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On 30 September 2022, the State Bank of Vietnam officially issued Circular No. 12/2022/TT-NHNN providing instructions on foreign exchange administration regarding offshore borrowing and offshore debt repayment of enterprises (“Circular 12”). Circular 12 came into effect on 15 November 2022, replacing Circular No. 03/2016/TT-NHNN and its amending circulars.

On 24 November 2022, the Health Sciences Authority published its Regulatory Guidelines for Laboratory Developed Tests. The new guidelines will come into effect from 1 March 2023. The HSA first published a draft version of the Regulatory Guidelines for LDTs on 12 July 2022. It invited stakeholders to provide feedback on the document, and held a public consultation period from 12 July 2022 to 12 August 2022.

On 14 November 2022, the Health Sciences Authority issued an alert on five products that it found to contain potent medicinal ingredients and informed the public not to purchase such products. Two of the products were obtained from Malaysia through the consumers’ friends and relatives; while the other three were available on local e-commerce platforms. The HSA has worked with the platforms to remove the affected listings.

The Australian Securities and Investments Commission has been strict in monitoring compliance with the new product design and distribution obligations (DDO), which were introduced on 5 October 2021. Under these DDO obligations, issuers are required to design financial products to meet consumer needs and distribute their products in a clearly-defined, targeted manner. To date, seventeen DDO interim stop orders have been issued by ASIC. Nine interim stop orders have been lifted after ASIC’s concerns were addressed by the entities or where the products were withdrawn, and six remain in place.

On 21 November 2022, the Treasury put out a call for submissions to assist with developing the Federal Government’s regulatory framework for buy now, pay later (BNPL) arrangements. The released options paper seeks to address the purported lack of oversight of the BNPL industry which has so far not been regulated in the same way as other forms of consumer credit under the National Consumer Credit Protection Act 2009. Pending stakeholder review, the paper seeks to strengthen the regulatory framework surrounding BNPL products and depending on the option adopted, may see them subject to the same regulations as credit cards or loan facilities.

On 17 November 2022, the Competition and Consumer Commission of Singapore issued an infringement decision against four warehouse operators for infringing section 34 of the Competition Act 2004. The four warehouse operators had entered into a price-fixing arrangement by imposing a coordinated surcharge, known as the “FTZ Surcharge”, for warehouse services at Keppel Distripark. The FTZ surcharge is a surcharge imposed by warehouse operators on import cargo stored within the Free Trade Zone, and it was first introduced in order to manage rising costs. The CCCS imposed a total financial penalty of SGD 2,799,138 on the four businesses, namely CNL Logistics Solutions Pte. Ltd., Gilmon Transportation & Warehousing Pte. Ltd., Penanshin (PSA KD) Pte. Ltd. and Mac-Nels (KD) Terminal Pte. Ltd.

The Treasury Laws Amendment (More Competition, Better Prices) Act 2022 received royal assent on 9 November and is now in force. Maximum penalties for contraventions of the CCA and ACL have significantly increased, effective immediately, exposing business to very substantial risk. The need for robust policies, systems and training to ensure compliance with the legislation has never been more important.

With the enactment of the new Cinema Law 2022, the Ministry of Culture, Sports and Tourism (MOCST) is developing a draft decree guiding the Cinema Law. After a one-month public consultation period, the MOCST made substantial updates to the Draft Decree and submitted the latest version to the Ministry of Justice for appraisal. The content of the latest version reflects the majority of the comments and recommendations suggested by industry stakeholders, evidencing how effective and influential policy advocacy can be.

The Digital Markets Act (EU Regulation 2022/1925) came into force on 1 November 2022, with the aim of promoting fair business practices in the digital industry in Europe. While the DMA itself may have no direct implication for Indonesia, the KPPU – Indonesia’s competition authority – often refers to developments and thought-leadership on enforcement from other prominent jurisdictions, including the EU. Digital businesses operating in Indonesia may use the DMA as a navigation tool, and clients may find the practical risk mitigation tips useful.