Civil Law (Third-Party Funding) Regulations 2017

Status:

Current version
as at 10 Mar 2025

1 Citation

Civil Law Act 1909

(Section 5B(8))

Civil Law (Third-Party Funding)
Regulations 2017

2024 REVISED EDITION

(18 December 2024)

[1 March 2017]

Citation

1. These Regulations are the Civil Law (Third-Party Funding) Regulations 2017.

Definitions

2. In these Regulations —

“arbitration agreement” has the meaning given by section 4 of the Arbitration Act 2001 or section 2A of the International Arbitration Act 1994, as the case may be;

“award” —

(a)	in relation to the Arbitration Act 2001, has the meaning given by section 2 of that Act; and
(b)	in relation to the International Arbitration Act 1994, has the meaning given by section 2 of that Act;

“court” means any court of competent jurisdiction;

“foreign award” has the meaning given by section 27 of the International Arbitration Act 1994;

“Singapore International Commercial Court” has the meaning given by section 36O(1) of the Legal Profession Act 1966.

Prescribed dispute resolution proceedings

3. For the purposes of section 5B(1) of the Act, the following classes of proceedings are prescribed dispute resolution proceedings:

(a)

arbitration proceedings;

(b)

court proceedings arising from or out of or in any way connected with any arbitration proceedings;

(c)

application for a stay of proceedings mentioned in section 6 of the Arbitration Act 2001 or section 6 of the International Arbitration Act 1994 and any other application for the enforcement of an arbitration agreement;

(d)

proceedings for or in connection with the enforcement of an award under the Arbitration Act 2001 or an award or a foreign award under the International Arbitration Act 1994;

(e)

mediation proceedings arising out of or in any way connected with —

(i)	the proceedings mentioned in paragraph (a), (b) or (d); or
(ii)	any application mentioned in paragraph (c);

(f)

proceedings commenced in the Singapore International Commercial Court for so long as those proceedings remain in the Singapore International Commercial Court;

(g)

appeal proceedings arising from any decision made in proceedings commenced in the Singapore International Commercial Court while those proceedings remained in the Singapore International Commercial Court;

(h)

mediation proceedings arising out of the proceedings mentioned in paragraph (f) or (g).

Qualifications for “qualifying Third‑Party Funder”

4.—(1) For the purposes of the definition of “qualifying Third‑Party Funder” in section 5B(10) of the Act, the qualifications and other requirements that a qualifying Third‑Party Funder must satisfy and continue to satisfy are the following:

(a)	the Third‑Party Funder carries on the principal business, in Singapore or elsewhere, of the funding of the costs of dispute resolution proceedings to which the Third‑Party Funder is not a party;
(b)	the Third‑Party Funder has a paid‑up share capital of not less than $5 million or the equivalent amount in foreign currency or not less than $5 million or the equivalent amount in foreign currency in managed assets.

(2) In this regulation, “managed assets”, in relation to a Third‑Party Funder, means all of the following:

(a)	moneys and assets contracted to, drawn down by or under the discretionary authority granted by investors to the Third‑Party Funder and in respect of which it is carrying out fund management;
(b)	moneys and assets contracted to the Third‑Party Funder and under the non‑discretionary authority granted by investors to the Third‑Party Funder, and in respect of which the Third‑Party Funder is carrying out fund management;
(c)	moneys and assets contracted to the Third‑Party Funder, but which have been sub‑contracted to another party and for which the other party is carrying out fund management, whether on a discretionary authority granted by investors or otherwise.

(3) For the purposes of paragraph (2), moneys and assets are contracted to a Third‑Party Funder if they are the subject matter of a contract for fund management between the Third‑Party Funder and its investors.

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