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Legal Updates

Legal Updates for February 2017

SICC Upholds Legality of Merger Effected by Way of Universal Succession under French Law
Is a foreign incorporated bank in Singapore mandated under the Banking Act (Cap. 19) to apply for, and secure approval from the Singapore courts to transfer its business, notwithstanding that the transfer/merger had already been validly effected under its own laws of incorporation? This was the issue before the Singapore International Commercial Court in the case of BNP Paribas Wealth Management v Jacob Agam and another [2017] SGHC(I) 2, which was being considered for the first time in Singapore.

MAS Proposes Simplifying Rules for Venture Capital Fund Managers
The Monetary Authority of Singapore ("MAS") has issued a consultation paper titled "Proposed Regulatory Regime for Managers of Venture Capital Funds", setting out proposals for a simplified regulatory regime for venture capital fund managers so as to allow them to operate more nimbly in supporting start-ups in Singapore and the region. This is one of the specific measures that MAS is adopting to support the recommendations of the Committee on the Future Economy, and help position Singapore's financial sector for the future.

The update looks at the key proposals in the consultation paper.

Singapore’s Latest Green Efforts – Introducing Carbon Tax
On 20 February 2017, during the Budget 2017 speech, Minister for Finance Mr Heng Swee Keat announced the government's plans to introduce carbon tax in Singapore starting from 2019. We provide some insights into the new carbon tax and discuss the impacts it may have on businesses operating in Singapore.

SGX Consults On Listing Framework for Dual-Class Shares
In August 2016, the Singapore Exchange’s (“SGX”) Listings Advisory Committee ruled in favour of allowing dual-class share ("DCS") structures to list on SGX subject to appropriate safeguards. Since then, SGX has engaged with various stakeholders to discuss the possibility of introducing DCS structures in Singapore.

On 16 February 2017, SGX issued a consultation paper, seeking public feedback on whether DCS structures should be introduced, and if so, what safeguards such structures should be subject to. The consultation ends on 17 April 2017.

Impact of the Giant Light Case in China – PRC Court Recognized Singapore Supreme Court Judgment
This is a follow-up legal update on the impact of the case of Giant Light Metal Technology (Kunshan) Co Ltd v Aksa Far East Pte Ltd [2014] SGHC 16 (“Giant Light”) more than two years after the decision. In Giant Light, Rebecca Chew and Paul Tan from Rajah & Tann Singapore LLP successfully represented Giant Light Metal Technology (Kunshan) in what is believed to be the first instance of a Singapore Court enforcing a judgment from the People's Republic of China. In this update, we would wish to share how Giant Light has impacted the recognition and enforcement of a Singapore Supreme Court Judgment in China.

Key Legislative and Regulatory Developments in Singapore for the Year 2016
This Update provides a brief summary of the key statutory and regulatory developments in Singapore for the year 2016.

Foreign Litigants and Security for Costs
To appeal against a decision of the court, a litigant has to provide security for costs in order to cover the potential costs the respondent may incur in arguing the appeal. In Yuanta Asset Management International Limited v Telemedia Pacific Group Limited, the Court examined security for costs issues in the context of foreign litigants, and when this might warrant a higher quantum of security. The Respondent was successfully represented by Paul Tan and Josephine Chee from Rajah & Tann Singapore LLP.

Sentencing Guidelines for Offences under the Workplace Safety and Health Act
For those involved in construction or projects in Singapore, it is essential to be familiar with the Workplace Safety and Health Act ("WSHA"). The WHSA sets out duties relating to safety, health and welfare in workplaces, as well as penalties of fines and/or imprisonment for the breach of these duties. The case of Public Prosecutor v GS Engineering & Construction Corp [2016] SGHC 276 marks the first time that a prosecution under the WSHA has come before the High Court on appeal. The Court thus had the opportunity to consider the sentencing precedents and guidelines for WSHA offences.

Proposed Amendments to Laws Governing the Management of Strata Properties and Its Impact On Developers
It was recently announced on 1 February 2017 that the Building Maintenance and Strata Management Act ("BMSMA") will be revised for the first time since it came into effect in 2005, to ensure that it remains up to date with current needs, promotes better governance and transparency in the management of strata-titled developments and also to provide greater clarity to existing provisions.

This first ever revision of the BMSMA comes after two earlier rounds of consultations. This third and final round of consultation will end on 21 February 2017. This update looks at the key proposed amendments that may affect developers of strata-titled developments.

Developments in Commercial Litigation in 2016
2016 saw a significant number of important decisions made by the Singapore courts in the field of commercial litigation. Rajah & Tann Singapore LLP has itself been involved in representing parties in many of these cases. This Client Update summarises some of the notable decisions issued over the course of the past year.

Developments in Restructuring & Insolvency in 2016
In 2016, there have been a number of important developments in the field of Restructuring & Insolvency. This Client Update summarises some of the notable cases that have been decided over the course of the past year.

Developments in International Arbitration, Construction & Projects in 2016
Rajah & Tann Singapore LLP’s International Arbitration, Construction & Projects practices have once again been recognised as leaders in the field by notable publications. In 2016, there have been a number of important developments in these areas. This Client Update summarises some of the notable cases that have been decided over the course of the past year.

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