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Unpacking the SFC’s requirements on the management and disclosure of climate-related risks for fund managers
Deacons, October 2021

Hong Kong’s Securities and Futures Commission (SFC) held two virtual briefing sessions in October 2021 and provided useful guidance on its newest climate-related risk management requirements for fund managers, as detailed in the Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers (with amendments to the Fund Manager Code of Conduct (FMCC)) and the Circular issued on 20 August 2021...

Cambodia: Promulgation of the Law on Investment
DFDL, October 2021

Overview On 15 October 2021, the New Law on Investment (“New Investment Law”) was promulgated, which aims to provide a comprehensive, transparent and predictable legal framework to attract both domestic and foreign investment. The New Investment Law replaces the existing 1994 Law on Investment and the 2003 Law on the Amendment to the Law on Investment (“Former Investment Law”) from its promulgation date (15 October 2021)...

Philippines: NPC Warns the Public Against Smishing
DFDL, October 2021

The National Privacy Commission (“NPC”) issued on 7 October 2021 NPC PHE Bulletin No. 21 advising the public against smishing and preventive data privacy practices. Smishing targets victims through mobile text messaging or SMS. Individuals usually receive unsolicited messages that include links that redirect to fraudulent websites which steal personal data, introduce mobile malware, and even facilitate the commission of fraud...

Philippines: Taxing Philippine Offshore Gaming Operations
DFDL, October 2021

Republic Act (“RA”) No. 11590 amends the National Internal Revenue Code (“NIRC” or the “Tax Code”) to provide the taxing rules for offshore gaming operations. Taxation of Offshore Gaming Licensees Under RA No...

Philippines: Final Extension of Deadline for Compliance with The Guidelines on Digitalization of Customer Records
DFDL, October 2021

On 05 October 2021, the Bangko Sentral ng Pilipinas (“BSP”) issued Circular Letter (“CL”) No. 2021-72, disseminating to all BSP-Supervised Financial Institutions (“BSFIs”) the AMLC Regulatory Issuance (“ARI”) No. 6-2021 on the final extension of the deadline for compliance with the Guidelines on Digitalization of Customer Records (“DIGICUR”). ARI No...

RBNZ launches review of overseas bank branches in New Zealand
MinterEllisonRuddWatts, October 2021

On Wednesday, the Reserve Bank of New Zealand (RBNZ) announced a review of its policy for the registration of branches of overseas banks in New Zealand. The review is aimed at creating “a simple, coherent and transparent policy framework for branches of overseas banks”. The consultation closes on Wednesday, March 2, 2022. The RBNZ intends to develop a policy approach after considering all submissions, and to subsequently undertake further consultation on that approach...

Climate-related Disclosures: XRB Climate Standard Consultation Launch and CRD Bill passes Third Reading and Committee of the Whole House stage
MinterEllisonRuddWatts, October 2021

It has been a busy week in relation to New Zealand’s climate-related disclosures regime: On Tuesday 19 October 2021, the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill (CRD Bill) passed through theCommittee of the Whole Housestage, and on Thursday 21 October 2021, the CRD Bill passed theThird Readingstage, so it is now in final form...

Thammasat University signs the licensing agreement with Antitoxin GmbH, Germany.
Kudun and Partners, October 2021

Kudun and Partners represented Thammasat University with the preparation of the licensing agreement with Antitoxin GmbH, a German company founded in 1966 and specializes in the development of certified blood typing reagents for automated and manual applications...

Kochhar & Co. India India’s Stand on Emergency Arbitrators and Emergency Awards India’s Stand on Emergency Arbitrators and Emergency Awards
Kochhar & Co. Advocates & Legal Consultants, October 2021

Author(s) Senior Partner, Nishant Menon and Associate, Nikhil Bhatia The Supreme Court of India on 6th August 2021 in Amazon.com NV Investment Holdings LLC v Future Retail Limited & Others handed down a seminal decision in relation to enforcement of an Emergency Arbitrator’s (“EA”) award. The ruling has great significance as it furthers India’s mission of being a pro-arbitration State where there is greater ease of doing business...

Can a tenant get away with its payment obligations in view of COVID-19 and Government Closure Orders?
Deacons, October 2021

In our previous article, we reported that the court had refused to frustrate a tenancy agreement due to the COVID-19 pandemic and social disruption: The Center (76) Limited v Victory Serviced Office (HK) Limited HCA 1020/2020; [2020] HKCFI 2881. In this article, we will discuss several recent decisions on the same subject. The tenants’ arguments in all of these cases, that their payment obligations were discharged/suspended during the COVID-19 pandemic, failed...

FMA sets FAP full licence target application dates
MinterEllisonRuddWatts, October 2021

Today the FMA has published target application dates for financial advice provider (FAP) full licences. A link to themedia releaseis available. Who needs to read it? Why? This update will be of significance to anyone that currently holds a FAP transitional licence, or anyone who is expecting to give financial advice in the future, and are looking to apply for a FAP full licence. All providers of regulated financial advice to retail clients will need a FAP licence...

Shearn Delamore & Co. Newsletter September 2021
Shearn Delamore & Co., October 2021

Dear valued clients, colleagues and friends, We are pleased to bring you the September 2021 issue of our quarterly Newsletter, we hope that you will continue to find its contents of value to you. In this issue’s Front Page Focus, Caitlin Tan Hui Yi, associate from our Dispute Resolution Practice Group, discusses the disqualification of solicitors in the Court of Appeal case of Dato’ Azizan bin Abdul Rahman v Pinerains Sdn Bhd...

Shearn Delamore & Co. Legal Updates October 2021 (1)
Shearn Delamore & Co., October 2021

Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for October 2021.Employment & Administrative LawDeed of Settlement, Termination and Release Upheld as Cessation of Employment by Mutual AgreementIn the recent case of Christopher Dass a/l Muniandy @ Mathew v Clasquin (Malaysia) Sdn Bhd dated 3 August 2021 (Award No...

Thailand: Foreign Investment Promotion Permitting Wealthy Foreigners to Buy Land and Houses
DFDL, October 2021

On 14 September 2021, the Thai cabinet passed a resolution (“Cabinet Resolution”) proposed by the Centre for Economic Situation Administration (“CESA”) to incentivize foreign investment in Thailand through the issuance of new visa, tax, and foreign land ownership incentives. The CESA particularly aims to attract high net worth foreign nationals, who wish to invest in land and buildings, and who can meet these minimum qualifications: 1...

Security of Payment Provisions in Public Works Contract Effective – Your Need to Know
Deacons, October 2021

In our Client Alert dated 26 March 2021, we reported that the Government had released a draft Technical Circular on the implementation of the spirit of Security of Payment Legislation (SOPL) in public works contracts. The draft Circular was provided to stakeholders to comment and the Circular aimed at implementing certain measures of SOPL on public works contracts, term contracts and related subcontracts tendered after July/August 2021...

FMA releases guidance on advertising financial products
MinterEllisonRuddWatts, October 2021

The Financial Markets Authority (FMA) has published its guidance note on advertising offers of financial products under the Financial Markets Conduct Act 2013 (FMCA). It comes after the FMA initiallyconsultedon the draft guidance in November 2020. Links tomedia releaseand thenew guidanceare available...

Significant amendments to Carriage of Goods by Sea Act
Shearn Delamore & Co., October 2021

Dear valued clients, colleagues and friends, In July 2021 the Carriage of Goods by Sea (Amendment) Act (2020) (the "Amendment Act") and its supplementary Carriage of Goods by Sea (Amendment of First Schedule) Order 2021 (the "Order") officially came into force. The Amendment Act and the Order brought into effect the long-awaited changes to the Carriage of Goods by Sea Act 1950 (the "Principal Act"), which has been in force since 23 May 1950...

Cambodia: Competition Law Enacted
DFDL, October 2021

Cambodia’s long-awaited Competition Law (“Law”) was signed into law by the King on 5 October 2021. While the Law has been enacted, the principal regulator, the Cambodia Competition Commission (“CCC”) has not yet been appointed and it is not clear how the Law will be enforced prior to a) such appointment and b) the issue of required regulatory instruments and decisions...

Panel Speaker at the Legal in Action on Facebook Live organized by ?????? Thai Business and TLCA
Kudun and Partners, October 2021

Kongkoch Yongsavasdikul, partner and co-head of Startup Practice was invited to speak on the legal landscape of Startups in Thailand in the session “FinTech, AI & Fundraising – In Action: Series A & Beyond” by Legal in Action, hosted by Khun Peangpanor Boonklum with other speakers; Dr. Sutapa Amornvivat, PhD and Dr. Nattavut Kulnides. Thanks to Legal in Action and host Khun Peangpanor for inviting our partner as a speaker...

Addressing New Zealand’s sea freight challenges
MinterEllisonRuddWatts, October 2021

COVID-19 has generated significant challenges for New Zealand’s international supply chains, causing considerable disruption and cost increases for local businesses and consumers. Anyone reliant on sea freight is currently grappling with the consequences of an unexpected surge in global consumer spending that has led to record-breaking demand for shipping services and equipment, beyond available capacity...

Overview of REITs with buy-back conditions: The new mechanisms to help real estate owners survive in the midst of Covid-19
Kudun and Partners, October 2021

It is apparent that the Covid-19 pandemic has had a tremendous impact on every business sector. Above all, the hospitality industry has taken the hardest hit, as tourism is its primary source of revenue.  Due to a lack of financial liquidity and growing expenditure, it is not an overstatement to predict that real estate owners in the hospitality sector would be compelled to sell their operating assets potentially at an unfavorable price in order to survive during this challenging time...

Cambodia: Increase in Minimum Wage for 2022 – Garment, Textile, Footwear, Travel Product & Bag Sectors
DFDL, October 2021

On 28 September 2021, the Ministry of Labour and Vocational Training (“MLVT”) issued Prakas 264 on the Determination of Minimum Wage for Workers in the Garment, Textile, Footwear, Travel Product and Bag Sectors (“Prakas 264”), to set new minimum wage for 2022, which will be effective from 1 January 2022. Under Prakas 264, workers in the relevant sectors will be entitled to the following new minimum wage: For regular workers, USD 194 per month...

Thailand: Overseas E-Commerce or Online Platforms Must Now Pay VAT on Services Supplied to Consumers in Thailand
DFDL, October 2021

On 10 February 2021, the Royal Thai Government Gazette announced the Act Amending Revenue Code No.53 (the “Act”). This Act stipulates that overseas electronic service providers and online platforms must now register for and pay VAT on electronic services, delivered over the internet or other electronic networks (“Electronic Services”) supplied to non-VAT registered consumers in Thailand. This VAT applies to such transactions from 1 September 2021 onward...

Trademark Act 2019 with overview by Indran Shanmuganathan and The Annotated Trademarks Act 2019
Shearn Delamore & Co., October 2021

Dear valued clients, colleagues and friends, With the enactment of the latest Trademark Act 2019, our Intellectual Property partner, Indran Shanmuganathan, has authored two books published by renowned publishers, Sweet & Maxwell namely “Trademark Act 2019 with overview by Indran Shanmuganathan” and “The Annotated Trademarks Act 2019” which is a part of Malaysian Legislation Series...

Chambers Global Practice Guides: Employment 2021
Shearn Delamore & Co., October 2021

Dear valued clients, colleagues and friends, Our Employment and Administrative Law partner, Vijayan Venugopal, has authored the Law and Practice chapter (Malaysia) of the Chambers Global Practice Guides: Employment 2021. The chapter covers the Industrial Relations (Amendment) Act 2020, terms of employment, restrictive covenants, data privacy law, foreign workers, collective relations, termination of employment, employment disputes and dispute resolution. Click here to read more...

 

 

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