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LEGAL UPDATES - New Rules on Conveyancing take effect on 1st August 2011

AUG - 2011

New rules have been promulgated in Singapore to better protect conveyancing monies that a client hands over to his or her solicitor for conveyancing transactions. Under these new rules, lawyers will no longer be allowed to receive and hold conveyancing monies in the practice?s normal clients‘ account.
Under the new scheme, there are 3 ways for lawyers to hold conveyancing monies:
(a) Opening a "conveyancing account" with any of the five (5) banks designated by the Ministry of Law, namely the Bank of China, DBS Bank, OCBC Bank, the Bank of East Asia and United Overseas Bank;
(b) Making use of the Singapore Academy of Law?s (SAL) conveyancing money service, under which the conveyancing monies are paid directly into and held in any one of the SAL‘s designated bank accounts in the local banks; or
(c) The lawyers of the property seller and buyer jointly opening an escrow account to hold conveyancing monies.


Updates On Intellectual Property - The New GTLD Program Launches Unlimited Domain Extentions

On 20 June 2011, the first day of the ICANN annual meeting held in Singapore, the ICANN Board approved the new gTLD (generic top-level domains) programme. Prior to this decision, domain extensions were limited to only 22 gTLDs.


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