K&L Gates LLP (JD Supra Singapore)
-
Raising the Bar on Green Finance in Singapore: The Latest Framework and Guidelines
On 19 May 2021, the financial industry taskforce of Singapore (known as the Green Finance Industry Taskforce (GFIT)) released guidelines on climate-related disclosures and a white paper on green finance solutions. Convened by the Monetary Authority of Singapore (MAS), GFIT’s overarching objective is to accelerate green finance in Singapore through four key initiatives: (1) develop a taxonomy, (2)
-
An Overview: Electronic Signing and the New "Sign with SingPass" Service in Singapore
With the COVID-19 pandemic accelerating the global shift toward digital transformation, the use of electronic signatures in place of traditional “wet ink” signatures has become more common. In Singapore, the enforceability of electronic signatures is governed by the Electronic Transactions Act (Chapter 88) (the ETA), which draws a distinction between electronic signatures, secure electronic...
-
New Code of Conduct for Leasing of Retail Premises in Singapore
A Code of Conduct for the Leasing of Retail Premises in Singapore (the Code) has been developed by the Fair Tenancy Pro Tem Committee (Pro-Tem Committee) set up by the Singapore Business Federation. The objective of the Code is to provide mandatory guidelines to landlords and tenants to ensure fairer lease negotiations. While adoption of the Code is currently voluntary, members of the Pro-Tem...
-
Singapore Academy of Law Considers the Impact of Robotics and Artificial Intelligence on the Law
The Law Reform Committee (LRC) of the Singapore Academy of Law (SAL) established a Subcommittee on Robotics and Artificial Intelligence to consider and make recommendations regarding the application of the law to AI systems. The LRC is considering whether existing systems of law, regulation, and wider public policy remain “fit for purpose,” given the pace and ceaselessness of change of the AI...
-
Evaluating Foreign Investment in RCEP Member States from a Dispute Resolution Perspective
This is the third alert in a four-part series on the Regional Comprehensive Economic Partnership (RCEP). Check out our first and second alerts. The recent signing of the RCEP in November 2020 has been heralded as a “historic milestone” for economies across Southeast Asia.
-
RCEP: Boosting Value Chains and Facilitating Trade Flows
This is the second alert in a four-part series on the Regional Comprehensive Economic Partnership (RCEP). The RCEP is the world’s largest free trade agreement (FTA) involving ASEAN (the Association of Southeast Asian Nations, comprising Brunei Darussalam, Cambodia, Indonesia, Lao People’s Democratic Republic, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam), Australia, New...
-
Amendments to Minimum Salary Thresholds for Singapore Employment Pass and S Pass Applications and Renewals
Following close observation of the impact that the COVID-19 pandemic has had on the Singapore labour market, Singapore’s Ministry of Manpower (the MOM) has decided to make adjustments to certain foreign workforce policies. The changes include a raise to the minimum salary thresholds for both new Employment Pass and S Pass applicants, as well as renewal applicants. Notably, these amendments, some...
-
COVID-19: Child Access in the Midst of the COVID-19 Pandemic: The Singapore Situation
On April 3, 2020, the Singapore government announced a series of new measures to combat the COVID-19 pandemic. This included a “Circuit Breaker” period from April 7 to May 4, 2020, to restrict movement and to promote social distancing with the hope of slowing down the number of COVID-19 infections.
-
COVID-19: Reliefs and Support for Small and Medium Enterprises (SMEs) in Singapore
As a result of the ongoing COVID-19 situation, the Singapore government has unveiled certain programmes and schemes with the purpose of assisting SMEs to weather the crisis and accompanying economic uncertainties. A number of such programmes / schemes were initially unveiled in Singapore Budget 2020 (named the “Unity Budget”) on 18 February 2020. This was then followed by two supplementary...
-
COVID-19: Singapore’s COVID-19 (Temporary Measures) Bill: Further Analysis on What It Is and How It May Impact You
Our last update on this matter was published at a time when only the Press Release relating to the Bill was publicly available. This update is published after the Bill itself has been made public. Given the breadth of the Bill, this update does not seek to be a comprehensive coverage of the Bill, but highlights salient aspects.
-
COVID-19: Singapore’s Ministry of Health Promulgates Infectious Diseases (Workplace Measures to Prevent Spread of COVID-19) Regulations 2020
The Singapore Ministry of Health just promulgated the Infectious Diseases (Workplace Measures to Prevent Spread of COVID-19) Regulations 2020 (“Regulations”) on 1 April 2020, pursuant to the Infectious Diseases Act (Chapter 137). The measures stipulated under the Regulations will be in place during the control period of 2 April 2020 to 30 April 2020 (inclusive), to prevent the spread of COVID-19.
-
COVID-19: Singapore’s COVID-19 (Temporary Measures) Bill: What Is It? How Does It Impact You?
COVID-19 has had impacts on contracts relating to commercial undertakings (e.g., construction projects), commercial and industrial tenancies, and individual consumer transactions (e.g. bookings for events). Individuals or companies who are unable to meet their obligations may have to pay damages or forfeit deposits. Otherwise stable businesses may be sued and face lengthy litigation or possible...
-
COVID-19: What Does Singapore's Response to the Global Pandemic Mean for Businesses in Singapore?
The Impact of COVID-19 on Businesses - The impact of COVID-19 has been sharp and swift — the effect has been felt in most industries around the world. Singapore, while leading the pack in its response to COVID-19, has not been immune to the far-reaching impact on its business.
-
COVID-19: Navigating the Issues Faced by Employers in Singapore
The ongoing COVID-19 outbreak has brought about a whole range of novel legal considerations for employers in Singapore.
-
The Singapore Variable Capital Company: A Game-Changer in the Asian Fund Industry (Part I)
The Singapore variable capital company (VCC) is a new and innovative type of corporate entity which has just been introduced in Singapore.
-
The Singapore Convention on Mediation: A Primer
WHAT IS THE AIM OF THE SINGAPORE CONVENTION? The Singapore Convention on Mediation, formally known as the United Nations Convention on International Settlement Agreements Resulting from Mediation, was adopted by the UN General Assembly in December 2018 with the aim of facilitating international trade and commerce by enabling disputing parties to easily enforce and invoke settlement agreements...
-
Reminder: Changes to the Singapore Goods and Services Tax Act from 1 January 2020 will Introduce Goods and Services Tax on Imported Services
As the second half of 2019 approaches, Singapore businesses and overseas service providers should take note of the pending changes to Singapore’s Goods and Services Tax (GST).
-
Proposed Changes to the Singapore Copyright Act – Enhancing Creators’ Rights and Users’ Access to Copyrighted Works
On 17 January 2019, the Singapore Ministry of Law and the Intellectual Property Office of Singapore issued the Singapore Copyright Review Report (the Report), which proposes a number of important amendments to the Singapore Copyright Act (the CA), following several rounds of public consultations in 2016 and 2017.
-
Amendments to the Singapore Employment Act
Navigating the Legal Issues Ahead - The Employment Act, which is Singapore’s main employment legislation, has recently been amended, with the changes taking effect from 1 April 2019.
-
Formerly named “Competition Commission of Singapore” Takes on a New Name in Light of Expanded Consumer Protection Role
Last month, the Singapore Parliament passed a bill expanding the Competition Commission of Singapore’s regulatory powers. In addition to administering and enforcing Singapore’s Competition Act, the regulatory body will now administer consumer protection and unfair trade practice laws as well.
-
Review of the Singapore Employment Act: What to Expect
The employment landscape in Singapore continues to evolve dynamically in tandem with the growth and maturity of its domestic economy and workforce. Accordingly, the Employment Act (“EA”), Singapore’s main employment legislation, is being reviewed in order to ensure it remains up-to-date and relevant.
-
Preparing a Performance Reference for an Employee – What is Expected of an Employer?
It is not uncommon for employers to require potential employees to provide references from their former employers. Indeed, such references may have a significant bearing on their chances of obtaining employment with a new employer. Therefore, it is important that an employer prepares such a reference in a fair and accurate manner in order to avoid unfairly prejudicing a former employee’s...
-
The MAS’s New Regulatory Regime for Venture Capital Fund Managers Comes into Force
As part of the Singapore government’s drive to attract more venture capital fund managers (“VCFM”) and venture capital (“VC”) funding into Singapore to boost the growth of startups and growth-stage enterprises, following a public consultation launched by the Monetary Authority of Singapore (“MAS”) in February 2017, the MAS formally announced a simplified regulatory regime for VCFMs on 20 October 2
-
A Bridge Over Troubled Water: Singapore’s New Restructuring & Insolvency Framework Is Being Introduced When It Is Most Needed
Further to K&L Gates’ Singapore Restructuring and Insolvency Alert dated 5 December 2016, Singapore’s revised restructuring and insolvency legislation has come into effect. The amendments to the Companies Act, summarised in the aforementioned Alert, were passed by Parliament in March and came into operation on 23 May 2017.
-
Third-Party Funding of International Arbitration is Now a Go in Singapore
On 10 January 2016, the Singapore Parliament passed the Civil Law (Amendment) Bill, which allows third-party funding of international commercial arbitration proceedings that are seated in Singapore. Together with the Civil Law (Third Party Funding Regulation), it will form the framework for the law on third-party funding in Singapore.
-
Termination of Employment Contracts for Misconduct: Practical Guidelines
The observations of the Singapore Court of Appeal (“CA”) in a coda to their judgment in Phosagro Asia Pte Ltd v Piattachanine, Iouri [2016] 5 SLR 1052 (“Phosagro”) raise some practical considerations for employers to bear in mind when drafting their employment contracts. The facts of Phosagro are straightforward. By a letter dated 28 February 2014, Phosagro Asia Pte Ltd (the “Appellant”)...
-
Singapore Gets Serious About Money Laundering
The fallout from the scandal surrounding 1MDB and the Singapore-based banks that facilitated the flow of funds to and from those connected with the Malaysia-backed sovereign fund shows no signs of abating, as the recent enforcements actions taken by the Monetary Authority of Singapore (“MAS”) demonstrate. To recap, on 24 May 2016, MAS announced having served BSI with notice of intention to...
-
The Choice of Court Agreements Act 2016: Implications for Dispute Resolution in Singapore
The Hague Convention on Choice of Court Agreements (the “Convention”) establishes an international legal regime which requires contracting states to (a) uphold exclusive choice of court agreements designating the courts of contracting states in international civil or commercial cases; and (b) recognise and enforce judgments of the courts of other contracting states designated in exclusive choice...
-
A New Sheriff In Town: The Monetary Authority of Singapore Creates New Anti-Money Laundering And Enforcement Departments
On 13 June 2016, the Monetary Authority of Singapore (“MAS”) announced that it will create dedicated Anti-Money Laundering (“AML”) and Enforcement departments, including a special supervisory team to be established to monitor AML risks and provide on-site supervision of financial institutions in Singapore. The new Enforcement department will provide oversight for enforcement actions arising from...
-
The Global Spotlight on Transparency: Renewed Focus on Tax and Financial Regulatory Enforcement in Singapore
The global spotlight on transparency in tax and financial reporting has come to Singapore, signalling cause for renewed focus on compliance for investors and global business operators. On 6 April, the Singaporean Ministry of Finance (“MOF”) and the Monetary Authority of Singapore (“MAS”) issued a statement announcing that, in light of Singapore’s serious view regarding tax evasion, it will not...