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Update: Singapore Allows Third Party Funding for International Arbitration

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Key Points

  • On 6 January 2017, we informed that the Singapore Parliament would be looking to pass legislative amendments to introduce a legal framework for third party funding for international arbitration in Singapore.
  • We are pleased to update that these legislative amendments were explained in a second reading in Parliament on 10 January 2017 and passed into law on the same day.
  • In the second reading, the Senior Minister of State for Law, Indranee Rajah SC, explained that this legislative framework will offer businesses an additional financing and risk management tool for international arbitration proceedings (and arbitration-related court and mediation proceedings), including the financing of valid claims in arbitration that they may otherwise not pursue due to financial constraints.
  • The Senior Minister of State also shared that the third party funding legislative framework may be broadened in the future to other dispute resolution proceedings after a period of assessment.
  • We will provide further updates on the progress of the relevant legislative amendments.
  • Should you wish to discuss the impact of this development and how to manage the arbitration process favourably in a cost-efficient way, please do contact the team at Baker & McKenzie.Wong & Leow.
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Author

Leng Sun Chan is a Principal at Baker McKenzie Singapore and is Baker McKenzie’s Global Head of International Arbitration. He is qualified in Malaysia, Singapore and England. Leng Sun was appointed Senior Counsel in January 2011. Apart from being counsel, Leng Sun is a Chartered Arbitrator and is also on the panel of leading arbitral institutions. He is the Chairperson of the arbitration panel jointly appointed by the EU and Korea under the protocol on cultural cooperation of the Korea-EU FTA. Leng Sun is the Immediate Past President of the Singapore Institute of Arbitrators (SIArb). He is a member of the Committee on the Singapore International Commercial Court. Leng Sun is the Deputy Chairman of the Singapore International Arbitration Centre (SIAC). He is the Deputy Chairman of the SGX (Singapore Exchange) Appeals Committee. Leng Sun was a legal officer of the United Nations Compensation Commission in Geneva and a SIAC-CIAC Observer to the UNCITRAL Working Group on Arbitration. He has published widely in international journals and is the author of the book Singapore Law on Arbitral Awards and Co-Editor of Conflict of Laws in Arbitration. Leng Sun has most recently been recognized among the top lawyers worldwide by "Legal 500 Asia Pacific 2018" as a leading individual in International Arbitration, "Who's Who Legal - Litigation 2017" and, "Who's Who Legal - Arbitration 2016". He is described by Chambers Asia-Pacific 2017 as "one of the best arbitrators and practitioners in arbitration. Leng Sun Chan can be reached at LengSun.Chan@bakermckenzie.com and + 65 6434 2703.

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