PART 5A
RULES APPLICABLE TO THIRD-PARTY FUNDING
[S 69/2017 wef 01/03/2017]
Disclosure of third-party funding
49A.—(1)  When conducting any dispute resolution proceedings before a court or tribunal, a legal practitioner must disclose to the court or tribunal, and to every other party to those proceedings —
(a)the existence of any third-party funding contract related to the costs of those proceedings; and
(b)the identity and address of any Third-Party Funder involved in funding the costs of those proceedings.
(2)  The disclosure under paragraph (1) must be made —
(a)at the date of commencement of the dispute resolution proceedings where the third-party funding contract is entered into before the date of commencement of those proceedings; or
(b)as soon as practicable after the third-party funding contract is entered into where the third-party funding contract is entered into on or after the date of commencement of the dispute resolution proceedings.
[S 69/2017 wef 01/03/2017]
Prohibition against financial and other interests in Third-Party Funder
49B.—(1)  A legal practitioner or a law practice must not, directly or indirectly, hold any share or other ownership interest in a Third‑Party Funder —
(a)which the legal practitioner or law practice has introduced or referred to a client of the legal practitioner or law practice in relation to dispute resolution proceedings; or
(b)which has a third-party funding contract with a client of the legal practitioner or law practice.
(2)  A legal practitioner or a law practice must not receive any commission, fee or share of proceeds from the Third-Party Funder mentioned in paragraph (1).
(3)  Paragraph (2) does not prohibit receiving any fee, disbursement or expense payable by the client mentioned in paragraph (1) for the provision of legal services by the legal practitioner or law practice to that client.
[S 69/2017 wef 01/03/2017]