Singapore legislation
Regulation 18
Regulation 18
Privileges and conditions relevant to registration under section 36G of Act
Subregulation 1
An individual who is registered under section 36G of the Act may be a director, partner or shareholder in, and share in the profits of, a Singapore law practice, Joint Law Venture, Qualifying Foreign Law Practice or licensed foreign law practice.
Subregulation 2
Where an individual who is registered under section 36G of the Act is a director, partner or shareholder in, or shares in the profits of, a Singapore law practice, it is a condition of the individual’s registration that the Singapore law practice satisfies all general threshold requirements and all profit threshold requirements so long as the individual’s registration is in force.
Subregulation 3
Where an individual who is registered under section 36G of the Act is a director, partner or shareholder in, or shares in the profits of, a Joint Law Venture, Qualifying Foreign Law Practice or licensed foreign law practice (each called in this paragraph the practice), both of the following conditions must be satisfied so long as the individual’s registration is in force:
the regulated non-practitioners in the practice —
are entitled to exercise or control the exercise of not more than 25% of the total voting rights exercisable in respect of the management of the practice;
are entitled to exercise or control the exercise of not more than 25% of the total voting rights exercisable by the partners or shareholders (as the case may be) in the practice; and
hold not more than 25% of the total value of equity interests in the practice;
the total amount of payments made by the practice, during any financial year of the practice, to regulated non-practitioners who have been registered under section 36G of the Act to share in the profits of the practice does not exceed 25% of the total profits of the practice during that financial year, based on the audited financial statement of the practice for that financial year.
Subregulation 4
A regulated non-practitioner must notify the Director of Legal Services in writing, within 7 days after the event, of —
any change in the regulated non-practitioner’s job description; or
any change in the regulated non-practitioner’s shareholding in, or share in the profits of, a Singapore law practice, Joint Law Venture, Qualifying Foreign Law Practice or licensed foreign law practice.