Allens Arthur Robinson, 6 Mar 2009
Singapore's new money lending legislation will give greater certainty to corporates, offshore non-licensed lenders and funds. In the latest in our series of articles in the Focus: Asia Finance series, Partners Robert Clarke (view CV) and Robert Fish (view CV) and Lawyer Jonathan Teo report on the significance of the Moneylenders Act 2008, which this week came into effect.
How does it affect you?
* The Moneylenders Act 2008 (the Act) refines and modernises the regulation of money lending in Singapore and – perhaps most importantly – clarifies the legislation's ambit by introducing new safe harbours for commercial parties engaged in lending transactions in Singapore.
* It excludes from its application a greater range of commercial lending transactions, avoiding the need, in cases of doubt, either to obtain a moneylenders licence or an exemption from it. Intra-group transactions should fall outside the application of the Act.
* The Act came into effect on 1 March 2009.
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