2019: Securities and Financial Services Regulation

NUS Law Working Paper No. 2020/003

EW Barker Centre for Law & Business Working Paper 20/02

24 Pages Posted: 30 Jan 2020 Last revised: 9 Feb 2021

See all articles by Hans Tjio

Hans Tjio

National University of Singapore (NUS) - Faculty of Law

Date Written: January 30, 2020

Abstract

The over-financialisation of the world has come under serious attack since the Global Financial Crisis, perhaps justifiably so. We are increasingly reminded of Churchill’s desire to make “finance less proud and industry more content”. Many of us in academia have attempted to do so in the only way we can, arguing for the importance of, amongst other things, SME funding. But technology has perhaps intervened to increase the challenges in this respect through its role in finance services, including P2P lending, cryptocurrency, tokenization and trading platforms etc. Banks and other traditional financial intermediaries like financial advisers have sometimes been side-lined. This may be of little loss to SMEs, however, given that banks have not been lending enough to them, preferring instead to lend to households and indirectly inflating property values. But even exchanges or platforms have been set up less to channel finance to SMEs but to facilitate even more financial activity, often trading in non-standard financial products rather than shares and bonds. Disputes in relation to these technology-related financial activities have increasingly been litigated in Singapore courts. This survey discusses these cases as well as those in other parts of the capital markets, including the regulation of bonds and share buybacks.

Keywords: financial law, cryptocurrency, platforms, bonds, share buybacks, market manipulation

Suggested Citation

Tjio, Hans, 2019: Securities and Financial Services Regulation (January 30, 2020). NUS Law Working Paper No. 2020/003, EW Barker Centre for Law & Business Working Paper 20/02, Available at SSRN: https://ssrn.com/abstract=3527945 or http://dx.doi.org/10.2139/ssrn.3527945

Hans Tjio (Contact Author)

National University of Singapore (NUS) - Faculty of Law ( email )

469G Bukit Timah Road
Eu Tong Sen Building
Singapore, 259776
Singapore

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