Singapore passes Bill allowing third party funding in arbitration

10 January 2017

On 10th January, Parliament passed the Civil Law (Amendment) Bill 38/2016 into law in Singapore, approving the proposed legislative amendments to introduce a legal framework for third party funding (TPF) in international arbitration in Singapore.

In November 2016, Singapore’s Ministry of Law submitted the Bill 2016 for its First Reading. The Bill was explained in a second reading in Parliament on 10th January 2017 and passed into law on the same day. The law will only come into operation, however, on the date as will be stated upon publication in the Government Gazette.

Largely unchanged from the version released for public consultation in June, the tabled Bill:

In our recent edition of Harbour View, with a treasure of insights into TPF developments across the Asia Pacific region, we highlighted the fast pace of change with which change is happening. Harbour welcomes the developments in Singapore which will allow businesses and lawyers alike to take advantage of funding for their arbitrations.

For any questions on third party funding in the Asia Pacific region, please contact the team in Hong Kong.

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