1    Section 130J implements the talent tap scheme proposed by the Third Committee on the Supply of Lawyers. The provision allows Singapore law firms to employ suitably qualified foreign lawyers to practice Singapore law in Singapore law firms subject to terms or conditions imposed by the Attorney-General. 
2    Section 130L implements the proposal of the Review Committee on Joint Law Ventures and Formal Law Alliances to allow foreign lawyers to own equity shares in Singapore law firms subject to a 25 per cent limit and other conditions. 
3    Various other changes and clarifications have been made to the provisions of Part IXA to update the existing legal framework for the regulation of foreign lawyers and to enhance the powers of the Attorney-General to deal with errant foreign law firms and foreign lawyers. These include:

a    the measures in s 130M to ensure compliance with s 130L (relating to foreign interests in Singapore law firms);
b    the express provisions on guidelines, directions, undertakings and conditions imposed by the Attorney-General; and 
c    the provision for the Attorney-General to bring an action in a court to seek an order for a civil penalty under s 130R in respect of a contravention of Part IXA.Some other changes which the Bill seeks to make are as follows:

1    to make changes that are consequential upon the establishment of the Faculty of Law of the Singapore Management University; 
2    to enable qualified persons to serve their pupilage as Assistant Public Prosecutors in the Attorney-General’s Chambers; 
3    to increase the penalties for unauthorised practice as an advocate and solicitor, to provide for a fast-track disciplinary process where such an offence is committed by an advocate and solicitor and to provide for repayment of any fee, gain or reward received in respect of such an offence; 
4    to empower the Council of the Law Society to make certain rules relating to money-laundering; 
5    to clarify that disciplinary proceeding may be taken against solicitors who contravene the rules relating to professional indemnity made under s 75A; 
6    to extend provisions relating to advocates and solicitors practising on their own account or in partnership or as a director of a law corporation for the first time; 
7    to provide grater flexibility in the framework for the recognition of qualified persons; 
8    to empower the District Court to try any offence under the Act and to impose the fully penalty or punishment in respect of the offence; and 
9    to repeal the provision granting the Board of Legal Education and the Law Society exemption from income tax.

1    revision of methodologies for limiting large exposures and related party exposures to be in line with international best practice; 
2    introduction of an asset maintenance regime for foreign bank branches; 
3    amendment of the priority ranking in the event of a winding up of a bank to place non-bank deposit liabilities ahead of inter-bank liabilities and to rank inter-bank liabilities pari passu with other unsecured liabilities; 
4    enhancing the role of the Monetary Authority of Singapore (the ‘MAS’) in dealing with a distressed or insolvent bank; 
5    calibration of prudential requirements to banks’ financial strength, risk profile and risk management capabilities; 
7    extending the MAS’ rules on the issuance of credit cards to all credit card issuers targeting the Singapore market (whether financial institutions or not); 
8    lifting the statutory reserve fund requirement; 
9    qualifying the restriction on the use of the word ‘bank’ to accommodate legitimate uses; 
10 flexibility for the MAS to prescribe what constitutes a deposit; 
11  restricting the disclosure by the MAS of information furnished by banks to only non-customer information under limited circumstances; 
12 extending the obligation of accurate reporting to non-directors; and  
13 empowering the MAS to direct the removal of directors of Singapore-incorporated banks.

Elizabeth Wong
Allen & Gledhill