This is the second of three articles on aspects of the 1982 Convention On The Law Of The Sea. In this article, the author discusses the provisions of the convention relating to the territorial sea, contiguous zone, straits and archipelagos and the special regimes of passage for ships and aircraft through, over and under straits used for international navigation and archipelagic sea lanes. The author also discusses the negotiating process leading to the adoption of these provisions.

Over the last decade, FinTech—broadly defined as the use of new technologies to compete in the marketplace of financial institutions and intermediaries—has disrupted the financial services sector. Here, we revisit the question of how banks and regulators can best respond to this disruption. We argue that incumbent financial service providers can learn useful lessons from the experience of the most innovative companies in the world and their efforts to navigate the new realities of doing business in a networked age._x000D_ One of the striking features of successful large businesses with an established track record for sustained high performance has been their capacity to reinvent themselves as what we characterise as innovation 'ecosystems'.Akey element of an 'ecosystem' style organisation has been the implementation of effective corporate venturing strategies that feed dynamic, technology-driven innovation (what has been termed borrowing “the Start-Up Genie's Magic")._x000D_
Here, we identify seven corporate venturing strategies adopted by the most innovative companies in the world and argue that incumbent banks and other financial service providers could utilise similar strategies in responding to FinTech.Acrucial element of these strategies is a recognition of the value of co-creation, namely an inclusive, collaborative partnering between incumbents and non-traditional market players. To implement this objective effectively, incumbents need to absorb the energy, skills, and resources of the most dynamic start-ups. We argue that some banks are already moving in this_x000D_ direction and that this trend towards the 'unbundling' of incumbents is likely to continue._x000D_
We conclude with a brief discussion of the implications of such an account for regulators and regulatory design, more generally. In order to establish an environment for successful and sustainable 'ecosystems', regulators need to become active participants in these more open forms of business organisation.We characterise this regulatory approach as 'community-driven' regulatory design and identify some key issues with such a regulatory strategy.

The purpose of the Torrens system is to facilitate transactions in land. It does so by creating a conclusive land-register, which can be absolutely relied on to provide accurate title information. It therefore follows that claims asserting an unregistered right in registered land must fail, except when a person is precluded from claiming that he has relied on the information recorded on the land-register. Such preclusion occurs when a registered proprietor did not furnish consideration, or took with the knowledge that his predecessor in title did not genuinely consent to transfer to him, or voluntarily undertakes obligations. The mechanics of the Torrens system of centralised land transactions mean that any right concerning land ought to be capable of protection by caveat.

Intellectual property rights in Singapore are governed by separate statutes as well as the common law. While there are instances where cumulative protection under more than one intellectual property regime is either expressly acknowledged or restricted, there are other situations which are not so dealt with. This article examines one such situation, viz, how it may be possible to acquire both copyright as well as trade marks protection, and the consequences of such cumulative protection.

Securitisation, which involved shifting assets off balance sheets, inadvertently led to the creation of even greater risks that were packaged into toxic instruments that brought down a number of large financial institutions. In Singapore, however, the risks of the U.S. housing market collapse and consequent mortgage and financial institution default were largely moved out of the banking sector and sold to the public. In that sense, corporate/securities laws fulfilled the purpose of disintermediation. But while these insulated Singapore banks, the losses were largely borne by investors, whose confidence in the securities market has been eroded. The article discusses the legal and regulatory changes that have been made in response to the crisis, and suggests further trends and reforms dealing with its aftermath from financial and economic perspectives.

"When a person acts in an unconscionable way towards another, how should a court, in seeking to achieve 'practical justice', balance and reconcile values of certainty, consistency arising from precedent, overall coherence in the structure of the law, deference to to Parliament on policy issues, and the provision of a remedy appropriate to reverse or prevent harm to the innocent party?"

Just at the point where the unconscionability exception to the autonomy principle pertaining to letters of credit and demand guarantees appears to have finally emerged fully developed, the Singapore Court of Appeal has recognised the right of parties to contractually limit the range of causes of action available where the parties enter into a dispute. Finding such contractual terms enforceable has now taken the unconscionability exception almost entirely out of play and simultaneously shifted the power balance to the beneficiary while making the letter of credit product more attractive to rational buyers. The effect of the new 'Asplenium Clause' is yet to be fully seen but this paper concludes that in the immediate term, boilerplate clauses will be entered into every contract of sale that requires a guarantee to be provided, thereby virtually eliminating unconscionability as a grounds for enjoining against abusive calls on independent guarantees.

Singapore competition law prohibits agreements that have as their object the restriction of competition. Recent developments, both in Singapore and abroad, have had a significant impact on this aspect of competition law. This article discusses the law on object restrictions in Singapore in light of these recent developments, and offers three recommendations on the same.