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Newsflash: Singapore - Third Party funding of International Arbitration

16.03.2017

John Simpson

John Simpson Managing Partner

Update: The Civil Law (Amendment) Act 2017 (the “Act”) and the Regulations have entered into force on 1 March 2017. The Regulations, now referred to as the Civil Law (Third-Party Funding) Regulations 2017, provide further clarity on the requirements that a third party funder must satisfy. 

In particular, a third party funder is expected to have a paid-up share capital of no less than S$5 million (the equivalent in foreign currency) or in managed assets. “Managed assets” is defined as monies and assets that are the subject matter of a contract for fund management between the third party funder and its investors.

With regard to legal practitioners, the Legal Profession (Professional Conduct) (Amendment) Rules 2017 now make disclosure of the existence and identity of a third party funder to a court or tribunal mandatory. Legal practitioners should also take care not to hold any share or other ownership interest in a third party funder involved in the funding of a client’s matter.

For more information, please contact john.simpson@incelaw.com

Article authors:

John Simpson