The legal framework in which the investment management industry operates is subject to rapid changes, especially in the present climate, presenting a number of different challenges for the industry. Legislation In recent times, such changes are motivated by international tax treaties, efforts to step up against money laundering and terrorism financing, and the effect of new technology on the finance industry including the advent of cryptocurrency,...

Singapore (27 February 2019) – Amendments are proposed to the Protection from Harrassment Act (“POHA”). These are in addition to the review of the Singapore Penal Code. The focus is on violence against a person in an intimate or close relationship with the perpetrator. Says Mr Lee Terk Yang, Director of Flint & Battery LLC, “The amendments criminalises harassment, stalking and other anti-social behaviour.” “It is...

15 October 2018, PAYOUTS UNDER CPF RETIREMENT SUM SCHEME – In the 2018 Budget Debate, the topic of CPF contributions for older workers were raised for debate. It was reported that the current rates for such older workers were set in 1988 and were never reviewed. During the debate: It was suggested that the progressively decreasing contribution rates allow private companies to remain competitive. It was further suggested in the debate that workers are paid on...

1 February 2019 – ECONOMIC SUBSTANCE LAW As at 1 January 2019, certain legal entities carrying on relevant activities are required by the newly effective Economic Substance Law to demonstrate adequate economic substance in the Cayman Islands. Any company, LLC or LLP registered or incorporated in the Cayman Islands should be aware of this legislation and consider how it may be affected. The laws require further detail and will be progressively added over the...

21 November 2018 (Singapore) – Mr Lee Terk Yang, Director of Flint & Battery LLC, answers some common but often misunderstood questions regarding a difficult area of family life: divorce and separation. Q1: What is the difference between separation and divorce? A separation is not the same as a divorce.  The key difference between separation and divorce is that when you are separated, you are still legally married to your spouse even...

1 September 2018 (Singapore) – QUICK NOTES ON THE EU GDPR The European Union General Data Protection Regulation (“EU GDPR”) is the EU’s strong response to “new challenges for the protection of personal data”. This response is based on the principle that natural persons should have control of their own personal data and that there should be strong enforcement for the protection of this fundamental right. The EU GDPR will replace the EU Directive 95/46/EC...

16 May 2018 (Singapore) – UPCOMING EUROPEAN UNION (EU) GENERAL DATA PROTECTION REGULATION (GDPR) On 27 April 2016, the European Council and Parliament on 27 April 2016 adopted GDPR, the successor to Directive 95/46EC. The GDPR applies directly in all EU Member States from its effective date, 25 May 2018. It repeals and replaces Directive 95/46EC and Member State implementing legislation. Significantly, he GDPR expands its territorial reach to data controllers and...