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Kudun and Partners represents Hatton Equity on its acquisition of shares in DRJL Group Ltd for the total value of THB 2.38 billion
Kudun and Partners, November 2021

Kudun and Partners represented Hatton Equity as lead counsel with respect to the proposed acquisition of shares in DRJL Group Ltd., a renowned cosmetic brand engaging in manufacturing and distribution business with the brand name, Dr. Jill from the sellers for a total value of THB 2.38 billion (approximately USD 72.88 million). The proposed transaction involves the merger acquisition transaction and also project financing from the offshore lender...

Cambodia: New Prakas on the Establishment and Management of Mandatory and Voluntary Taskforces for Fire Prevention and Firefighting
DFDL, November 2021

The Ministry of Interior issued a new Prakas No. 2644 PK dated 19 October 2021 on the Establishment and Management of Mandatory and Voluntary Taskforces for Fire Prevention and Firefighting (“Prakas 2644”)...

Philippines: Guidelines on the Submission of Monthly Reports of Private Employment Agency and Renewal of PEA Licenses in Light of the Pandemic
DFDL, November 2021

Pursuant to the Department of Labor and Employment (“DOLE”) Department Order Nos. 216 and 217, Series of 2020 (collectively, “Department Orders No. 216 and 217”), Private Employment Agencies (“PEAs”) are required to submit a hard copy of the monthly recruitment and placement reports to the appropriate Regional Office of the DOLE within seven (7) days after each reference month...

Philippines: Guidelines on the Submission of Reports on Crimes and/or Losses by Banks and Non-Banks with Quasi-Banking Functions (NBQB)
DFDL, November 2021

On 12 October 2021, the Bangko Sentral ng Pilipinas (“BSP”) issued Memorandum No. M-2021-72, to provide guidelines on the submission of the reports on crimes and/or losses (“RCL”). The following are the submission procedures under the Memorandum: Banks and NBQBs shall follow the existing manner of reporting a crime and/or loss incident, i.e...

Philippines: BSP Reminds All BSP-Supervised Financial Institutions of the Analysis of Suspicious Transaction Reports with Possible Links to Tax Crimes and Real Estate Sector
DFDL, November 2021

On 15 October 2021, the Bangko Sentral ng Pilipinas (“BSP”) issued Circular Letter No...

Philippines: BIR Directs Monitoring and Verification of Tax Compliance of Online Merchants, Social Media Influencers and Other Businesses Operating Through Digital or Online Platforms
DFDL, November 2021

On October 29, 2021, the Bureau of Internal Revenue (“BIR”) issued Revenue Memorandum Order No...

Philippines: BSP Guidelines on Digitization of Customer Records
DFDL, November 2021

Circular Letter No. CL-2021-080, issued on 18 October 2021 by the Bangko Sentral ng Pilipinas (“BSP”), disseminates to all BSP-Supervised Financial Institutions (“BSFI”) the Anti-Money Laundering Council’s (“AMLC”) Guidelines on Digitization of Customer Records (“DIGICUR”) adopted via the AMLC Regulatory Issuance (“ARI”) A, B, and C, No. 2, Series of 2018...

Philippines: Clarification on the Definition of Digital Bank
DFDL, November 2021

The Bangko Sentral ng Pilipinas (“BSP”) in Memorandum No. M-2021-053 dated 13 October 2021 clarified the definition of “digital banks”. A digital bank refers to a bank which offers financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branch/sub-branch or branch-lite unit offering the same...

Kudun and Partners is recognized for its CSR efforts in the AMCHAM CSR Excellence Awards 2021 by The American Chamber of Commerce, Thailand.
Kudun and Partners, November 2021

The American Chamber of Commerce in Thailand has named Kudun and Partners as one of the 87 companies recognized for their corporate social responsibility (CSR) efforts in its annual AMCHAM CSR Excellence Awards 2021. The AMCHAM’s CSR Recognition recognizes companies that demonstrate commitment to conducting business responsibly and giving back to local communities and the recognition is granted to companies whose CSR programs meet a rigorous standard of achievement...

Financial Services Authority (OJK) Regulates Digital Banks
Makarim & Taira S., November 2021

On 30 July 2021, the Financial Services Authority (“OJK”) has issued OJK Regulation No. 12/POJK.03/2021 on Commercial Banks (“POJK 12/2021”). POJK 12/2021 was issued to anticipate, amongst other things, a business development and banking trend including the development and innovation of information technology. One of the interesting topics of POJK 12/2021 is the introduction of provisions on digital banks...

Cambodia: Additional Measures to Support Private Sector Workers & Revive the Post-COVID-19 Economy (Round 10)
DFDL, November 2021

On 28 October 2021, the Royal Government of Cambodia (“RGC”) implemented ‘Round 10’ of measures aimed at mitigating the impacts of COVID-19 on businesses and workers in Cambodia. In readiness for the economy re-opening Cambodia has been receiving vaccines through support and direct purchases from various manufacturers...

Hong Kong’s SFC concludes proposed amendments to Code on Pooled Retirement Funds
Deacons, November 2021

On 28 October 2021, the Securities and Futures Commission (SFC) released the consultation conclusions on proposed amendments to the Code on Pooled Retirement Funds (PRF Code). The amended PRF Code will become effective upon gazettal, which is expected to be some time in November 2021 (Effective Date)...

Shearn Delamore & Co. Legal Updates October 2021 (2)
Shearn Delamore & Co., November 2021

Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for October 2021...

Drones Regulatory Framework in Bangladesh – Top 5 Key Q&As
DFDL, November 2021

The use of drones in the world is increasing very rapidly and plays an important role in optimizing processes across a various range of industries: agriculture, delivery services, infrastructure, mapping, military and so on. These machines are very efficient, effective, and safe tools for quality, safety and savings...

FATF releases updated virtual asset and virtual asset service provider guidance
MinterEllisonRuddWatts, October 2021

On 28 October, the Financial Action Task Force (FATF) issued an update for its 2019 Guidance for a Risk-Based Approach to Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) (Updated Guidance) in relation to anti-money laundering and countering financing of terrorism (AML/CFT). This followed the FATF’s Second 12-Month Review of the Revised FATF Standards on Virtual Assets and Virtual Asset Service Providers (Virtual Assets Review) released earlier this year...

Cloud Services to be Licensable from 2022
Shearn Delamore & Co., October 2021

Dear valued clients, colleagues and friends,The increased reliance on cloud computing has recently seen regulatory responses from the authorities. The Malaysian Communications and Multimedia Commission on 15 October 2021 released an Advisory Notice on the upcoming licensing of cloud service providers from 1 January 2022, to address the regulatory loopholes brought about by the rise of cloud services and particularly the integrity of data stored on cloud...

Recent update on Term SOFR and ARRC’s best practice recommendations
Deacons, October 2021

On 27 August 2021, the Alternative Reference Rates Committee (“ARRC”), a group of private-market participants convened by the Federal Reserve Board and the Federal Reserve Bank of New York in 2014 to lead the LIBOR transition in the United States, issued FAQs and Best Practice Recommendations on, among other things, the use of the Secured Overnight Financing Rate (“SOFR”) and its term rates (“Term SOFR”), following the ARRC’s formal recommendatio

HKMA releases a technical whitepaper on Retail Central Bank Digital Currency (“CBDC”)
Deacons, October 2021

The Hong Kong Monetary Authority (“HKMA”) released a technical whitepaper on CBDC on 4th October 2021 “e-HKD: A technical perspective” (“Whitepaper”). The HKMA announced its “Fintech 2025” strategy in June this year, one part of which is to strengthen research work into CBDC with a view to future-proofing Hong Kong in terms of CBDC readiness...

The Office of the Privacy Commissioner for Personal Data (“PCPD”) Publishes FAQ on “Understanding the European Commission’s New Standard Contractual Clauses for Transfer of Personal Data from EU to Non-EU Regions”
Deacons, October 2021

The European Commission adopted a new set of Standard Contractual Clauses (“New SCCs”), effective 27 June 2021, for the transfer of personal data to non-EU regions. From 27 September 2021 onwards, data exporters and data importers can only conclude contracts which incorporate the New SCCs for the transfer of personal data out of the European Union...

Cambodia: Amendment of the Labour Law
DFDL, October 2021

The 1997 Labour Law, previously amended in 2007 and 2018, was amended for the third time on 5 October 2021 with immediate effect (“Amended Labour Law”). The Amended Labour Law introduces several changes to the 1997 Labour Law, particularly provisions relating to employee working schedules, work on paid public holidays, individual disputes and the authority of the Labour Inspector...

Thailand: AMLO Notification Calls for Stringent Customer ID Measures and KYC Procedures from 25 September 2021 Onward
DFDL, October 2021

28 January 2021 saw the release of a Notification Concerning Guidelines for the Identification and Verification of Customers and Ultimate Beneficial Owners (“AMLO Notification”) by the Anti-Money Laundering Office (“AMLO”)...

Arbitration: the More Business Savvy, Practical International Bedfellow of Litigation in Thailand
DFDL, October 2021

Article by Anne Coulon, Regional Legal Adviser, DFDL Thailand A stable, autonomous judiciary naturally commands the trust of a nation’s citizenry while inspiring confidence and peace-of-mind among foreign actors: this is crucial in terms of their investments and commercial activities, that they will receive fair and equal treatment whenever certain dealings come into dispute when doing business in the host country...

Cartel Criminalisation – Six Months On
MinterEllisonRuddWatts, October 2021

Six months on from criminalisation of cartel misconduct, MinterEllisonRuddWatts’ Organisational Integrity team look at why criminalisation remains a ‘game changer’, the inevitability of a first criminal prosecution, and why having a plan that recognises the special nature of criminalisation is an important part of your risk management strategy. Criminalisation of cartel misconduct Six months ago, cartel misconduct became a criminal offence under New Zealand law...

Mainland China briefing: China expands the investment scope for QFIs
Deacons, October 2021

On 13 October 2021, the China Securities Regulatory Commission (CSRC) issued an Announcement on the Participation of Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors in Financial Derivatives Transactions (Announcement, available here in Chinese)...

Launch of Hong Kong re-domiciliation mechanism for foreign investment funds
Deacons, October 2021

On 30 September 2021, the Government passed into law the Securities and Futures (Amendment) Ordinance 2021 and the Limited Partnership Fund and Business Registration Legislation (Amendment) Ordinance 2021 (the Ordinances). These new laws will enable foreign investment funds to be re-domiciled and registered in Hong Kong as open-ended fund companies (OFCs) or limited partnership funds (LPFs). The Ordinances will come into effect on 1 November 2021...

 

 

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