Cases
Our Partners have contributed two chapters on Competition Law and the Legal Profession to the Singapore Academy of Law Annual Review of Singapore Cases ("SAL Ann Review"). The SAL Ann Review is an annual publication that highlights key Singapore cases and regulators' decisions in an array of areas of law in the preceding year. Its contributors comprise leading practitioners and academics who review and analyse these cases.

• Competition Law: Kala Anandarajah, Head of the Competition & Antitrust and Trade Practice, covered the key updates in Competition Law for 2021. These include the issuance by the Competition and Consumer Commission of Singapore ("CCCS") of a Business Collaboration Guidance Note ("Guidance Note") following the expiry of the Guidance Note on Collaborations between Competitors in Response to the COVID-19 Pandemic, for purposes of clarifying CCCS' position on common types of business collaborations; and the revision of various CCCS guidelines to, among other things, update and align these guidelines with international best practices. The chapter also reviews several mergers that CCCS considered in 2021 reflecting how active CCCS is in reviewing mergers and hence an agency not to be ignored, and revisits CCCS' enforcement efforts in 2021 to protect consumers against unfair trade practices. Finally, the chapter highlights CCCS' efforts to collaborate with competition authorities in the region to foster cooperation and collaboration in the field of competition law, such as the signing of (i) a memorandum of agreement ("MOU") with the Philippine Competition Commission (PCC) on the enforcement of competition law, and (ii) another MOU with China's State Administration for Market Regulation (SAMR) on cooperation of competition law.


• Legal Profession: Partner Khelvin Xu from the Commercial Litigation Practice covered decisions in 2021 relating to ethics and professional responsibility for lawyers. The decisions touched on, among other matters: (i) the duties owed by lawyers to third parties; (ii) conflict of interest arising after a lawyer’s receipt of confidential information; (iii) counsel's personal liability for costs when acting improperly, unreasonably or negligently; (iv) requirements for letters of engagement; and (v) unusual applications for admission to the bar. This chapter is recommended reading for practitioners who wish to keep themselves up-to-date on disciplinary matters, as well as for non-practitioners who would like a more in-depth understanding of the duties and obligations owed by lawyers to their clients and other parties.

• Competition Law
• Legal Profession

"The Rise of Arbitration in the Asia-Pacific" – Rajah & Tann Contributes to Global Arbitration Review
Rajah & Tann Singapore has contributed a chapter titled "The rise of arbitration in the Asia-Pacific" to "The Asia-Pacific Arbitration Review 2023" ("the Review") as published by the Global Arbitration Review ("GAR"), a leading resource on international arbitration news.

Arbitral hubs and institutions in Asia have reached new heights in growth and popularity, augmented by the generally pro-arbitration stance taken by the countries in the region. Authored by Rajah & Tann Singapore partners Kelvin Poon, (Deputy Managing Partner and Head, International Arbitration), Avinash Pradhan, Deputy Head, International Arbitration), and Andre Yeap SC, Senior Partner, International Arbitration), the chapter examines recent developments in Singapore and other parts of Asia, including the growing profile of arbitral seats and institutions, and steps taken by institutions to update their rules to remain competitive with international arbitral institutions.

The Review contains insight and thought leadership on recent events, with contributions from 53 pre-eminent practitioners across the nine jurisdictions of Australia, China, Hong Kong, India, Japan, Malaysia, Singapore, Sri Lanka and Vietnam. To read the review in full, please click here.

To read more about our International Arbitration Practice, please click here.

Insolvency and Arbitration: Clash of Cultures? – Rajah & Tann Singapore Contributes to Collaborative Article in South Square Digest
Rajah & Tann Singapore has contributed to an article in a special edition of the South Square Digest. Issued by South Square Chambers, this edition features articles collaborative articles between members of South Square and members of INSOL International.

The article, "Insolvency and Arbitration: Clash of Cultures?", compares the relationship between arbitration and insolvency in England and Singapore. It addresses the issue of transactions entered into at an undervalue by a debtor, whether such disputes may fall within the scope of an arbitration clause, and whether it is arbitrable in the first place.

Sheila Ng, Deputy Head of our Restructuring & Insolvency Practice, in collaboration with Felicity Toube, QC, and Matthew Abraham of South Square, authored the above article.

The full edition of the South Square Digest can be read here.

Rajah & Tann Singapore Contributes to International Succession (5th Edition) – Singapore Chapter
Rajah & Tann Singapore has contributed to the Singapore chapter of Oxford University Press' International Succession (5th Edition).

The publication provides a comprehensive survey of succession law utilising contributions from experts in over fifty jurisdictions. It enables quick and easy cross-referencing with a questionnaire format for each jurisdiction and answers questions about practical issues concerning inheritance across multiple jurisdictions. More information on the publication is available here.

Harish Kumar, Marissa Zhao and Low Weng Hong from the Commercial Litigation Practice have authored the Singapore chapter of the publication.

Find out more about our Commercial Litigation Practice here.

Rajah & Tann Contributes to Chambers and Partners Global Practice Guide: Corporate M&A 2022 – Singapore Trends and Developments
Rajah & Tann Singapore shares our views on the mergers & acquisitions ("M&A") trends and developments in Singapore in our contribution to the Chambers and Partners Global Practice Guide: Corporate M&A 2022 published by Chambers and Partners.

Exclusively authored by our leading M&A partners Sandy Foo, Lim Wee Hann, Lawrence Tan and Favian Tan, the article sets out an overview of the M&A landscape in Singapore, recounting the M&A activity in 2021 and providing the 2022 outlook. Our partners highlight some significant market trends and legal developments that may shape the M&A activity moving forward. These include increased activities of special purpose acquisition companies ("SPACs") which are allowed to list on the Mainboard of the Singapore Exchange Securities Trading Limited ("SGX-ST Mainboard") from 3 September 2021, and greater emphasis on environmental, social and governance ("ESG") factors when making decisions relating to M&A.

The full Singapore chapter can be read here.

Find out more about our Mergers & Acquisitions Practice here.

Rajah & Tann Contributes to Kluwer Law Online’s Enforcement of Foreign Judgements (2021) – Singapore Chapter
Rajah & Tann Singapore recently contributed to the Singapore chapter of Kluwer Law Online’s Enforcement of Foreign Judgements (2021).

Opportunities attached to international business often come with challenges, perhaps the most serious among them being that of enforcement of judgments. Enforcement of Foreign Judgments addresses the most pertinent specifications, requirements, and legislation of a wide range of jurisdictions across all continents. For each country, topics addressed include the following:

• categories of enforceable judgment;
• documentary requirements;
• methods of execution;
• translation of documents;
• pending proceedings; and
• service requirements.

Rajah & Tann Singapore Contributes to India Business Law Journal: "CFAs add to Singapore's legal hub status"
Rajah & Tann Singapore recently contributed an article titled "CFAs add to Singapore's legal hub status" to the India Business Law Journal, a leading legal magazine in the region.

A conditional fee arrangement ("CFA") is a lawyer-client arrangement in which a lawyer receives payment of all or part of their legal fees only in specified circumstances, such as where the claim is successful. In January 2022, Singapore passed legislation that allows its lawyers to enter into CFAs in arbitration proceedings, as well as in certain proceedings before the Singapore International Commercial Court (SICC).

Authored by Vikram Nair (Deputy Head, Dispute Resolution) and Avinash Pradhan (Deputy Head, International Arbitration), this article covers the legislative framework for CFA and comments on this development in the context of Singapore's efforts to promote the country as a hub for international dispute resolution.

To read the article, please click here.

Find out more about our International Arbitration Practice. For more information on the latest legislative and regulatory developments, case alerts, market updates and events or happenings across Rajah & Tann Asia's geographical footprint, please visit Arbitration Asia, our one-stop arbitration website spotlighting on Asia.

Rajah & Tann Contributes to Lex Mundi's Updated Global Anti-Corruption Compliance Guide
Globally, there has been a significant increase over the past decade in the implementation and enforcement of anti-corruption legislation. The Lex Mundi Global Anti-Corruption Compliance Guide offers a summary of regulatory regimes in more than 70 jurisdictions across the world, assisting in-house counsel and corporate legal teams in understanding and navigating anti-corruption laws in their jurisdictions. The Guide's interactive format allows users to search for and download an individual jurisdiction's report or compare legislation from multiple jurisdictions in a side-by-side customisable report.

Specific questions and topics addressed in the guide include:

• What is the key anti-bribery and corruption legislation?
• Has there been a specific anti-bribery and corruption law enacted in the last ten years?
• Is requesting or accepting a bribe prohibited by the legislation?
• Is there criminal liability for corporate entities who have either paid or accepted a bribe payment?

Rajah & Tann Singapore Contributes Article on Enhanced Regulation for Singapore Virtual Asset Service Providers (VASPs) to India Business Law Journal
In February 2022, the Financial Services and Markets Bill ("Bill") was tabled in the Singapore parliament. The Bill aligns Singapore legislation with the enhanced standards adopted by the Financial Action Task Force, which require jurisdictions to regulate virtual asset service providers (VASP) to mitigate money laundering and terrorism financing risks (ML/TF risks). VASPs based in Singapore that provide digital token (DT) services outside Singapore will be subject to licensing and supervision to ensure that the Monetary Authority of Singapore (MAS) has adequate oversight.

In an article titled "Singapore VASPS subject to enhanced regulation", partners Regina Liew (Head, Financial Institutions Group) and Sriram Chakravarthi (Partner, South Asia Desk) from Rajah & Tann Singapore discuss the new regulations, ranging from who the Bill covers, how DT services are defined, and what requirements must be satisfied by an applicant for a DT service provider licence.

The article was published in the India Business Law Journal, a leading legal magazine in the region. To read the article, please click here.

Rajah & Tann Contributes to Personal Data Protection Digest 2022 - "Achieving Accountability through Data Protection by Design"
Steve Tan, Deputy Head of the Rajah & Tann Singapore Technology, Media & Telecommunications Practice, and Senior Associate Justin Lee contributed an article titled "Achieving Accountability through Data Protection by Design" to the Personal Data Protection ("PDP") Digest 2021.

In light of the accelerated economic digitalisation triggered by the COVID-19 pandemic, there is a burgeoning bias for many businesses towards digital data being their key asset. Data protection by design ("Data Protection by Design") is, in essence, the application of data protection principles right from the start when coming out with a new product or solution, or when an organisation undertakes activities involving the processing of personal data. The article discusses some key areas of guidance extracted from recent Personal Data Protection Commission ("PDPC") enforcement decisions, in order for organisations to better understand how the practice of Data Protection by Design could have averted potential breaches of the Personal Data Protection Act ("PDPA"). An example is the application of the principle of end-to-end security across the various stages in the life cycle of development and use of information and communication technology (ICT) systems.

The PDP Digest is owned and put together by the PDPC, Singapore's main authority in matters relating to personal data protection. This year's edition of the Digest compiles perspectives from data protection practitioners on a variety of topics relating to the latest amendments to the PDPA, as well as other topics broadly on (a) the regulation of data collection, use and disclosure; (b) the data protection responsibilities of organisations; and (c) the obligations owed by organisations to data subjects.

The PDP Digest 2021 is available on the PDPC website and may be accessed here.

Rajah & Tann Contributes Article on "Investment opportunities in ASEAN post-RCEP" to India Business Law Journal
Rajah & Tann recently contributed an article titled "Investment opportunities in ASEAN post-RCEP" to the India Business Law Journal, a leading legal magazine in the region.

The Regional Comprehensive Economic Partnership ("RCEP"), the world’s largest free-trade agreement, took effect on 1 January 2022. Including close to three billion people and accounting for about 30% of global GDP, the RCEP aims to boost trade, promote investments, and create an integrated single market and production base, similar to the European Union.

Authored by Sriram Chakravarthi, Partner of Rajah & Tann's Corporate Practice and South Asia Desk, the article looks into investment opportunities in ASEAN post-RCEP from both an investment perspective and a trade perspective. In a virtual interview with the publication, Sriram also discusses the significance of the RCEP agreement and why Indian companies should consider investments in ASEAN post-RCEP.

To read the article and watch the interview, please click here.

Find out more about our South Asia Desk and Trade Practice. For more information on the RCEP, please click https://eoasis.rajahtann.com/eoasis/lu/pdf/2022_01_Economic_Partnership_Agreement.pdf to read our January 2022 Legal Update titled "Regional Comprehensive Economic Partnership Agreement Enters into Force".

Rajah & Tann Contributes to Lex Mundi's Global M&A Trends Report 2022
We are pleased to share with you the latest edition of the Global M&A Trends Report 2022 ("Report") published by Lex Mundi. The Report draws upon insights gathered from practitioners across 66 jurisdictions, comprising insights and predictions for 2022 regarding mergers and acquisitions ("M&A"), key concerns facing M&A practitioners, and a look back and look forward on deal activity by market segment and sector, such as financial services, technology and software, and life sciences healthcare. Terence Quek, our Partner from the Mergers & Acquisitions Practice Group, contributed to the Report his views on the key private company M&A trends in Singapore.

In summary the report finds that despite the pandemic, 2021 saw a record year for deal activity and most jurisdictions expect further, unprecedented activity in 2022. Across nearly all regions, practitioners agreed that due diligence was of paramount importance to doing deals in 2021. In addition, the regulatory environment also continues to be a top priority for practitioners, with antitrust regulations standing out for respondents in Asia – 46% of respondents agreed that it was at the forefront of minds.

For a deep dive into current M&A trends and 2022 predictions from member firms across Asia and the Pacific, Europe, Latin America and the Caribbean, the Middle East and Africa to North America, please click here for the full text of the Lex Mundi Global M&A Trends Report.

Rajah & Tann Singapore is the Lex Mundi member firm for Singapore. Find out more about our Mergers & Acquisitions Practice Group here.

Guide on “Building a Treasury Centre for Sustainable Growth” – What Businesses Should Look Out For
As a corporate group grows and expands globally, business considerations become increasingly complex. The treasury function of the corporate group becomes one of the key areas that must be looked at to ensure efficient management of its funds. Centralising the treasury function by establishing a Global Treasury Centre or multiple Regional Treasury Centres help businesses enhance cash management efficiency, improve governance and achieve economies of scale.

With the collaborative effort put forth by RSM Singapore, United Overseas Bank Limited, Rajah & Tann Singapore LLP and Deacons, we bring you the Guide on "Building a Treasury Centre for Sustainable Growth" that will assist businesses that intend to set up Regional Treasury Centres in Asia get acquittanced with the relevant economic, tax and legal issues in Singapore and Hong Kong SAR, and the significance of the location of the Regional Treasury Centre with reference to their business operations in some of the ASEAN countries.

Please click here for the English version of the Guide, and here for the Chinese version.

Should you require further information on any Singapore legal issues relating to the setting up of Regional Treasury Centres in Asia, please feel free to contact:

Rajah & Tann Contributes to Chambers Global Practice Guide: Anti-Corruption 2022 – Singapore Chapter
Rajah & Tann Singapore recently contributed to the Singapore chapter of the Chambers Global Practice Guide: Anti-Corruption 2022 published by Chambers and Partners.

Our leading White Collar Partners Chee Kun Thong and Josephine Chee exclusively authored the Trends and Development section of the Singapore chapter of the guide.

The chapter provides the local insights on the trends and developments in the anti-corruption framework and discusses topics such as bribery, influence-peddling, financial record-keeping, offences relating to public officials, limitation periods, the geographical reach of legislation, corporate liability, defences and exceptions, safe harbour programmes, protection for whistleblowers, and landmark investigations. Chee Kun is ranked lawyer for Corporate Investigations/Anti-Corruption by Chambers Asia Pacific, and is recognised as a Leading Individual for White Collar Crime by The Legal 500 Asia Pacific; while Josephine is commended by clients as being “very diligent and hard-working, great attention to detail. Always very prompt in responses”.

The full Singapore chapter can be read here.

Find out more about our White Collar Practice here.

Rajah & Tann Contributes to Chambers Global Practice Guide: Technology M&A 2022 – Singapore Chapter
Rajah & Tann Singapore recently contributed to the Singapore chapter of the inaugural edition of the Chambers Global Practice Guide: Technology M&A 2022 published by Chambers and Partners .

The Singapore chapter, which covers key market trends, early-stage and venture capital financing, liquidity events, spin-offs, acquisitions of public technology companies and business critical regulatory requirements, is exclusively authored by our Tech M&A specialists:

Mergers & Acquisitions Practice: Terence Quek (Partner), , Hoon Chi Tern (Partner) and Favian Tan (Partner). Technology, Media & Telecommunications Practice: Rajesh Sreenivasan (Head) and Benjamin Cheong (Partner).

The full Singapore chapter can be read here.

Find out more about our Mergers & Acquisitions Practice here.

Find out more about our Technology, Media & Telecommunications Practice here.

Partners from Rajah & Tann Singapore Contribute Chapters to Law and Technology in Singapore
Partners from Rajah & Tann Singapore recently contributed two chapters to Law and Technology in Singapore published by Singapore Academy of Law (SAL) Academy Publishing. The book highlights the increasing importance and influence of technology in the practice and content of law. The use of technology has become all the more significance amid the COVID-19 pandemic.

Written by legal academics and practicing lawyers who are experts in their respective fields, the book provides an overview of the technological landscape in Singapore, and a review of how technology has affected the practice and content of law all these years. It also discusses the potential issues that may arise with the use of technology in various areas of law as well as the possible changes in the future as a result of technological advancements.

Gregory Vijayendran, SC from the Commercial Litigation Practice co-authored the chapter on “Technology and the Legal Profession”. The chapter explores certain professional and ethical issues raised by technology trends. It has a dual focus on (i) the potential issues applying existing professional conduct and ethical rules to such trends; and (ii) the raison d’etre for new rules insofar as emerging technologies (such as legal analytics) are concerned.

Rajesh Sreenivasan, head of the Technology, Media and Telecommunications Practice , co-authored the chapter on “The Practice of Law”. The chapter examines how relevant technologies have affected the current practice of law and looks at the role of technology – such as legal engineering, process automation and digitalisation – in the practice of law in the future.

The book was co-edited by Professors Simon Chesterman and Goh Yihan, the Deans of the National University of Singapore (NUS) Faculty of Law and Singapore Management University (SMU) School of Law, respectively, and Justice of the Court of Appeal Andrew Phang.

Please click here for more information of the book.

Lee Weilin Featured in Asia Legal Business Explainer
In an article in the December 2021 issue of Asian Legal Business, Lee Weilin, Head of the Sustainability Practice at Rajah & Tann Singapore shares her perspective on the impact of environmental, social and governance ("ESG") in the changing regulatory and legal landscape across certain Asian jurisdictions, including their sharpened focus on ESG, the impact of Covid-19 on the progress in this area, as well as efforts by jurisdictions and the regional organisation in Asia to develop ESG rules to avoid greenwashing.

"Asia is levelling up on awareness, particularly on the climate front", says Weilin. While the level of attention to each of the ESG issues can vary vastly from country to country as this region has a mix of economies, financial and capital markets with varied size and level of maturity and sophistication, Weilin sees greater focus on actions more than just awareness.

Rajah & Tann's Sustainability Practice

We are amongst the pioneers in Singapore when it comes to sustainability and ESG issues. On the green and sustainable finance front, our lawyers have worked on transactions covering sectors ranging from real estate and hospitality to energy and agriculture. We have been involved in many "first of its kind" transactions.

With our deep expertise and experience, we can help you unpack and reconcile the different global standards and regulations on ESG factors in green and sustainable finance. We can also advise you on the adaptation of your business to take into account these factors, to facilitate your transition to refreshed modes of operation. We can help you address the commercial aspects and economic objectives of the transactions, and at the same time fulfil the legal and technical requirements set out in the various ESG principles and guidelines.

Find out more about our Sustainability Practice here.

Rajah & Tann Co-authors a Report on the Family Office Landscape in Singapore Titled “Family Offices in Singapore”
Over the years, Singapore has become the jurisdiction of choice for family offices in Asia. This is partly due to its reputation as an international financial hub, strong regulatory framework, well-developed infrastructure, stable and pro-business government policies and tax incentive schemes.

Rajah & Tann Singapore recently co-authored a report on family offices titled “Family Offices in Singapore” ("Report"). Developed in collaboration with Deloitte Singapore with the support from Singapore Economic Development Board (EDB Singapore), the Report provides insights into the family office landscape in Singapore, and the incentives, challenges and solutions to creating and managing a family office today. It sets out the different pathways to establish a family office in Singapore and the factors to consider when selecting a legal structure and team for a family office. The Report also features selected case studies of family offices in Singapore, and examines the tax and wealth structuring, family governance and planning strategies that these family offices adopt to manage their wealth and transfer the same through generations.

Vikna Rajah, head of the firm’s Tax and Trust & Private Client Practices, and Chandra Mohan, co-head of the Private Client Practice, contributed to the Report. The full Report can be read here. To read the full Report in Chinese, please click here.

Find out more about our Private Client Practice here here.

Rajah & Tann Contributes to The Law Gazette: “Data Protection and Data Security Laws of China”
Partner Benjamin Cheong and Associate Yu Peiyi from the Technology, Media and Telecommunications Practice contributed an article titled "Data Protection and Data Security Laws of China" to the November 2021 issue of The Law Gazette, the official publication of the Law Society of Singapore.

2021 marks a significant year for China's data protection scene. On one hand, it was reported that China had close to 989 million internet users at the end of 2020, making it the country with the most internet users in the world. At the same time, 2021 saw the coming into operation of two important pieces of legislation concerning data protection and data security in China, namely, the Data Security Law ("DSL") and the Personal Information Protection Law ("PIPL"). It has therefore become increasingly important for businesses seeking to tap on the immense Chinese internet market to understand China's data protection regime.

In this article, the authors examine some of the key features of the DSL and the PIPL and the changes that they bring to China's data protection and data security landscape, and the way MNCs can conduct business in China taking into account these changes. Topics covered include the territorial scope of the laws, definition of "Personal Information", processing of Personal Information, cross border transfer of data, rights of data subjects, obligations of Personal Information processors (PIPs), and enforcement.

Click here to read the full article.

Find out more about our Technology, Media and Telecommunications Practice here.

Rajah & Tann Contributes to Lex Mundi Global Attorney-Client Privilege Guide – Singapore Chapter
Rajah & Tann Singapore recently contributed to the Singapore chapter of the Global Attorney-Client Privilege Guide published by the Lex Mundi Litigation, Arbitration and Dispute Resolution Group. Authored by our market leading dispute resolution partners Leong Kah Wah, Adrian Wong, and Alina Chia, the chapter discusses attorney-client privilege in Singapore. Topics addressed in the report include legal advice privilege, litigation privilege, common interest doctrine, crime-fraud exception as well as privileges in other contexts such as in mediation and in settlement negotiations.

Beyond Singapore, this guide also includes summaries from over 65 jurisdictions around the world, making it the broadest of its kind.

The e-Guide is available here, and the full Singapore chapter can be read here.

Rajah & Tann Contributes to The Global Damages Review (Fourth Edition) – Singapore Chapter
Our dispute practitioners from Rajah & Tann Singapore, Partner Vikram Nair, and Associates Mazie Tan and Ashwin Menon, recently contributed to the Singapore chapter of the Fourth Edition of The Global Damages Review published by The Law Reviews.

The chapter provides an incisive survey of the codified rules and common law principles underpinning the analysis and presentation of damages in Singapore. With a focus on recent legal changes and noteworthy cases, it also provides an in-depth examination of the various rules that set boundaries on what is permissible damages evidence.

The full Singapore chapter can be read here.

Find out more about our Commercial Litigation practice here.

Rajah & Tann Contributes to Chambers Global Practice Guide: Private Equity 2021 – Singapore Chapter
Rajah & Tann Singapore recently contributed to the Singapore chapter of Chambers Global Practice Guide: Private Equity 2021 published by Chambers and Partners.

Given its position as a key hub for fund managers and a popular domicile to investment entities, as well as its extensive network of double taxation treaties, Singapore serves as an useful entry point for regional private equity and investment activity in Southeast Asia and India.

Exclusively authored by our leading Private Equity partners Evelyn Wee, Sandy Foo and Hoon Chi Tern, this chapter extends our previous contribution to the Corporate M&A 2021 guide as our authors provide expert legal commentary on private equity transactions in Singapore, including the latest trends and developments, due diligence requirements, funding structures, considerations in a public buyout, management incentives plans, and exits.

The e-Guide is available here, and the full Singapore chapter can be read here.

Rajah & Tann Contributes to India Business Law Journal: "Singapore SPAC Framework and Opportunities"
Raymond Tong and Hoon Chi Tern from the Capital Markets Practice of Rajah & Tann Singapore contributed an article titled "Singapore SPAC Framework and Opportunities" published in India Business Law Journal, a leading legal magazine in the region, on 23 September 2021.

With effect from 3 September 2021, special purpose acquisition companies ("SPACs") are allowed to list on the Mainboard of the Singapore Exchange Securities Trading Limited ("SGX-ST Mainboard"), providing companies with an attractive alternative capital fund raising route. SPACs, also known as blank cheque companies, have no commercial operations, revenue-generating businesses or assets. They are formed to raise capital through initial public offerings (IPOs) on securities exchanges with the sole objective of acquiring another company for a business combination, also known as a de-SPAC transaction.

The article discusses the relevance of the new SGX SPACs listing regime for Indian businesses, key requirements of the listing regime, including the admission criteria, listing requirements and key safeguards to protect the interests of minority shareholders of SGX SPACs.

Click here to read the full article.

Find out more about our Capital Markets Practice here.

Rajah & Tann’s South Asia Practice Group

Rajah & Tann has a dedicated South Asia Practice Group comprising lawyers with substantial legal practice experience relating to India, Sri Lanka and Bangladesh – including leading practitioners in arbitration, corporate, shipping and construction.

Commended for having service of "global quality" standards, the firm has been ranked Band 1 for our International & Cross-Border Capabilities by Chamber Global (2021). In addition, our lawyers are also lauded for their notable expertise with handling cases connected to the India market in Chambers Asia-Pacific (2021). We have also been featured as a leading Regional & Specialist firm for our work in the region by India Business Law Journal (2021, 2020).

Find out more about our South Asia Practice Group here.

Rajah & Tann Contributes to Chambers and Partners Global Practice Guide: International Arbitration 2021 – Singapore Chapter
Rajah & Tann Singapore has authored the Singapore chapter of the Chambers and Partners Global Practice Guide: International Arbitration 2021. The guide provides the latest legal information on the impact of COVID-19, arbitral tribunals, challenges to jurisdiction, preliminary and interim relief, collection and submission of evidence, confidentiality, types of remedies, enforcement and review of awards, class action, and third-party funding.

Exclusively authored by our International Arbitration partners Andre Yeap, S.C., Kelvin Poon and Alessa Pang, the Singapore chapter provides an overview of the current Singapore law on international arbitration, as well as trends and developments in 2021 for arbitration in Singapore. The chapter looks at topics including governing legislation, arbitration agreements, arbitral procedure, arbitral awards, and review and enforcement.

The full Singapore chapter can be read here.

Find out more about our International Arbitration Practice here.

Rajah & Tann Singapore Contributes to the Singapore Chapter of Lex Mundi Global Foreign Investment Restrictions Guide
In today’s market, more cross-border acquisitions and investments are subject to foreign investment restriction screening. In the past 18 months, many jurisdictions have implemented new screening regimes or revised pre-existing parameters.

Rajah & Tann Singapore contributed to the Lex Mundi Foreign Investment Restrictions Guide which seeks to help in-house counsel and practitioners alike understand, navigate and anticipate foreign investment regulatory changes in more than 55 jurisdictions around the world. Our authors, Chia Kim Huat, Regional Head, Corporate and Transactional Group, and Lim Wee Hann, Co-head, Mergers & Acquisitions Practice share the Singapore perspective of the following issues covered in each country chapter of the Guide:

• Summary of foreign investment restrictions
• Sectors subject to foreign investment restrictions
• Relevant thresholds and notifications with regard to foreign investment restrictions
• Grounds to block a foreign investment

Rajah & Tann Singapore Contributes to the Competition Law Chapter of Singapore Academy of Law Annual Review of Singapore Cases
Kala Anandarajah, Head of the Competition & Antitrust and Trade Practice, contributed the chapter on Competition Law to the Singapore Academy of Law Annual Review of Singapore Cases ("SAL Ann Review"). The SAL Ann Review is an annual publication that highlights key Singapore cases and regulators' decisions in an array of areas of law in the preceding year. Its contributors comprise leading practitioners and academics who review and analyse these cases and decisions.

Key updates for 2020 covered in the Competition Law chapter include the issuance of the Competition Appeal Board’s decision in the Chicken cartel which made history by overturning liability in part for the first time, the issuance by the Competition and Consumer Commission of Singapore ("CCCS") of two infringement decisions relating to bid-rigging agreements, and the issuance of the Guidance Note on Collaboration between Competitors in response to the COVID-19 pandemic to provide more clarity to businesses on how CCCS would view collaborations between competitors during these unprecedented times. The update also reviews several mergers that the CCCS considered in 2020. Finally, the chapter also touches on CCCS's enforcement efforts on the consumer protection front.

The chapter was first published in e-First on 19 August 2021. e-First is SAL's e-publishing prior-to-print module.

Click here to view the full Competition Law chapter.

Find out more about our Competition & Antitrust and Trade Practice Practice here.

Rajah & Tann Singapore Partners Contribute to Three Chapters of Singapore Academy of Law Annual Review of Singapore Cases
Our Partners have contributed three chapters on Admiralty and Shipping Law, Insolvency Law and Legal Profession to the Singapore Academy of Law Annual Review of Singapore Cases ("SAL Ann Review"). The SAL Ann Review is an annual publication that highlights key Singapore cases in an array of areas of law in the preceding year. Its contributors comprise leading practitioners and academics who review and analyse these cases.

• Admiralty and Shipping Law: Toh Kian Sing, SC, Head of our Shipping & International Trade Practice, highlighted four Singapore courts' judgments in 2020, including two decisions concerning rather esoteric parts pertaining to limitation of liability.


• Insolvency Law: Our Partners, Sim Kwan Kiat, Kelvin Poon and Wilson Zhu, discussed Singapore courts' judgments in 2020 which provide guidance on novel issues in debt restructuring. These include decisions on "roll ups" in rescue financing and a foreign debtor's connection with Singapore for the purpose of commencing a scheme of arrangement process in Singapore, as well as the interplay between insolvency law and arbitration.


• Legal Profession: Our Partner from the Commercial Litigation Practice, Khelvin Xu, covered Singapore courts judgments in 2020 relating to ethics and professional responsibility. The judgments covered include a seminal decision in which the Court of Appeal overturned its previous decision on whether it had the jurisdiction to hear an appeal against a Judge’s decision in disciplinary proceedings, as well as cases involving conflicts of interest, statements to the media, and according due respect to the courts.

• Admiralty and Shipping Law
• Insolvency Law
• Legal Profession

Rajah & Tann Contributes to IFC Review: “An Overview of Current Trends and Developments in Insurance in Singapore”
Singapore is well-recognised as the leading specialty insurance and reinsurance hub in Asia. Simon Goh, Head of the Insurance & Reinsurance Practice of Rajah & Tann Singapore, highlights the current trends and developments in the insurance industry in Singapore in an article titled “An Overview of Current Trends and Developments in Insurance in Singapore” published by the IFC Review, a leading guide to global wealth management.

In this article, Simon provides an overview of the legal and regulatory regime pertaining to the insurance industry in Singapore. It also looks at, among other things, initiatives by the Singapore government to transform Singapore’s reinsurance industry from a mainstream traditional reinsurance hub to a sophisticated, full-fledged global capital for Asian risk transfer.

Simon served as the Chairman of the Insurance Law Sub-committee (“Sub-committee”) to review and reform the Singapore’s insurance laws. The recommendations of the SAL’s Report on Reforming Insurance Law in Singapore that are expected to introduce significant changes to certain areas of insurance contract law were discussed briefly in the article.

Click here to read the full article.

Find out more about our Insurance & Reinsurance Practice here.

Rajah & Tann Contributes to the Asia-Pacific Arbitration Review 2022 – Chapters on (i) The Rise of Arbitration in the Asia-Pacific; and (ii) Maintaining the Policy of Minimising Curial Intervention in Malaysia
Rajah & Tann Singapore’s leading International Arbitration Partners have contributed two chapters in the Asia-Pacific Arbitration Review 2022 , a special report published by the Global Arbitration Review. The Asia-Pacific Arbitration Review 2022 (available here) contains insight and thought leadership inspired by recent events from 35 pre-eminent practitioners.

Our International Arbitration Partners Andre Yeap, S.C., Kelvin Poon and Alessa Pang, authored the chapter on “The Rise of Arbitration in the Asia Pacific” which examines recent developments in Asia and ASEAN and deduces that the trend in these regions is one that generally continues to converge in favour of arbitration. The full chapter can be read here.

Authored by our International Arbitration Partners Andre Yeap, S.C. and Avinash Pradhan, the chapter on “Maintaining the Policy of Minimising Curial Intervention in Malaysia” explains the legal framework for arbitration in Malaysia, a coherent modern framework in line with international norms and best practices. In addition, recent decisions of the Malaysian courts underscore the fact that the Malaysian judiciary is now distinctly pro-arbitration, paving the way for Malaysia to tap into the growth of international arbitration in the region. The full chapter can be read here. The full Asia-Pacific Arbitration Review 2022 is available here.

Our International Arbitration Practice & Arbitration Asia website

In conjunction with the growth of international arbitration in the region, our International Arbitration Practice has created Arbitration Asia, a one-stop arbitration website covering the latest legal developments, case alerts, market updates, and events across Rajah & Tann Asia's geographical footprint in Cambodia, China, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Our Arbitration Asia website will be launched on 18 August 2021. Register here. for the launch event of Arbitration Asia on 18 August 2021 to find out more.

Find out more about our International Arbitration Practice here.

Rajah & Tann Contributes to Lexology Getting The Deal Through: Initial Public Offerings 2022 – Singapore Chapter
Rajah & Tann Singapore has authored the Singapore chapter of the Initial Public Offerings 2022 published by Lexology Getting The Deal Through.

Exclusively authored by our leading Capital Markets partners Evelyn Wee and Hoon Chi Tern, and Senior Associate Jasselyn Seet, the Singapore chapter sets out the market overview of IPO in Singapore. It also discusses, among others, the regulatory landscape relating to IPO in Singapore, the corporate governance requirements as well as the special requirements for foreign issuers seeking to list in Singapore. The authors also highlight some key trends and legal developments in the capital markets industry including the measures put in place to address the challenges brought about by the COVID-19 pandemic and the proposed regulatory framework for the listing of Special Purpose Acquisition Companies (SPACS) or blank-cheque companies.

The full Singapore chapter can be read here.

Find out more about our Capital Markets Practice here.

Rajah & Tann Contributes to Sixth Edition of the Investment Treaty Arbitration Review – Chapter on Fair and Equitable Treatment
Our leading International Arbitration Partners Andre Yeap, S.C., Kelvin Poon, Matthew Koh, along with David Isidore Tan, Senior Associate, and Daniel Ho, Associate, have authored a chapter on fair and equitable treatment in the Sixth Edition of the Investment Treaty Arbitration Review, as part of The Law Reviews series, published by Law Business Research Ltd.

The chapter discusses the fair and equitable treatment (FET) standard in investment protection treaties, which remains at the core of states’ obligations and thus often arises in investor–state disputes. Although the FET standard is often left undefined, tribunals have elaborated on this standard to develop both substantive and procedural principles. The chapter reviews the FET standard and how it has been applied in some recent cases.

The full chapter can be read here.

Find out more about our International Arbitration Practice here.

Rajah & Tann Contributes to Lexology Getting The Deal Through: Mediation 2021 – Singapore Chapter
Rajah & Tann Singapore has authored the Singapore chapter of the Mediation 2021 published by Lexology Getting The Deal Through.

Exclusively authored by our leading dispute resolution and mediation partners Jonathan Yuen and Ang Tze Phern, the Singapore chapter discusses the key features of mediation as a key method of dispute resolution in Singapore. It covers topics such as the accreditation and appointment of mediators, mediation procedures, enforceability of settlement agreements, and stays in favour of mediation. The authors also highlight key trends and legal developments in mediation in Singapore, noting that mediation has grown in importance as a cost-effective means to resolve commercial disputes especially during the ongoing pandemic.

The full Singapore chapter can be read here.

Find out more about our Commercial Litigation Practice here.

Rajah & Tann Contributes to Chambers and Partners Global Practice Guide: International Fraud & Asset Tracing 2021 – Singapore Chapter
Rajah & Tann Singapore has authored the Singapore chapter of the Chambers and Partners Global Practice Guide: International Fraud & Asset Tracing 2021. The guide provides the latest legal information on fraud claims, disclosure of assets, shareholders' claims against fraudulent directors, overseas parties in fraud claims, rules for claiming punitive or exemplary damages and laws to protect banking secrecy.

Exclusively authored by our Fraud, Asset Recovery & Investigations partners Danny Ong, Jansen Chow and Yam Wern-Jhien, the Singapore chapter discusses the current Singapore law on fraud and asset tracing. It also looks into the trends and developments in this area, exploring the development of modern fraud schemes, the difficulties faced in policing and recovery, as well as attempts by the Singapore government to address the issues.

The full Singapore chapter can be read here.

Find out more about our Fraud, Asset Recovery & Investigations Practice here.

Rajah & Tann Contributes to Chambers and Partners Global Practice Guide: Corporate M&A 2021 – Singapore Trends and Developments
Rajah & Tann Singapore shares our views on the mergers & acquisitions (M&A) trends and developments in Singapore in our contribution to the Chambers and Partners Global Practice Guide: Corporate M&A 2021.

Exclusively authored by our leading M&A partners Lim Wee Hann, Lawrence Tan, Sandy Foo and Favian Tan, the article sets out an overview of the M&A landscape in Singapore, recounting the M&A activity in 2020 and providing the 2021 outlook. Our partners highlight some significant market trends and legal developments that may shape the M&A activity moving forward.

The full Singapore chapter can be read here.

Find out more about our Mergers & Acquisitions Practice here.

Rajah & Tann's South Asia Practice Group Contributes to The Hindu BusinessLine: "India's ASEAN Engagement Needs a Digital Push"
Vikram Nair and Sriram Chakravarthi from the South Asia Practice Group ("SAPG") of Rajah & Tann contributed an article titled "India's ASEAN Engagement Needs a Digital Push" published in The Hindu BusinessLine, a leading Indian financial and business daily, on 6 May 2021.

The article discusses how the COVID-19 pandemic has reshaped the digital landscape of the Association of South East Asian Nations ("ASEAN").

With ASEAN doubling down on digital transformation of its economies and adopting strategic roadmaps such as the ASEAN Digital Masterplan 2025 for such transformation, it is the right time for India to step up its digital engagement with ASEAN. The authors suggest that India's engagement with ASEAN should be driven by and focused on expanding the digital connectivity between the two. Click here to read the full article.

About Rajah & Tann's South Asia Practice Group

The SAPG comprises lawyers with substantial legal practice experience relating to India, Sri Lanka and Bangladesh – including leading practitioners in arbitration, corporate, shipping and construction.

Commended for having service of "global quality" standards, the firm has been ranked Band 1 for our International & Cross-Border Capabilities by Chamber Global (2021). In addition, our lawyers are also lauded for their notable expertise with handling cases connected to the India market in Chambers Asia-Pacific (2021). We have also been featured as a leading Regional & Specialist firm for our work in the region by India Business Law Journal (2020).

Rajah & Tann Singapore Contributes to Singapore Capital & Private Equity Guide 2021: “Deep Dive into Down-Round Mechanics”
Rajah & Tann Singapore contributes an article titled “Deep Dive into Down-Round Mechanics” in the Singapore Venture Capital & Private Equity Guide 2021. The Guide is published by the Singapore Venture & Private Capital Association.

Authored by Private Equity and Venture Capital Partners Brian Ng, Tracy-Anne Ang and Terence Quek, the article discusses headline issues often encountered in a down-round scenario. A down-round is a fundraising round of a company in which the pre-money valuation is lower than its post-money valuation in the preceding fundraising round. Terms that are relevant in a down-round, including anti-dilution rights, liquidation events and liquidation preferences, and redemption rights are examined in the article.

The full e-Edition of the Singapore Venture Capital & Private Equity Guide 2021 is available for purchase here. Please click here to read our contribution titled “Deep Dive into Down-Round Mechanics”.

SAL Law Reform Committee Report on Civil Remedies

Rebecca Chew and Chew Xiang, Partners at Rajah & Tann Singapore, with the assistance of Priscilla Soh, Senior Associate at Rajah & Tann Singapore, contributed to the Singapore Academy of Law’s (SAL) Law Reform Committee Report on Civil Remedies (“Report”) which was published in December 2020.

Rebecca and Chew Xiang are members of the Civil Remedies Subcommittee. The Subcommittee has considered whether the civil enforcement remedies available under Singapore law adequately ensure that judgment creditors are able to recover monies adjudicated by the courts as due and owing to them, taking into account also the interests and rights of judgment debtors and affected third parties.

The Report recommends legislative reforms to address certain gaps or limitations hampering the recovery of a judgment creditor’s due debts which have been identified by the Subcommittee. Rebecca and Chew Xiang were two of the several litigators on the Subcommittee that drew on their experience when representing creditors/debtors/third parties in recovering judgment debts for the recommendations stated in the Report. It is hoped that some of the reforms proposed may be considered and implemented.

Click here to read the Report. The summary of the Report and a Quick Guide to the key issues and recommendations discussed in the Report can be accessed here.