Jones Day Awarded Qualifying Foreign Law Practice Licence in Singapore
WASHINGTON, Feb. 19, 2013 /PRNewswire/ -- The global law firm Jones Day announced today that it has been awarded a Qualifying Foreign La Practice (QFLP) licence, allowing the firm to advise on Singapore law matters in permitted areas. The licencing application period took place in July and August of 2012, and 23 foreign law practices submitted applications.
"Singapore's commitment to the rule of law has been critical to the country's ability to fulfill the broad vision first articulated by Lee Kuan Yew that the nation become recognized for its reliable political and economic stability," said Stephen J. Brogan, Managing Partner of Jones Day. "Through initiatives such as the QFLP, current Singaporean government officials continue to demonstrate extremely thoughtful leadership and high levels of competence that will result in Singapore increasing its role as the essential center of capital formation, cross border investment and dispute resolution for all of Southeast and South Asia. Jones Day is proud to be given an opportunity to contribute to the country's effort to bring development throughout the greater region through the advancement of the rule of law. It is an effort that will greatly benefit our clients who are expanding their activities in the region."
Jones Day opened its Singapore office in 2001, and it has since grown to almost 30 lawyers who advise a diverse list of clients, with a particular focus on M&A, private equity, energy, banking and finance, capital markets, fund formation, and dispute resolution throughout the Asia-Pacific region and around the world. Singapore also serves as Jones Day's hub for its significant work with clients in South and Southeast Asia. Having advised clients in the region even prior to its official opening, the Jones Day Singapore office is staffed with lawyers who are particularly familiar with the legal, investment, and regulatory regimes throughout all of Asia.
"We are delighted to be awarded the QFLP licence and thank the Ministry of Law for selecting Jones Day. We believe that Singapore law will become more prevalent as the governing law for cross-border transactions in the future," said Sushma Jobanputra, Partner-in-Charge of Jones Day's Singapore office. "With the continued growth of Asian economies – particularly emerging markets in India and Southeast Asia – we not only see a substantial increase in the frequency and complexity of transactions negotiated from Singapore, but also our Singapore office taking a leading role in the development of our overall Asia practice. Our ability to advise on Singapore law will enable us to apply our institutional knowledge and experience to all aspects of transactions and disputes."
About Jones Day
Jones Day is a global law firm practicing in the major centers of business and finance throughout the world. Ranked among the world's best and most integrated law firms, and perennially ranked among the best in client service, Jones Day acts as principal outside counsel to, or provides significant legal representation for, approximately half of the Fortune 500, Fortune Global 500, and FT Global 500. For more information go to www.jonesday.com.
About the QFLP
In December 2007, the Singapore Government accepted the recommendations of The Committee to Develop the Singapore Legal Sector, headed by Justice VK Rajah to comprehensively review the entire legal services sector. The most significant set of proposals made by the Committee concerned the liberalization of the legal services sector, in particular the creation of the Qualifying Foreign Law Practice (QFLP) scheme. The QFLP scheme provides for licences to be given to foreign law practices to practice Singapore law in permitted areas, primarily in commercial and corporate areas. Previously, foreign law practices were permitted to practice Singapore law only within a Joint Law Venture through a Singapore law practice. In December 2008, the Government awarded six QFLP licences. For more information go to http://www.mlaw.gov.sg/news/press-releases/applications-open-for-qualifying-foreign-law-practice-licence.html.
For more information, please contact:
Ogilvy Public Relations, Beijing
+86 (10) 8520-6556
Ogilvy Public Relations, Beijing
+86 (10) 8520-6565
SOURCE Jones Day