Joint Head - Financial Services Regulatory Practice
Elaine CHAN is the Joint Head of the Financial Services Regulatory Practice. She is a specialist in Financial Services Regulatory, Compliance and Governance and advises financial institutions on regulation, licensing, compliance, governance and transactional matters.
She has extensive regulatory experience advising a broad spectrum of financial institutions on the structuring of their operations in Singapore for alignment with financial regulations and assisting with licensing applications/registrations and preparing customer terms and conditions, compliance manuals and documentation to operationalise their business models. Her clients include banks, private banks, central banks, fund managers (including private equity), custodians, financial advisers, insurers, commodity traders, brokers/dealers and primary financial market infrastructures such as exchanges and clearing houses. One of the notable mandates she worked on involved the establishment of primary financial market infrastructures in Singapore.
On the transactional side, she has advised financial institutions on regulatory matters relating to the sale or disposal of regulated financial institutions or their business and assets. The drafting of customer terms and conditions, account opening documentation, service level agreements for outsourced functions and preparation of legal matrices to facilitate regulatory compliance are areas she is regularly involved in too. She also participates in the provision of training and round-tables on regulations and regulatory development.
With the onset of the FinTech evolution, Elaine has advised on a variety of FinTech service offerings. Her clients include payment services providers intending to roll out innovative payment solutions involving e-money and/or cryptocurrency. She has assisted her clients to navigate the changing regulatory landscape relating to payments and advised them on existing laws and impending new laws (i.e. Payment Services Bill) relating to such payment activities. She has also represented her clients in their submissions relating to their innovative solutions to the local financial regulator and provided feedback on their behalf in relation to the proposed Payment Services Bill. She is keen to support the growth of the FinTech industry in Singapore and has participated in legal clinics for FinTech start-ups and has also spoken at the Singapore Fintech Festival in 2017 and at the inaugural event held in 2016.
Elaine updated the chapter on "Regulation of Banks and other Financial Institutions" in the 2011 reissue of Volume 12 of the Halsbury's Laws of Singapore on "Finance and Banking". Halsbury's Laws of Singapore is an authoritative reference work tailored specifically for the Singapore legal profession by some of the nation's most respected practitioners and academics. She has also contributed articles published by Butterworths and Thomson Reuters, wrote the Singapore Chapter for the first edition of Global Legal Insights - Banking Regulation, 2013 and co-authored the Singapore chapter on Banking Regulation 2016 in the Getting the Deal Through publication. She has spoken at conferences/seminars organised by the International Swaps and Derivatives Association (ISDA), Hubbis, and the Asia Pacific Real Estate Association (APREA). She was also a study guide writer for the Institute of Banking & Finance.
Elaine is recognised as a leading lawyer in various independent directories including Chambers Global – The World's Leading Lawyers for Business (2016 to 2019), Chambers Asia Pacific – Asia Pacific's Leading Lawyers for Business (2016 to 2019), Asialaw Profiles – The Guide to Asia-Pacific's Leading Domestic Law Firms, 2015 and Expert Guides – Guide to the World's Leading Women in Business Law, 2015. She is listed in the IFLR1000 Women Leaders 2018 and 2019, which recognises 300 female lawyers in the world considered to be among the best transactional specialists in their markets and practice areas by clients and peers, and based on track record. Asialaw Profiles – The Guide to Asia-Pacific's Leading Domestic Law Firms, described Elaine as "responsive and provides practical advice". In Chambers Asia-Pacific – Asia-Pacific's Leading Lawyers for Business, Elaine is praised for her "great experience" on banking regulatory matters and "extremely good interpersonal skills", with one source noting: "When she deals with business people she tends to be able to win their trust early on". In Chambers Global – The World's Leading Lawyers for Business, she is commended for having "a strong specialism in non-contentious compliance matters" and is noted by clients for her "good interpersonal skills". One market source also praised the quality of her advice, saying she "did a very good job" on a regulatory matter.
Elaine graduated from the National University of Singapore and is admitted to the Singapore Bar.
- National University of Singapore (LL.B., Hons.)
- Singapore Bar
- Country Guide - Securities & Banking Singapore
- Getting The Deal Through - Banking Regulation 2016 - Singapore Chapter
- Banking Regulation 2013 - Singapore Chapter
- The Banking Regulation Review - Third Edition - Singapore Chapter
- The Banking Regulation Review - Second Edition - Singapore Chapter