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Articles 1 - 22 of 22
Full-Text Articles in Social and Behavioral Sciences
How To Understand China's Approach To Central Bank Digital Currency?, Heng Wang
How To Understand China's Approach To Central Bank Digital Currency?, Heng Wang
Research Collection Yong Pung How School Of Law
China's central bank digital currency (CBDC), digital yuan or e-CNY, is likely to profoundly affect the international financial system. China's CBDC is fast evolving. Understanding the influencing factors of China's CBDC will likely be crucial to explore its future direction. Major influencing factors include (i) China's perception and conception of regulation and technology, (ii) complementarity between China's preferences and CBDC development, (iii) domestic and international legitimacy, and (iv) institutional development. This paper argues that these influencing factors contribute to China's likely approach of selectively reshaping the international financial system. Given the potential wide-ranging implications of the introduction of CBDC globally, …
The Coming Central Bank Digital Currency Revolution And The E-Cny, Heng Wang, Ross Buckley
The Coming Central Bank Digital Currency Revolution And The E-Cny, Heng Wang, Ross Buckley
Research Collection Yong Pung How School Of Law
The only central bank money individuals and businesses have today is cash. Everything else they use as money is commercial bank promises. Central bank digital currencies (“CBDC”) will likely change all this by putting central bank money into everyone’s hands. China is a front runner in this revolution, and its CBDC, the e-CNY, may well in time profoundly affect the international economic order. This article analyses the major considerations around the e-CNY, its ramifications, in particular for trade, and its possible challenges.
Administrative Concessions And The Efficient Taxation Of Digital Tokens In Singapore, Vincent Ooi
Administrative Concessions And The Efficient Taxation Of Digital Tokens In Singapore, Vincent Ooi
Research Collection Yong Pung How School Of Law
Tax authorities around the world have stepped-up enforcement activities on the taxation of digital tokens and begun providing more guidance to taxpayers. However, the relative novelty of the field means that there is likely to be considerable uncertainty as to the correct tax treatment, both on the part of taxpayers and tax authorities. This requires both parties to seek tax and legal advice that is often duplicative (in the sense that similar issues tend to keep coming up for different taxpayers) and bear the risk of taking an incorrect legal position. In some cases, the strict tax position under the …
The Anti-Money Laundering Framework For Precious Stones And Metals Dealers In Singapore, Vincent Ooi
The Anti-Money Laundering Framework For Precious Stones And Metals Dealers In Singapore, Vincent Ooi
Research Collection Yong Pung How School Of Law
Precious stones and metals have commonly been used throughout the world as a conduit for terrorism and money laundering activities. Such illicit use of these assets has called for its much-needed attention from a regulatory perspective. This is particularly relevant in a financial haven such as Singapore. Accordingly, this article seeks to explore how several of the most common trading and investment activities involving precious stones and metals in Singapore are regulated.
Institutional Investors In China: Corporate Governance And Policy Channeling In The Market Within The State, Lin Lin, Dan W. Puchniak
Institutional Investors In China: Corporate Governance And Policy Channeling In The Market Within The State, Lin Lin, Dan W. Puchniak
Research Collection Yong Pung How School Of Law
The extraordinary rise of China’s economy has made understanding Chinese corporate governance an issue of global importance. A rich literature has developed analyzing the Chinese Communist Party’s (CCP’s) role as China’s largest controlling shareholder and the impact that this has on Chinese corporate governance. However, the CCP’s role as the architect – and direct and indirect controller – of institutional investors in China has been largely overlooked in the comparative corporate law literature.This Article aims to take the first step in filling this gap in the literature by drawing on Chinese sources and fresh hand-collected empirical, interview, and case study …
Making Money From Cryptocurrency? The Taxman May Call On You, Hern Kuan Liu, Vincent Ooi
Making Money From Cryptocurrency? The Taxman May Call On You, Hern Kuan Liu, Vincent Ooi
Research Collection Yong Pung How School Of Law
Miners, forgers, hobbyists, traders – different rules apply. Just don’t assume crypto investment is somehow immune to taxation.
A New Structuring Option For Funds: The Singapore Variable Capital Company, Vincent Ooi
A New Structuring Option For Funds: The Singapore Variable Capital Company, Vincent Ooi
Research Collection Yong Pung How School Of Law
The Singapore Variable Capital Company (“VCC”) offers a new structuring option for funds. This article considers the features of the VCC in terms of structure, operational aspects and commercial considerations, against the backdrop of similar structures in the BVI and Labuan. It submits that, with statutory modifications, opportunities exist to use the VCC for insurance, captive insurance and family offices.
Disruptive Technologies And Digital Transformation Of The Financial Services Industry In Singapore: Regulatory Framework And Challenges Ahead, Aurelio Gurrea-Martinez
Disruptive Technologies And Digital Transformation Of The Financial Services Industry In Singapore: Regulatory Framework And Challenges Ahead, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
This paper seeks to provide a general overview of the impact of new technologies in the financial services industry in Singapore. For that purpose, it starts by emphasizing that technology has always played an important role in the financial industry. However, new disruptive technologies, as well as the increasing use of data in the financial services industry, have created new challenges and opportunities for the financial sector. While Singapore has managed to address these challenges by adopting one of the quickest and most innovative and comprehensive responses probably observed internationally, financial markets –and particularly the fintech industry– are constantly evolving. …
The Promises And Perils Of Insurtech, Lin Lin, Christopher C. H. Chen
The Promises And Perils Of Insurtech, Lin Lin, Christopher C. H. Chen
Research Collection Yong Pung How School Of Law
The insurance sector, in riding the wave of the FinTech phenomenon, has been rapidly expanding, with a slew of firms having emerged to provide so-called “InsurTech” services. These services incorporate concepts such as blockchain, artificial intelligence, digitalisation and the sharing economy to various aspects of the insurance industry. This profusion of technology brings with it the promise of various benefits including increasing efficiency and lowering costs for not only insurers and intermediaries, but also businesses or consumers as end-users of insurance. However, the development of InsurTech comes with corresponding risks and regulatory concerns not currently accounted for by the traditional …
Singapore’S Puzzling Embrace Of Shareholder Stewardship: A Successful Secret, Dan W. Puchniak, Samantha S. Tang
Singapore’S Puzzling Embrace Of Shareholder Stewardship: A Successful Secret, Dan W. Puchniak, Samantha S. Tang
Research Collection Yong Pung How School Of Law
In the wake of the 2008 Global Financial Crisis, the UK created the first stewardship code which was designed to transform its rationally passive institutional investors into actively engaged shareholders. In the UK corporate governance context, this idea made sense. Institutional investors collectively own a sizable majority of the shares in most of the UK’s listed companies. In turn, if the UK stewardship code could incentivize them to effectively monitor management – to act as “good shareholder stewards” – the managerial short-termism and excessive risk-taking, which were identified as contributors to the GFC, could be avoided.The UK’s idea to adopt …
Public And Private Enforcement Of Corporate And Securities Laws: An Empirical Comparison Of Hong Kong And Singapore, Wai Yee Wan, Christopher C. H. Chen, Say H. Goo
Public And Private Enforcement Of Corporate And Securities Laws: An Empirical Comparison Of Hong Kong And Singapore, Wai Yee Wan, Christopher C. H. Chen, Say H. Goo
Research Collection Yong Pung How School Of Law
Current scholarship emphasises the correlation between enforcement of corporate and securities laws and strong capital markets. Yet, the issue of how private and public enforcement may achieve the objectives of compensation and optimal deterrence remains controversial. While enforcement strategies have been studied extensively in the US and the UK, comparatively less attention is placed on Asia, where concentrated shareholdings are the norm. This study fills the gap by focusing on Hong Kong and Singapore, two leading international financial centres in Asia. Post Asian financial crisis of 1997, Hong Kong and Singapore have changed their laws to strengthen the private enforcement …
Transplanting Chapter 11 Of The Us Bankruptcy Code Into Singapore's Restructuring And Insolvency Laws: Opportunities And Challenges, Gerald Mccormack, Wai Yee Wan
Transplanting Chapter 11 Of The Us Bankruptcy Code Into Singapore's Restructuring And Insolvency Laws: Opportunities And Challenges, Gerald Mccormack, Wai Yee Wan
Research Collection Yong Pung How School Of Law
In 2017, Singapore introduced wide-ranging reformsto its insolvency and restructuring laws with a view to enhancing itsattractiveness as an international centre for debt restructuring. Central tothese reforms is the transplantation (with modification) of certain provisionsfrom Chapter 11 of the US Bankruptcy Code including the automatic moratorium, cross-creditorcram-down, rescue financing and pre-packs. Drawing upon the US experience andsimilar reform proposals in the EU (including the UK), we critically evaluate theimpact of the new Singapore law. We argue that there remain challenges inensuring that the transplantation works well and highlight the possibleunintended consequences of such transplantation.
Dual-Class Shares In Singapore – Where Ideology Meets Pragmatism, Pey Woan Lee
Dual-Class Shares In Singapore – Where Ideology Meets Pragmatism, Pey Woan Lee
Research Collection Yong Pung How School Of Law
This article seeks to understand the rationale for and potential implications of the introduction of dual class shares (DCS) in Singapore. It does so by first considering the theoretical as well as evidential arguments for and against the use of DCS, followed by a survey on the reception (or otherwise) of such structures in four common law jurisdictions with vibrant capital markets, viz., Canada, the United States, United Kingdom and Hong Kong. It observes that the chief argument cited by business founders to justify the use of DCS structures is the desire to enhance a firm’s long-term profitability by shielding …
Enforcing Town Councils’ Duties Of Financial Prudence: Problems Addressed By The Town Councils (Amendment) Act 2017, Benjamin Joshua Ong
Enforcing Town Councils’ Duties Of Financial Prudence: Problems Addressed By The Town Councils (Amendment) Act 2017, Benjamin Joshua Ong
Research Collection Yong Pung How School Of Law
This article discusses the means by which a TownCouncil’s statutory duties, particularly its duties of financial prudence, maybe enforced. It studies the law as it was prior to 2017 and reveals variousconceptual and practical problems, the result of which was that it was possiblefor a Town Council to fail to perform its statutory duties and face onlyminimal consequences. This article willprovide a background to some of the new statutory procedures introduced in the2017 amendments to the Town Councils Act, which solve the problems from whichthe previous law suffered. It is hoped that this will shed light on the historyof the …
The New Additional Conveyance Duties Regime In The Stamp Duties Act, Vincent Ooi
The New Additional Conveyance Duties Regime In The Stamp Duties Act, Vincent Ooi
Research Collection Yong Pung How School Of Law
The new additional conveyance duties regime has gone beyond attempting to achieve tax neutrality between direct transfers of residential property and indirect transfers through the use of property-holding entities. It taxes an entirely new tax base and raises issues such as: the extremely broad concept of an “associate” relationship; definition of “unit in a property trust”; anti-avoidance provisions; liability for providing false information; tax neutrality; and the considerable flexibility that the section 23 Order provides the Government. This article analyses the regime in detail and considers the implications of various changes to the prescribed values in the section 23 Order.
Judicial Inactivitism In Protecting Financial Consumer Against Predatory Sale Of Retail Structured Products: A Reflection From Retail Structured Notes Lawsuits In Taiwan, Chao-Hung Chen
Research Collection Yong Pung How School Of Law
This article analyzes 310 structured note lawsuits in Taiwan between 2000 and 2013 to examine courts’ attitude in dealing with claims of misselling retail structured notes. We find that courts were generally not favorable to retail investors. This provides a contrast with the financial regulator’s efforts to improve financial consumer protection since 2008. By examining plaintiffs’ key arguments and courts’ rulings, we find that it was difficult for investors to fulfill their burden of proof and courts were reluctant to award remedies when investors did sign on a contractual document confirming his knowledge on a few matters. While regulators are …
Deutsche Bank V Chang: A Dramatic Reversal By The Court Of Appeal, Kee Yang Low
Deutsche Bank V Chang: A Dramatic Reversal By The Court Of Appeal, Kee Yang Low
Research Collection Yong Pung How School Of Law
The 2012 High Court decision awarding scientist Chang Tse Wen US$49m for losses from investing in accumulators through Deutsche Bank has been overturned by the Court of Appeal. This article seeks to aid readers in understanding the CA decision and in appreciating the legal implications.
Misrepresentation, Fiduciary Duty And Negligence: Investor Scores Rare Win In Deutsche Bank V Chang, Kee Yang Low
Misrepresentation, Fiduciary Duty And Negligence: Investor Scores Rare Win In Deutsche Bank V Chang, Kee Yang Low
Research Collection Yong Pung How School Of Law
Law reports of the last decade are littered with unsuccessful suits by investors against their banks for negligent or unsuitable advice. Rarely do investors succeed. This is despite the wide array of courses of action available, allowing them to sue for breaches by the bank of contractual duty (in particular, through misrepresentation), duty of care, statutory duty and fiduciary duty.
Product Suitability, Due Diligence And Management Responsibility: The New Regime Of Regulation 18b Of The Financial Advisers Regulations, Kee Yang Low
Research Collection Yong Pung How School Of Law
In response to the structured products crisis of 2008, many changes were made to the Singapore regulatory landscape over the past three years. More recently, in July 2011, the Financial Advisers Regulations (Cap 110, Rg 2, 2004 Rev Ed) was amended and an important new provision – reg 18B – was added. Regulation 18B requires a financial adviser and its senior management to conduct a comprehensive due diligence exercise before selling a new product. This comment considers reg 18B’s overall scheme, its interpretational difficulties, the demands of the diligence requirements, its interrelation with s 27 of the Financial Advisers Act …
Structured Notes Fiasco In The Courts: A Study Of Relevant Judgments In Taiwan Between 2009 And 2010, Christopher Chao-Hung Chen
Structured Notes Fiasco In The Courts: A Study Of Relevant Judgments In Taiwan Between 2009 And 2010, Christopher Chao-Hung Chen
Research Collection Yong Pung How School Of Law
The purpose of this article is to analyse relevant judicial decisions in Taiwan regarding structured notes sold to retail investors. Regarding pre-sale disputes, one issue was that investors failed to read contractual documents properly before signing contracts, so there was a question whether they could later claim a bank’s violation of its duty to explain. This article favours the view that an investor’s signature may exempt a bank’s duty, provided that investors are made aware of relevant warnings. In addition, for suitability assessment, relevant judgments show that customers were too easily classified as active investors based on a simple questionnaire. …
Recent Developments In European Bank Competition, Juliana Yu Sun
Recent Developments In European Bank Competition, Juliana Yu Sun
Research Collection School Of Economics
This paper investigates the degree of bank competition in the euro area, the U.S. and U.K. before and after the recent financial crisis, and revisits the issue whether the introduction of EMU and the euro have had any impact on bank competition. The results suggest that the level of bank competition converged across euro area countries in the wake of the EMU. The recent global financial crisis led to a fall in competition in several countries and especially where large credit and housing booms had preceded the crisis...
Injunctions Restraining Calls On Performance Bonds: Is Fraud The Only Ground In Singapore?, Quentin Loh, Hang Wu Tang
Injunctions Restraining Calls On Performance Bonds: Is Fraud The Only Ground In Singapore?, Quentin Loh, Hang Wu Tang
Research Collection Yong Pung How School Of Law
This paper traces the divergence of Singapore law from English law with regard to the grounds upon which a call on a performance bond can be restrained, in particular the recent recognition of the Singapore Court of Appeal's ruling that "unconscionability" is a separate ground to restrain the call of a performance bond. This article examines the legal nature of an on demand performance bond and seeks to challenge the assumption that a performance bond is a mirror image of a letter of credit. This paper also discusses the recent case of Cargill International v. Bangladesh Sugar and Food Industries …