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Articles 31 - 60 of 88
Full-Text Articles in Banking and Finance Law
The Quincecare Duty In Flux: The Implications For Banks And Digital Asset Platforms, Jason. Teo, Aaron Yoong
The Quincecare Duty In Flux: The Implications For Banks And Digital Asset Platforms, Jason. Teo, Aaron Yoong
Research Collection Yong Pung How School Of Law
With the increased sophistication of online payment methods, it is unsurprising that incidents of fraud have become commonplace, with fraudsters often employing innovative means against unsuspecting victims. Users, regulators and industry players in the banking sector are, in many aspects, struggling to keep pace with the continually evolving legal landscape of the fraud space. Similar challenges also begin to arise in the digital asset space for the various platforms engaged (whether for trading or staking). In recent years, a significant question has resurfaced concerning the liability of entities such as banks and digital asset platforms for the losses suffered by …
Debtor-In-Possession Financing In Reorganization Procedures: Regulatory Models And Proposals For Reform, Aurelio Gurrea-Martinez
Debtor-In-Possession Financing In Reorganization Procedures: Regulatory Models And Proposals For Reform, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
A situation of insolvency hinders a firm’s ability to obtain external finance. As a result, viable but financially distressed firms might be unable to keep operating and pursuing value-creating investment projects. Consequently, value can be destroyed for debtors, creditors, employees, suppliers and society as a whole. To address this problem, several jurisdictions around the world have adopted a system of rescue or debtor-in-possession (‘DIP’) financing that seeks to encourage lenders to extend credit to viable but financially distressed firms. They do so by providing DIP lenders with different forms of priority that typically range from a basic administrative expense priority …
Regulating Cryptocurrency Derivatives: A Comparative Analysis Of Approaches In The Uk, The Eu And Singapore, Rachel Phang
Regulating Cryptocurrency Derivatives: A Comparative Analysis Of Approaches In The Uk, The Eu And Singapore, Rachel Phang
Research Collection Yong Pung How School Of Law
Cryptocurrency derivatives have been attracting growing retail and institutional interest, raising the increasingly pertinent question of how such products should be regulated. This paper assesses different regulatory approaches in the United Kingdom, the European Union and Singapore, and considers what insights these might provide for the regulation of cryptocurrency derivatives generally.
Menger Or Marx? The Political Ontology Of Cryptocurrency, Rector Tully, J.G. Allen
Menger Or Marx? The Political Ontology Of Cryptocurrency, Rector Tully, J.G. Allen
Research Collection Yong Pung How School Of Law
One of the perennial fault-lines in monetary theory is that between commodity and credit theories of money. The emergence of alternative payment systems based on blockchain and distributed ledger technologies, of which Bitcoin is the most prominent example, has raised a host of important questions in relation to this debate. This article considers two. The first is ontological: Are Bitcoin and similar ‘cryptocurrencies’ best conceived of as money? The second is political: Do these money candidates represent an emancipatory development over state-backed fiat currency? The ontological question, we will argue, invites the political one. If it is the case, as …
Interconnectedness And Financial Stability In The Era Of Artificial Intelligence, Nydia Remolina Leon
Interconnectedness And Financial Stability In The Era Of Artificial Intelligence, Nydia Remolina Leon
Research Collection Yong Pung How School Of Law
This chapter explains AI use cases may amplify some threats to the stability of the financial system. It argues that lack of a consistent approach to AI Governance by financial regulators and limited oversight on some AI models in terms of systemic risks need to be addressed to preserve the stability of the financial system. To illustrate the problem and propose specific policy recommendations, the chapter first explains how the widespread use AI in finance impacts systemic risk in the financial sector. Then, it explains why trustworthiness of AI encompasses not only the typical ethical principles about transparency, explainability, fairness, …
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 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.
Regulating The Corporate Governance Of State-Owned Enterprises In Investment Arbitration, Mark Mclaughlin
Regulating The Corporate Governance Of State-Owned Enterprises In Investment Arbitration, Mark Mclaughlin
Research Collection Yong Pung How School Of Law
The renaissance of sovereign investment is one of the defining economic trends of the 21st century. While many states have benefitted, and continue to benefit, from an influx of state-backed foreign investment, this embrace is not without its hesitancies. Host states are particularly concerned that state-owned enterprises (SOE s) pursue non-commercial policy objectives, maintain lower levels of transparency than their private counterparts, and operate with inferior standards of responsible business conduct. In response, domestic regulators have enacted a series of countermeasures for SOE investment, including requirements that such enterprises must invest on a “commercial basis.” However, the regulation of foreign …
Tax Challenges In Debt Financing Involving Digital Tokens, Vincent Ooi
Tax Challenges In Debt Financing Involving Digital Tokens, Vincent Ooi
Research Collection Yong Pung How School Of Law
When digital tokens are used in debt finance, one cannot assume that the same orthodox tax treatment will apply. The highly specific nature of tax provisions means that they may apply very differently once digital tokens rather than fiat currency are involved. Through a case study of Singapore law, this article shows that if debt finance transactions involving digital tokens are not carefully structured, there may be severe tax consequences, including the inability to deduct borrowing costs or benefit from common tax incentives, and the possible incurrence of additional tax liabilities. This article submits that, under Singapore tax law, it …
Exploring The Assetisation And Financialisation Of Non-Fungible Tokens: Opportunities And Regulatory Implications, Iris H. Y. Chiu, J.G. Allen
Exploring The Assetisation And Financialisation Of Non-Fungible Tokens: Opportunities And Regulatory Implications, Iris H. Y. Chiu, J.G. Allen
Research Collection Yong Pung How School Of Law
This article explores the emerging phenomenon of use cases for Non-fungible Tokens (NFTs) in novel forms of crypto-finance, a stage we call “NFT financialisation”, that can be developed from stages of consumption and commoditisation of NFTs, which are increasingly observed. Despite the emerging contests regarding property rights conferred by NFTs, the needs for commoditisation and financialisation in NFT markets would likely shape the delineation and framing of such rights in order for users to exploit the asset potential of NFTs. We argue that an institutional response is timely and beneficial for NFT financialisation. Financial regulatory governance can provide the institutions …
Towards A Data-Driven Financial System: The Impact Of Covid-19, Nydia Remolina Leon
Towards A Data-Driven Financial System: The Impact Of Covid-19, Nydia Remolina Leon
Research Collection Yong Pung How School Of Law
The coronavirus disease (COVID-19) outbreak has had a growing impact on the global economy and the financial sector. Given the unprecedented macroeconomic nature of the crisis, financial regulators and central banks, along with governments and legislatures, face challenges to maintain financial stability, preserve the core markets, and ensure the flow of credit to the real economy. The financial sector has not only implemented these measures but has also adapted to the new circumstances derived from the pandemic. In this process, the ongoing digital transformation of the financial industry helped to address some of the emerging challenges. Indeed, the digital financial …
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.
Decentralized Finance: Implications Of The So-Called Disintermediation Of Financial Services, Nydia Remolina Leon
Decentralized Finance: Implications Of The So-Called Disintermediation Of Financial Services, Nydia Remolina Leon
Research Collection Yong Pung How School Of Law
Decentralized Finance, known as DeFi, refers to the use of blockchain and digital assets or crypto-assets for the provision of financial services. Under this concept, services such as loans, insurance, crypto-asset exchanges, among others, are offered, are structured based on crypto-assets and through technologically decentralized applications. This chapter discusses the concept of DeFi and how it challenges the traditional market infrastructures of the financial sector, demystifying the idea of absolute decentralization, generally mentioned in the crypto-asset arena, from the perspective of decision-makers and governors of these decentralized applications. Subsequently, the chapter analyses the opportunities and challenges of DeFi for consumers, …
The Law Of Central Bank Reserve Creation, Will Bateman, J.G. Allen
The Law Of Central Bank Reserve Creation, Will Bateman, J.G. Allen
Research Collection Yong Pung How School Of Law
This article explores legal and constitutional dimensions of central banks’ powers to create money, ‘central bank reserves’, through monetary policy operations. Despite the prominence of monetary authority since the Financial Crisis, the law supporting the creation of central bank reserves is very obscure, as is the role of law in structuring constitutional authority over money. We de-mystify those important matters in three steps. First, we explain, for a legal audience, the role of central bank reserves in the financial system and broader economy. Secondly, we analyse the legal basis for the creation of central bank reserves in three prominent ‘North …
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 …
China's Approach To Central Bank Digital Currency: Selectively Reshaping International Financial Order?, Heng Wang
Research Collection Yong Pung How School Of Law
China is likely to be the first major economy to issue central bank digital currency (CBDC), the digital version of sovereign currency. China’s CBDC is also known as e-CNY, DC/EP, or digital yuan. ECNY has the potential to profoundly affect the international financial system and order. This article explores the following crucial issues from an international perspective: what are the core features of e-CNY? What is China’s approach to CBDC? What is the long-term sustainability of China’s CBDC approach? This article argues that the role of the state, the potential cross-border use of e-CNY, and China’s proactiveness in international governance …
Die Finanzierung Der Nachhaltigkeitsziele: Welche Rolle Spielen Handels- Und Investitionsabkommen?, Stefanie Schacherer
Die Finanzierung Der Nachhaltigkeitsziele: Welche Rolle Spielen Handels- Und Investitionsabkommen?, Stefanie Schacherer
Research Collection Yong Pung How School Of Law
The relationship between foreign direct investment (FDI) and sustainable development is controversial. Studies on the concrete benefits of FDI for sustainable development have not yielded clear results. Nevertheless, sustainable development is central to the ongoing reform process of international investment law. Ideally, international investment agreements (IIAs) should promote the Sustainable Development Goals (SDGs). In any case, IIAs should not undermine national implementation of the SDGs. The following analysis and conceptualization of current developments and legal standards for international investment law will be presented.
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.
China Meets Digital Currency: E-Cny And Its Implications For Businesses, Heng Wang
China Meets Digital Currency: E-Cny And Its Implications For Businesses, Heng Wang
Research Collection Yong Pung How School Of Law
China is likely to be the first major economy to issue central bank digital currency (CBDC). China’s CBDC, e-CNY, may lead to a new ecosystem that would profoundly affect business, product offerings and business practice. E-CNY is likely to affect both local and international businesses, particularly those with a presence in China or those who commonly transact with Chinese actors. There is also the possibility of e-CNY use outside of China. If China’s CBDC practice and standards affect international practice (such as through standard making), e-CNY has the potential to affect the broader businesses community. This article discusses the following …
Rebuilding Trust: Regulation Of Financial Advisers In The Uk, Weiping He, Han-Wei Liu
Rebuilding Trust: Regulation Of Financial Advisers In The Uk, Weiping He, Han-Wei Liu
Research Collection Yong Pung How School Of Law
Key pointsThe 2006 UK Retail Distribution Review identified much-needed reforms to the retail investment markets. It suffered chronic problems arising from the provision of conflicted advice by financial advisers to their clients. The global financial crisis (GFC) added intense urgency to the need for reforms.As a result, commission-based charging for financial advisers were banned in 2012, and the requirements under the suitability rule were more sharply defined.This article traces the trajectory of the pre- and post-GFC reforms and the ways in which the judicial interpretations of the legislative reforms played an important role in regulating the retail investment markets.The article …
Towards A Data-Driven Financial System: The Impact Of Covid-19, Nydia Remolina Leon
Towards A Data-Driven Financial System: The Impact Of Covid-19, Nydia Remolina Leon
Research Collection Yong Pung How School Of Law
The COVID-19 outbreak has a growing impact on the global economy and the financial sector, which plays a critical role in mitigating the unprecedented macroeconomic and financial shock caused by the pandemic. Given the unprecedented nature of the current crisis, financial regulators and supervisors, central banks, along with governments and legislatures face challenges to maintain financial stability, preserve the well-functioning core markets, and ensure the flow of credit to the real economy. Even though the COVID-19 has slowed down our daily lives and stopped the operation of many industries, it did not have the same effect in the data-driven finance …
Theory, Evidence, And Policy On Dual-Class Shares: A Country-Specific Response To A Global Debate, Aurelio Gurrea-Martinez
Theory, Evidence, And Policy On Dual-Class Shares: A Country-Specific Response To A Global Debate, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
Dual-class shares have become one of the most controversial issues in today´s capital markets and corporate governance debates around the world. Namely, it is not clear whether companies should be allowed to go public with dual-class shares and, if so, which restrictions (if any) should be imposed. Three primary regulatory models have been adopted to deal with dual-class shares: (i) prohibitions, existing in countries like the United Kingdom, Germany, Spain, Colombia, or Argentina; (ii) the permissive model adopted in several jurisdictions, including Canada, Sweden, the Netherlands, and particularly the United States; and (iii) the restrictive approach recently implemented in Hong …
Mandatory Bids In China: You Can Lead A Horse To Water, But You Can’T Make It Drink, Wei Zhang, Weiran Lin, Bin Zeng, Wenxiu Zhang
Mandatory Bids In China: You Can Lead A Horse To Water, But You Can’T Make It Drink, Wei Zhang, Weiran Lin, Bin Zeng, Wenxiu Zhang
Research Collection Yong Pung How School Of Law
This paper studies mandatory bids in China against an institutional backdrop of restrictive IPO requisites. We find that virtually no shares held by external shareholders are tendered in mandatory bids for all the remaining shares. Mandatory bidders’ tactics to avoid tendering by public investors include pressing down their bid prices, and the potential manipulation of target stock prices. In relation to the economic impacts of mandatory bids, we document that the market responds favourably to their announcements, and that targets’ operational performance improves in their wake, consistent with the theoretical prediction that mandatory bids induce efficient transfers of corporate control. …
Regulating Financial Advisers In The Uk: Lessons For Australia, Weiping He, Han-Wei Liu
Regulating Financial Advisers In The Uk: Lessons For Australia, Weiping He, Han-Wei Liu
Research Collection Yong Pung How School Of Law
Prompted by the 2008 Global Financial Crisis, the Australian government introduced the Future of Financial Advice reforms in 2013. It aimed to improve the quality of financial advice by virtue of a best interests duty and a ban on conflicted remuneration, inter alia. Despite the reforms, public trust in financial advisers remains unacceptably low. Adviser misconduct, driven by conflicted selfinterest, remains prevalent. By contrast, there is relatively greater trust in financial advisers in the United Kingdom (‘UK’). This article focuses on how the UK regulates financial advisers, where the best interests duty and suitability rule also apply. The analysis that …
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. …
Global Stablecoins And China’S Cbdc: New Moneys With New Impacts On The Financial System?, Wei Shen, Heng Wang
Global Stablecoins And China’S Cbdc: New Moneys With New Impacts On The Financial System?, Wei Shen, Heng Wang
Research Collection Yong Pung How School Of Law
Digital currencies are reshaping the financial, monetary, and regulatory landscape. There are at least two routes for the development of digital currencies. One is global stablecoins (e.g., Diem that is previously named Libra), issued by private players, while the other is central bank digital currency (CBDC) issued by central banks, with China’s CBDC as an example and possibly the first CBDC that will be issued by a major economy. Albeit in their rudimentary stages, global stablecoins and China’s CBDC are likely to disrupt the current financial system and challenge existing financial regulation. This article examines two crucial but under-explored questions: …
The Future Of Reorganization Procedures In The Era Of Pre-Insolvency Law, Aurelio Gurrea-Martinez
The Future Of Reorganization Procedures In The Era Of Pre-Insolvency Law, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
Several countries and regions around the world, including Singapore, the United Kingdom, and the European Union, are amending their restructuring framework to implement a pre-insolvency mechanism that includes most of the features that exist in the US Chapter 11 reorganization procedure. However, unlike what happens in the United States, where unsuccessful reorganizations lead to Chapter 7 liquidations, companies using this ‘de facto Chapter 11’ (DFCH11) are still allowed to use formal reorganization procedures. This article argues that, while the rise of the DFCH11 is not necessarily undesirable provided that various protections are put in place, jurisdictions implementing this restructuring tool …
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 …
The Tax Treatment Of Haircuts In Financial Reorganizations, Aurelio Gurrea-Martinez, Vincent Ooi
The Tax Treatment Of Haircuts In Financial Reorganizations, Aurelio Gurrea-Martinez, Vincent Ooi
Research Collection Yong Pung How School Of Law
Over the past few years, Singapore has implemented various ambitious insolvency reforms aimed at making the country an international hub for debt restructuring. This article argues that while Singapore has put in place one of the most sophisticated restructuring frameworks in the world, some tax reforms might be useful to maximise the potential of this new restructuring framework. Namely, it will be pointed out that the tax treatment of debt forgiveness granted by creditors in corporate reorganisation (‘haircuts’) should be reviewed. Under the current legislation, these haircuts may be treated as taxable income. As a result, financially distressed debtors may …