WongPartnership LLP

At the upcoming 6th ICC Indonesia Arbitration Day in Jakarta on 4 September 2024, our Head of Energy, Projects and Construction Peng Cheng Tay, will be sharing his expertise as part of an esteemed panel. The panel discussion, titled “What Comes Before an Egg? – A Prelude to Arbitral Procedures,” will explore critical aspects of dispute prevention and pre-arbitral strategies as well as common issues and pitfalls that parties often have to address while endeavouring to keep time and costs efficient.   For more information of the event, please click here https://lnkd.in/gvyDZWms ICC Arbitration #ICCArbitration

July saw the culmination of efforts by our Equity Capital Markets team in supporting Beyond Social Services, one of WongPartnership’s CSR projects for the year. Our Equity Capital Markets team raised over S$10,000 from within the firm to purchase exam care packs for students who are part of Beyond Social Services’ community support. The care packages were then delivered door-to-door by our lawyers. To raise the funds, the Equity Capital Markets team organised a coffee and cookie event and a vibrant carnival filled with F&B and games for a firmwide Wellness Month. Reflecting on the impact of these efforts, our Head of the Equity Capital Markets Practice, Gail Ong, shared, “We wanted to make a social contribution to families in need as a team. We were heartened by the overwhelming support from all our colleagues at the firm in donating generously to the cause which resulted in our being able to support many more families than we had originally targeted. It was also meaningful for us to have done this as a team, from creatively raising funds through baking and organising the carnival to the handwritten notes we packed with the vouchers and finally seeing the smiles of the recipients." Our Senior Associate, Alison Koh, added, “Beyond Social Services works tirelessly to help children and youths from less privileged backgrounds break free from the poverty cycle, a mission that we strongly align with. When we first embarked on this project, I thought that the scope of the challenge seemed immense but speaking on behalf of my team, it was such a joy brainstorming together on innovative ways to engage our community. This initiative offered us a deeper understanding of the impact of collective efforts and we are grateful for the privilege to contribute, even in a small way, to supporting young schoolchildren in their academic journey.” WongPartnership remains steadfast in our commitment to give back to the community.

The Singapore courts have considered a number of novel legal issues concerning cryptocurrencies, including whether cryptocurrencies constitute property, can be the subject of an injunction, and can be the subject of a trust.   At the end of the day, however, if one is unable to recover the original cryptocurrencies, how would one assess the quantum of damages suffered? Would it be the value of the cryptocurrencies as at the date they were transferred to the defendant, the date on which the claim arose, the date on which proceedings were commenced, or the date on which judgment was granted? Given the volatility of cryptocurrencies, the date to on which the value is pegged will have a drastic impact on the quantum that the claimant is entitled to.   This issue was dealt with for the first time by the General Division of the Singapore High Court in Fantom Foundation Ltd v Multichain Foundation Ltd and anor [2024] SGHC 173 (Fantom).   Our Deputy Head of Commercial & Corporate Disputes Wendy Lin and Partner Jiamin Leow share their key takeaways for Fantom in this update. Click on the link below to view the full update.

On 29 August 2024, our Commercial & Corporate Disputes and International Arbitration Partner Teck Wee Tiong, will join Tai-Heng Cheng, Global Co-head, Arbitration and Trade & Co-Managing Partner of Singapore, Sidley Austin LLP, Kevin Nash, Registrar of Singapore International Arbitration Centre, Jae Hyong Woo, Partner of Yulchon LLC and Jean-Rémi de Maistre, CEO & Co-Founder of Jus Mundi, in a panel discussion on AI’s emerging role within international law and arbitration.   The event is jointly organised by Jus Mundi and WongPartnership, and is part of the Singapore Convention Week. The event will take place from 4.30pm to 6.00pm at our offices, with networking drinks after.   For more information and to register for the event, please click here https://lnkd.in/gBqGr7a6   Ministry of Law, Singapore #SGMediates #SCWeek2024

Following our fireside chats that featured our founder Mr Wong Meng Meng SC and our Senior Consultant Professor Cheng-Han Tan SC, over 70 interns had the opportunity recently to chat with and be inspired by our Senior Advisor, Mohamed Nasser Ismail, at the third instalment of WongPartnership’s Fireside Chat Series.   Nasser’s illustrious career as a State Counsel at the Attorney General’s Chambers and 18 years as a former global head of equity capital markets at the SGX awed the interns as he shared his rich experience and insights gleaned from these two diverse fields.    Nasser emphasised that success in law isn’t just about understanding the law - it’s about focusing on people. Learning to manage relationships, developing a global perspective, and continually evolving your skill set are all key components. Soft skills, such as adaptability and effective communication, are equally vital. He also opined that while AI is advancing, it’s the human conscience, integrity, and personal touch that truly set great lawyers apart. Integrity, he reminded us, is paramount in a field where reputation travels faster than we think.   To our interns and future leaders, the message was clear: Stay curious, stay adaptable, and always prioritise people. Build your skills, embrace new challenges, and remember that your reputation is your most valuable asset. Your journey in law is not just about practicing law but about embodying its values every step of the way.   We are glad to be able to continually engage with our next generation of legal professionals on their journey!

Singapore’s status as a global financial and trading hub exposes it to money laundering and terrorism financing threats, as identified in the recent national risk assessments published by the relevant authorities. In response, the authorities have introduced various changes to strengthen Singapore's anti-money laundering and counter-terrorism financing (AML/CFT) framework. These include, among other things, the imposition of AML/CFT obligations on corporate service providers, creation of new “rash” and “negligent” money laundering offences, introduction of new information-sharing tools and enhancement of the asset recovery regime. Our Co-Heads of Financial Services Regulatory Elaine Chan and Joy Tan, Partners Jia Hui Chan and Sion Yoong Tian, and Commercial & Corporate Disputes Partner Pei Chin Ong provide an overview of these developments in this update. Click on the link below to view the full update.

At the National Day Rally on 18 August 2024, the Prime Minister of Singapore announced the following enhancements to parental leave for working parents that will take effect from 1 April 2025. 1) Increase in Mandatory Government-Paid Paternity Leave Current: Eligible fathers are entitled to 2 weeks of Government-paid paternity leave ("GPPL") and may, if their employers allow them to do so, take an additional 2 weeks of GPPL. Employers who grant the additional 2 weeks of paternity leave will be reimbursed by the Government. From 1 April 2025: GPPL will be increased to 4 weeks of mandatory GPPL for eligible fathers of Singaporean children born from 1 April 2025. This means that from 1 April 2025, employers will have to grant 4 weeks of GPPL to an employee as long as the employee meets the eligibility conditions. 2) New Shared Parental Leave Current: Eligible mothers are entitled to up to 16 weeks of Government-paid maternity leave (“GPML”) and an eligible father may, subject to his wife’s agreement, apply to share up to 4 weeks of his wife’s GPML entitlement. From 1 April 2025: A new shared parental leave scheme will be implemented in phases such that when fully implemented on 1 April 2026, eligible parents will be entitled to enjoy an additional 10 weeks of shared parental leave in addition to any GPML and GPPL that they may be entitled to. In the first phase of implementation, eligible parents of children born from 1 April 2025 will be entitled to 6 weeks of shared parental leave. In the second phase of implementation, eligible parents of children born from 1 April 2026 will be entitled to 10 weeks of shared parental leave. By default, the shared parental leave will be equally distributed between both parents, but the parents can reallocate the distribution according to their caregiving needs. The new shared parental leave should be taken within the first 12 months of the child’s birth.    For more information on the enhancements to parental leave for working parents, please refer to the press release by the National Population and Talent Division below. To find out more about our Employment Practice, click here: https://lnkd.in/gDPDbp5. 

This year marks the second anniversary of the passing of our beloved Chairman and Co-Founder, Alvin Yeo SC. Alvin’s belief in the transformative power of education was a cornerstone of his vision and commitment throughout his legal career.   Aligned with his beliefs, WongPartnership set up the Alvin Yeo WongPartnership Memorial Fund, with all proceeds to go towards funding educational initiatives at the National University of Singapore and the Singapore Management University.   To kick off this meaningful endeavour, our firm held a month-long walk/run campaign which culminated in a spirited and heartfelt walk/run at the Marina Bay waterfront area. It was heart-warming to see colleagues together with Alvin’s friends and family come together to share a passion of Alvin’s – exercise, followed by a sumptuous breakfast back at the firm. Together, we clocked over 8,500 km during the walk/run campaign which was an amazing feat!   We will be fundraising in the coming months and invite you to join us in our tribute to Alvin. Contributions to the fund can be made online via these links - https://lnkd.in/gCt2jqeR ; https://lnkd.in/g2AP-czT (recommended for donations above S$200).   Together, let us honour Alvin’s legacy and support his passion to grow the next generation of legal minds. Thank you for your support and generosity.

The Monetary Authority of Singapore (MAS) has published its response (Response) to feedback received on its consultation paper entitled “Proposals to Refine the Tier Structure Requirements and to Introduce New Requirements Relating to Remuneration” for the financial advisory (FA) industry. The consultation paper sets out MAS’ proposals to: (a) Clarify the policy intent of, and refine, the tier structure requirements, which include defining overriding benefits and stipulating the circumstances under which payment of overriding benefits are allowed; (b) Consolidate and effect the tier structure requirements under the Financial Advisers Act 2001 (FAA) and extend the requirements to all financial advisers for consistency across the FA industry; and (c) Introduce restrictions on direct payment of remuneration by persons, other than the principal FA firm, to representatives and/or supervisors of the principal FA firm, and acceptance of remuneration by representatives and/or supervisors of the principal FA firm from other persons. In this update, our Head of Financial Services Group Choon Yuen Hui highlight the key takeaways from the Response. Click on the link here to view the full update - https://lnkd.in/gGQ3jQcQ

On 2 July 2024, the Singapore Parliament passed the Corporate Service Providers Bill (CSP Bill) and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill (CLLPMA Bill). The bills, which seek to regulate and impose various obligations on corporate service providers and enhance the transparency of beneficial ownership of companies and limited liability partnerships, will come into operation on a date to be appointed by notification in the Gazette.   In this update, our Business Establishment and Mergers and Acquisitions Partners Vivien Yui and Jia Ying Lim highlight the key changes introduced in the CSP Bill and CLLPMA Bill.   Click on the link below to view the full update.