Morgan Lewis (JD Supra Singapore)
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Singapore High Court Sets Aside Arbitration Award: Lessons on What Is and Is Not Procedurally Acceptable
In the recent case of Convexity Ltd. v. Phoenixfin Pte Ltd., Mek Global Ltd. and Phoenixfin Ltd. [2021] SGHC 88, the Singapore High Court departed from its pro-arbitration stance and set aside an arbitral award.
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Company Directors in Singapore Urged to Consider Climate Change Risks
A team of independent legal counsel issued a legal opinion (the Opinion) on 14 April on Directors’ Responsibilities and Climate Change under Singapore law, concluding that directors of corporations in Singapore are obliged to consider climate change risks as part of their duties to act in the best interests of the company.
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Singapore Is Looking to Bring In SPACS
The Singapore Exchange has launched a consultation on proposed rules governing special purpose acquisition companies. SPACS DEFINED - Special purpose acquisition companies (SPACs) are shell or “blank cheque” entities formed by a group of investors—known as sponsors—who raise funds from other investors through an initial public offering (IPO).
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Singapore’s Electronic Transactions Laws: Digitalization of Legal Documents Proposed
Recent proposed changes to the Singapore Electronic Transactions Act would allow for the digitalization of cross-border trade documents and other important legal documents. The Singapore Parliament introduced various amendments to the Electronic Transactions Act ...
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Singapore Introduces ‘Simplified Insolvency Programme’ for Micro and Small Companies
Micro and small companies will be able to use a “Simplified Insolvency Programme” to be introduced by proposed amendments to Singapore’s Insolvency, Restructuring, and Dissolution Act 2018 (IRDA).
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Proposed Changes to the Singapore Personal Data Protection Act
Key amendments to the Singapore Personal Data Protection Act would take into account technological advances, new business models, and global developments in data protection legislation.
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Singapore Introduces New Omnibus Act for Financial Sector
On 21 July, the Monetary Authority of Singapore (MAS) published a consultation paper seeking views on a proposed new omnibus act that will allow the MAS to adopt a financial sector–wide regulatory approach to financial institutions across the financial sector.
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Singapore’s Telehealth Expansion: Considerations for Providers
Singapore’s telehealth sector is driven by the growing telemedicine industry, which has seen an increase in digital self-help options to consult medical doctors through online web-based applications. Telehealth providers in Singapore are mainly focused on providing remote telemedicine and/or on-demand house call services.
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COVID-19: Singapore Reopening of Travel and Changes to Border Measures
The Multi-Ministry Taskforce has announced plans for a progressive reopening of Singapore’s economy and society as it emerges from the coronavirus (COVID-19) crisis.
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Singapore Requires Landlords to Provide Tenants With More Rental Waivers
The Singapore government on 5 June passed the COVID-19 (Temporary Measures) (Amendment) Bill, which aims to provide eligible small- and medium-sized enterprises with rental relief. The bill is premised on a fair sharing of obligations between the government, landlords, and tenants.
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COVID-19: Singapore Guidelines on Resumption of Businesses on 2 June 2020
With the easing of circuit-breaker measures in Singapore, employers gearing up for reopening must implement safe management measures to provide a safe working environment for employees.
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Singapore Fortitude Budget: Hiring Incentives for Employers Hiring Locals
The Singapore government announced on 26 May its S$33 billion “Fortitude” budget, which will provide support for businesses and workers in light of the coronavirus (COVID-19) pandemic.
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Retrenchments in Singapore in the Time of COVID-19: Dos and Don’ts for Employers
Workforce retrenchment in Singapore is expected to hit record numbers as a result of economic disruption from the coronavirus (COVID-19) pandemic. Here is a brief guide for employers in Singapore as they consider retrenchment as an option.
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Singapore Regulators Announce Measures to Support Business Amid COVID-19
The Singapore Ministry of Law has issued an order summarizing alternative arrangements during the coronavirus (COVID-19) global pandemic for convening, holding, conducting, or deferring general meetings pursuant to certain provisions of written law or legal instruments
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COVID-19: Singapore Regulators Grant 60-Day Extension for Companies’ Annual General Meetings
In light of the coronavirus (COVID-19) pandemic, the Monetary Authority of Singapore, Accounting and Corporate Regulatory Authority, and Singapore Exchange Regulation on 7 April announced that they will automatically extend by 60 days the deadline for all companies to hold their annual general meetings.
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COVID-19: MAS Measures for Financial Institutions to Focus on Supporting Customers
As the outbreak of the coronavirus (COVID-19) continues, the Monetary Authority of Singapore has introduced a number of initiatives to assist Singapore financial institutions in supporting their customers.
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Responding to COVID-19: Temporary Relief in Singapore for Inability to Perform Contractual Obligations
The Ministry of Law of Singapore announced the introduction of a new bill on 1 April aimed at protecting individuals and businesses that are unable to fulfil their contractual obligations because of the coronavirus (COVID-19) pandemic.
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Responding to COVID-19: Conducting Shareholder Meetings with Safe-Distancing Measures
The Singapore Ministry of Health (MOH) imposed tighter safe-distancing measures on 24 March to minimize further spread of the coronavirus (COVID-19). Because of the fluid and unpredictable nature of COVID-19, companies and shareholders must maintain flexibility throughout this emergency and implement alternative means to ensure compliance with MOH directives.
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Responding To The 2019 Novel Coronavirus: Guidance For Singapore Employers
The Singapore government has introduced additional control measures to minimize the risk of further transmission of the 2019 Novel Coronavirus in the community. Employers in Singapore must take proactive steps within the legal boundaries to ensure the workforce remains safe and productive and to minimize disruption to operations.
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Singapore's Amended Listing Rules: Risk-Based Approach to Quarterly Reporting, Continuous Disclosures
With effect from February 7, the Mainboard Rules and Catalist Rules of the Singapore Exchange Securities Trading Limited will be revised to adopt a risk-based approach to quarterly reporting and to enhance the continuous disclosure requirements relating to, among others, interested person transactions, secondary fundraising, provision of significant financial assistance to third parties...
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Singapore High Court Sets Aside Arbitration Award for Arbitrator’s Overextensive Use of Witness Gating
In CVP v. CBS [2020] SGHC 23, the Singapore High Court had the opportunity to determine whether an arbitrator had a right to deny one party from hearing evidence from any of the plaintiff’s witnesses. At issue was whether Rule 28.1 of the Singapore Chamber of Maritime Arbitration (SCMA) rules gave the arbitrator powers to exclude witness testimony.
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Framework for New Variable Capital Company Structure in Singapore Goes Live
The Variable Capital Companies Act 2018 (VCC Act), which is the governing legislation for the new Variable Capital Company (VCC) fund structure in Singapore, and the related subsidiary legislation have come into operation as of 15 January 2020, officially launching the VCC framework. The launch has been highly anticipated by the investment funds management industry in Singapore and comes after...
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MAS Consults on Proposal to Regulate Payment Token Derivatives Traded on Approved Exchanges
The Monetary Authority of Singapore (MAS) issued a consultation paper on November 20, 2019, titled “Proposed Regulatory Approach for Derivatives Contracts on Payment Tokens,” seeking feedback on its proposal to allow derivatives contracts that reference payment tokens as underlying assets (Payment Token Derivatives) to be traded on Approved Exchanges and to regulate the activity under the...
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Singapore’s National AI Strategy Is Shaping Its Regulatory Outlook
As a global team, we pay attention to financial regulatory and fintech events happening around the world. In that spirit, we are reporting on some intriguing new regulatory initiatives that were announced at the Singapore FinTech Festival in relation to artificial intelligence (AI) and the intersection of sustainability, finance, and technology. Regulation will underpin many of these initiatives...
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Singapore Issues Guidelines on Personal Data Protection and Cloud Services
The Personal Data Protection Commission (PDPC) has revised Chapter 6 (Organisations) and Chapter 15 (Access and Correction Obligations) of the Advisory Guidelines on Key Concepts in the Personal Data Protection Act, or PDPA (the Guidelines).
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Monetary Authority of Singapore Proposes Insolvency and Winding-Up Regime for New VCC Structure
The Monetary Authority of Singapore (MAS) released a consultation paper (Insolvency and Winding-Up Consultation Paper) on 24 July pertaining to the proposed insolvency and winding-up regime (Insolvency Regime) for the Variable Capital Company (VCC) structure. This is the third in a series of consultation papers released since May 2019 pertaining to the VCC regulations, following the passage of...
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Singapore Exchange Offers Greater Protection to Minority Shareholders in Delisting Situations
The Singapore Exchange on July 11 announced immediately effective changes to the delisting rules for both the Mainboard Rules and the Catalist Rules in an effort to shift the balance in favor of minority shareholders.
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Singapore Court Rules on Right to Challenge Arbitral Awards on Jurisdictional Grounds
On 9 May 2019, the Singapore Court of Appeal in Rakna Arakshaka Lanka Ltd v Avant Garde Maritime Services (Pte) Ltd [2019] SGCA 33 considered whether a respondent who failed to appeal to the Singapore courts in accordance with Article 16(3) of the UNCITRAL Model Law on International Commercial Arbitration (Model Law) could subsequently challenge a final award on jurisdictional grounds.
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Singapore Grants First Domestic DIP Financing Application Based on US Law
The Singapore High Court recently issued the first-ever super-priority order for debts arising from rescue financing under Section 211E(1)(b) of the amended insolvency laws in the Companies Act. The decision shows that the court is open to adopting relatively unique deal structures, and could be a benefit for more business-centric solutions.
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MAS Consults on Proposed Regulations for New Variable Capital Company Structure
On 30 April 2019, the Monetary Authority of Singapore (MAS) published two consultation papers (Consultation Papers) pertaining to the proposed new regulations for the Variable Capital Company (VCC) framework. The first Consultation Paper (AML/CFT Consultation Paper) deals explicitly with some of the standards and requirements expected of VCCs in relation to anti-money laundering and countering...