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In Environment

Singapore: Carbon Pricing (Amendment) Act 2022 comes into force on 7 March 2023

by , , and 4 Mins Read

The Carbon Pricing (Amendment) Act 2022 (“Act”), which came into force on 7 March 2023 and amends the Carbon Pricing Act 2018, seeks to advance Singapore’s transition towards net-zero.
The Act aims to encourage emitters of greenhouse gases to proactively reduce emissions by:
(a) progressively increasing carbon tax rates;
(b) introducing an industry transition framework to provide transitory allowances to companies in Emissions-Intensive Trade-Exposed sectors;
(c) setting up an International Carbon Credits framework; and
(d) revising the list of greenhouse gases and their Global Warming Potential Values.

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In Product Regulation & Liability

Vietnam: White List for online advertising services released

by , , and 3 Mins Read

On 21 March 2023, the Authority of Broadcasting and Electronic Information (ABEI) under the Ministry of Information and Communications released a white list specifying local service providers whose online websites and/or social networks are verified and suitable for online advertisements (“White List”). This is part of ABEI’s initiative to encourage brands and advertisers to prioritize displaying advertisements on non-violating websites.

In Employment

Asia Pacific: Need to Know – Asia Pacific Employment Podcase Series

by , and 1 Min Read

To help you stay informed about employment law developments in Asia Pacific, Baker McKenzie has launched its latest podcast series, Need to Know: The Asia Pacific Employment Law Podcast. In this series, we will be discussing recent legislative changes, notable cases and other employment law hot topics. In our first episode, partner Trishelea Sandosam (Kuala Lumpur) and legal assistant Han Yang Quek (Kuala Lumpur) explain the key changes to Malaysia’s Employment Act that came into effect on 1 January 2023, and what employers should be doing in response to these changes.

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In Corporate Compliance

Australia: Public companies to disclose subsidiary information – consultation

by 3 Mins Read

The Australian Federal Government is consulting on a new financial reporting requirement for public companies (listed and unlisted) to disclose information about their consolidated entities, including their country of tax domicile. The change will apply in relation to financial years commencing from 1 July 2023. Submissions can be made until 13 April 2023.

In Corporate Compliance

Hong Kong: SFC issues guidance in light of the new PRC regulations on overseas listings of PRC companies – Baker McKenzie InsightPlus

by , , and 9 Mins Read

On 17 March 2023, the Hong Kong Securities and Futures Commission issued a Frequently Asked Question relating to the disclosure of interests in PRC issuers under Part XV of the Securities and Futures Ordinance, Cap. 571. Practice Note 25 was published on the same date to provide guidance on the application of the Codes on Takeovers and Mergers and Share Buy-backs to PRC issuers in light of the New PRC Regulations.

In Data Privacy

Vietnam: Draft Law on citizen identification — Implications on data-related rules

by , and 2 Mins Read

The public consultation round for the draft Law on Citizen Identification has recently ended. Among other objectives, the Draft Law aims at supplementing and integrating more citizen data into the National Database on Population so that Citizen ID Cards and the National e-Identification Application can be utilized more in both public services and private transactions, gradually cutting red tape.

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In Data Privacy

Japan: Data monetization and data trading markets

by and 4 Mins Read

This second video is part of a series about sustainable business models for smart cities. In this second part, Baker McKenzie’s Yaeko Hodaka and Tsugihiro Okada together with specialists Mr. Yasunori Mochizuki (NEC Fellow), Mr. Akihito Karasawa, (Manager of the Digital Planning Section, Smart City Promotion Department, Digital Strategy & Promotion Bureau of Sapporo City) and Mr. Tadashi Kaji (Senior Chief Researcher of Hitachi, Ltd.’s Research and Development Group) discuss legal issues that need to be taken into account.

In Product Regulation & Liability

Vietnam: New law on medical examination and treatment

by and 4 Mins Read

On 9 January 2023, the National Assembly of Vietnam issued Law No. 15/2023/QH15 on Medical Examination and Treatment, which sets out a significant number of new regulations on healthcare and medical activities. The New Law will take effect on 1 January 2024, replacing the current Law No. 40/2009/QH12 on Medical Examination and Treatment dated 23 November 2009.

In Trade and Foreign Investment

Australia: Register of Foreign Ownership commences 1 July 2023

by 1 Min Read

Australia’s new Register of Foreign Ownership of Australian Assets is expected to commence on 1 July 2023. Expanding on the existing registers for water interests and agricultural or residential land, the new Register will record foreign interests in a broader range of Australian land, entities, businesses and assets, with significant penalties for non-compliance.
Foreign persons who acquire relevant Australian interests, as well as some Australian entities that could become “foreign” due to ownership changes, may need to implement additional compliance processes to ensure they satisfy the new requirements.

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