News

In a special event held in New York, Singapore along with China and Sri Lanka the United Nations Convention on the Use of Electronic Communications in International Contracts 6 July 2006.

Although not strictly Singapore related news, it should of general interest to Singapore lawyers. Last month (June 2006), a UK law practice, Nabarro Nathanson, was hit by an email scam with bogus messages claiming to be from the law practice being sent around the world. The scam is similar to what is commonly known as the Nigerian Scam.

Following the Korea-Singapore Free Trade Agreement (KSFTA) that went into force on 2 March 2006 , International Enterprise (IE) Singapore and the Korea Trade-Investment Promotion Agency (KOTRA) have signed a Memorandum of Understanding (MOU) in Singapore today to further enhance collaboration between the two agencies. The MOU was negotiated under the “Cooperation” chapter of the KSFTA. It was signed by Mr Chong Lit Cheong, Chief Executive Officer of IE Singapore, and Mr Ki Hwa Hong, President and Chief Executive Officer of KOTRA.

It has been reported in the Singapore Press that the Subordinate Courts has launched a scheme which uses full time lawyers as specialist judges to hear certain comples cases that requires expert knowledge.

Singapore Exchange Ltd (SGX) announced that it will accept listing of hedge funds, with effect from 29 June 2006.

It was reported in Singapore media that the Law Society of Singapore has come up with a proposal to tighten laws surrounding solicitors' accounts rules aimed at being fool-proof against fraud. This follows the case of David Rasif who is reported to have disappeared with over S$10 million of his clients' money.

Diplomatic Conference for the Adoption of a revised Trademark Law Treaty (TLT), which was held in Singapore from 13 March to 28 March 2006 culminated in a new Treaty on the Law of Trademarks named "The Singapore Treaty on the Law of Trademarks". The text of the treaty can be found in WIPO's website at http://www.wipo.int/treaties/en/ip/singapore/index.html.

The Monetary Authority of Singapore (MAS) today announced its response to recommendations made by the Singapore Investment Banking Association Equity Derivatives and Structured Products Taskforce.

Singaporeans will soon get to enjoy the ease and convenience of using one card to make seamless electronic payments (e-payment) for their everyday needs - from retail purchases to public transport payments.

The Singapore Workforce Development Agency (WDA) has published an Age-Friendly Employment Practices guide to encourage employers to adopt human resource practices that can help them better tap on the strengths of older workers.

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