RAJAH & TANN LLP - OUR PEOPLE - Larry Lim

 Larry Lim
Equity Partner

Practice Area:
Financial Services Practice
 
 LLB (Hons), National University of Singapore
Advocate & Solicitor, Singapore

 

T (65) 62320482
E larry.lim@rajahtann.com


Larry practises in the area of financial services regulation, compliance and documentation. His practice encompasses advising financial institutions and non-financial institutions in respect of licensing, regulatory and compliance requirements in the conduct of financial services business and in respect of the design, structure, sale and documentation of financial products and services, and assisting in the drafting, negotiation and execution of financial products and services documentation.

His range of clients include major banks, exchanges, clearing houses, brokers and dealers, financial advisers, funds and fund managers, insurance companies, payment systems operators and trust companies.

Experience

Larry regularly advises on a broad range of licensing and regulatory compliance matters in the financial services arena, such as licensing and RNF registration, business conduct compliance, banking secrecy, financial services and products documentation, anti-money laundering and countering of terrorism financing requirements, internal compliance processes and continuing education requirements.

He has extensive experience in drafting and negotiating industry-standard and bespoke contractual and other documentation for a broad range of financial products and services, covering banking products, facilities and services, securities, commodities and derivatives (whether over-the-counter or exchange-traded) trading, custody and collateral arrangements, prime brokerage services and payment systems, including ISDA, GMSLA, OSLA documentation.  

Notable Cases and Transactions

  • Advised the liquidators of MF Global Singapore Pte Limited on securities, commodities and derivatives trading, and liquidation related matters.
  • Advised the liquidators of Lehman Brothers Finance Asia Pte Ltd and Lehman Brothers Pte Ltd on derivatives trading and liquidation related matters.
  • Acted for Singapore Exchange Derivatives Clearing Limited and The Central Depository (Pte) Ltd in the restructuring of their respective clearing house collateral arrangements.
  • Advised on the redomiciliation and establishment of an OTC bullion exchange and clearing house in Singapore.
  • Advised a European bank on applying for Rule 30.10 relief from the CFTC.
  • Advised a Singapore insurer on regulatory issues arising from the improper RNF registration of over 2000 representatives.
  • Advised an insolvent Icelandic bank on distribution of securities to Singapore creditors.
  • Advised a Hong Kong securities and futures broker on the redomiciliation of its securities and futures trading and clearing back-offices to Singapore.
  • Assisted a European bank with investigations on misconduct of its representatives and the conduct of regulated activities without proper RNF registration.
  • Advised a SVF holder on the establishment, structuring and operation of cross-border widely accepted stored value facilities.
  • Acted for the Singapore Exchange Securities Trading Limited and the Singapore Exchange Derivatives Trading Limited in the re-drafting of their respective trading rule books in 2010/2011.
  • Acted for the then Singapore Commodity Exchange Ltd (SICOM) and the Singapore Exchange Derivatives Clearing Ltd (SGX-DC) to advise on and to revise SICOM’s trading and clearing rules and contract specifications for the implementation of a new co-clearing arrangement of SICOM’s commodities futures contracts with SGX-DC. He also earlier acted for SICOM in 2008 in redrafting and restructuring of SICOM’s trading and clearing rules and contract specifications.
  • Acted in the merger of Wells Fargo Bank N.A. and Wachovia Bank N.A. in 2008/2009 and in the establishment of a Singapore branch of Wells Fargo Bank N.A. in Singapore.
  • Acted as Singapore legal counsel to Société Générale in the worldwide merger of its derivatives business divisions, Fimat, with Calyon’s Calyon Financial, to form NewEdge.
  • Acted for a French bank as a potential bidding in the acquisition of ING Private Bank Singapore.
  • Acted for one of the bidders in its bid to acquire Senoko Power Limited from Temasek Holdings (Private) Limited in the 2008 privatisation exercise.
  • Since 2002, Larry has been and continues to be the primary external legal counsel to the Energy Market Company Pte Ltd (EMC), the operator of the Singapore wholesale electricity market, in respect of the EMC’s on-going review, updating and refinements of its market rules and manuals which regulate participation, trading, clearing and settlement of electricity on its wholesale electricity markets.
  • Led a legal forensics team to conduct a due diligence and discovery exercise in respect of the $550 million derivatives trading losses of China Aviation Oil (Singapore) Corporation Ltd (CAO) in 2004 and advised CAO on the close-out, unwinding and restructuring of its derivatives trading positions and arrangements.
  • Acted (together with US legal counsels) as co-ordinating counsel in the Asia-Pacific region for General Electric Company (GE) in connection with its US$900 million worldwide acquisition of the organosilicones businesses from Crompton Corporation.

Publications

  • The Aftermath of Creative v Aztech: Fait Accompli or Fiasco? (1998) 10 S.Ac.L.J 414