Regina Liew
Equity Partner

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


T (65) 62320456
E regina.liew@rajahtann.com

Regina is a partner in Rajah & Tann, and practices in the areas of Financial Services.


Financial Services

Regina’s major practice area relates to financial services including securities, futures, commodities and derivatives, the structuring of businesses in these industries and their products, their licensing and regulatory compliance.

On an everyday basis, Regina provides key support to legal counsels and compliance professionals in banks and financial institutions on legal and regulatory issues arising from their business and product lines. She worked on the first retail equity and currency-linked deposit products in Singapore in the 90s and since then many other structured products for corporate and high net worth clients of local and foreign financial institutions, whether on customized or industry standard master based terms. She had also assisted a local securities house to conceive securities lending documentation in relation to shares held by way of margin, which was then an innovation in the industry. Additionally, she had participated in settlement negotiations for a major US financial institution in relation to a multi-jurisdictional dispute concerning highly publicised derivatives losses incurred by Indonesian counterparties.

Regina was also involved in the demutualisation and merger of the then Singapore International Monetary Exchange Limited with the then Stock Exchange of Singapore Limited, and the subsequent divestment of the clearing house of Singapore Exchange Derivatives Trading Limited, and she worked with both securities and futures exchange and their clearing houses on their trading and clearing rules. Her proficiency with the legal/regulatory perspectives of the securities/derivatives marketplace has since been called upon in the setting up of the various exchanges and market operators in and outside Singapore and even leading the team that regularly advises the Energy Market Company, which operates the wholesale electricity market in Singapore

As part of her work, Regina liaises with regulators and industry bodies on a fairly regular basis for specific clients as well as generally in relation to consultation and feedback exercises with respect to policy and legislative changes.

Some of Regina’s engagements in the area of financial services include:-

  • Assisting in the applications to secure banking and capital markets services licences, exemptions and other applications for various financial institutions.
  • Advised on various mergers and acquisitions between various US and European financial institutions and the Singapore regulatory issues following therefrom.
  • Securing the first capital markets services licence in Singapore for an on-line US equity options trader listed on the NASDAQ.
  • Securing for foreign exchanges and market operators requisite recognition to operate a futures market in Singapore.
  • Advising Japanese financial institutions on translation of the Japanese model of buyer based receivable financing to Singapore, Hong Kong and other jurisdictions and development of documentation with respect thereto.
  • Securing approvals from the Monetary Authority of Singapore for various US, Chinese and European financial institutions for cross-border provision of regulated financial services.
  • Advising on exchange disciplinary actions for a UK financial institution.
  • Advising major US network firm on electronic trading platforms and exchanges.
  • Advising International Enterprise Singapore on review and proposals for the Commodities Trading legislation in Singapore.
  • Advising banks and financial institutions with respect to banking secrecy, money laundering, Asian Currency Unit and Domestic Banking Units and various legal and regulatory issues.
  • Advising major US financial institutions on debt restructuring schemes for counterparties.
  • Development of customized documentation for contracts for differences, private banking, securities and futures trading, give-up, margin facilities, bullion trading, currency trading, custody, discretionary asset management, unit trust and funds documentation for local, Chinese, US, Japanese and European financial institutions, and advising both manufacturers and distributors on introducing and distribution structures.
  • Documenting various bespoke derivative structures on customized or ISDA based terms for both corporate users and financial institutions providers, and issuing opinions on ISDA based agreements.
  • Advising US and UK based insurance intermediaries on exemptions for marketing offshore insurance and other insurance and financial advisory issues.
  • Advising local, US, Chinese and Indian financial institutions on structured deposits, dual currency deposits and other structured products and developing documentation for the same.
  • Advising local brokerages on unclaimed monies (for which there is a lacunae under Singapore law) and devising claim procedures.
  • Advising on, and securing exemptions under the Moneylenders Act to multi-national corporates and financial institutions.
  • Advising on restructuring of securities and futures business of US and Japanese financial institutions in Singapore.
  • Advising the winning consortium of Lion Power on the acquisition of Senoko Power from Temasek Holdings
  • Advising on issues relating to the acquisition of gas pipes and related assets by PowerGas Pte Ltd
  • Structuring Singapore leg of the merger of the Mitsui Chemicals Group with the Sumitomo Chemicals Group
  • Advising on certain Singapore law issues in connection with the merger of Totalfina and ELF


Following industry interest post-Barings, Regina co-authored an article on Derivatives Trading in Singapore for a Hong Kong publication.

Regina has taught the non-examinable course on Module 5 (prescribed under the Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers), anti-money laundering and many other financial law topics to representatives of financial institutions, and at seminars organized by the Association of Banks of Singapore and Securities Association of Singapore.

Regina has spoken in conferences on company law, capital restructuring, mergers and amalgamations, employment law and competition issues with, amongst others, Euromoney, Asia Business Forum, Singapore Institute of Directors and Temasek Forum.


  • Member of Asean Law Association (Singapore)