On the country’s 76th Independence Day, Bank Indonesia announced its collaboration with the Bank of Thailand, Thailand’s central bank, for a trial of a cross-border QR payment linkage that is targeted to go live in Q1 2022.
On 20 July 2021, the Government issued Decree No. 70/2021/ND-CP amending certain articles of Decree No. 181/2013/ND-CP implementing the Advertising Law. In line with previous drafts, Decree No. 70 focuses on regulating cross-border advertising activities and revises the three main articles, Articles 13, 14 and 15, of Decree No. 181 accordingly. The amended Decree No. 181 will take effect on 15 September 2021.
Much of the focus in the world of employment last financial year was on the repercussions of lockdowns, restructuring, and remote work. There were however quite a number of important changes and decisions which employers may have missed. We set out in the attached Paper a calendar of key events, and also a checklist of tips for FY22.
On 20 July 2021, the Government issued Decree No. 70/2021/ND-CP (“Decree No. 70”) amending certain articles of Decree No. 181/2013/ND-CP implementing the Advertising Law (“Decree No. 181”). In line with previous drafts, Decree No. 70 focuses on regulating cross-border advertising activities and revises the three main articles, Articles 13, 14 and 15, of Decree No. 181 accordingly. The amended Decree No. 181 will take effect on 15 September 2021.
The Online Safety Act 2021 (Cth) (“Act”) passed Parliament on 23 July 2021 and commences on 24 January 2022 (being six months after it received royal assent, unless proclaimed earlier). A key element of the Act is the proposed “basic online safety expectations” (“Expectations”), which specify the core expectations (to be determined by the Minister) for:
• social media services;
• relevant electronic services (services that allow communication with other end-users e.g., email, IM, chat and certain gaming services); and
• designated internet services (including, with a few exceptions, those that deliver or allow access to material via an internet carriage service).
Until now, any member of the public can obtain through a standard company search information regarding the residential addresses and personal identification numbers of directors and company secretaries of Hong Kong-registered companies on the register of the Companies Registry. In light of the growing concern about the availability and use of personal information, an inspection regime to protect such personal information was included in the new Companies Ordinance (Cap 622).
The Office of the Trade Competition Commission (OTCC) has recently opened a public hearing on the draft new unfair trade practice (section 57) guideline which will replace the current guideline once it becomes effective. The draft new guideline revises certain defined terms and provides more details on acts that may constitute an offense under section 57 of the Competition Act.
Regulators around the world are seeking to strengthen governance frameworks to deter and prevent the perpetuation of employee misconduct and to stem the “rolling of bad apples.”
In this webinar recording, Eunice Tan and Grace Fung from our financial services regulatory team, and Zhao Yang Ng and Sonia Wong from our employment and compensation team discuss and analyze regulatory developments proposed by the Monetary Authority of Singapore and the Hong Kong Monetary Authority in meeting these objectives.
A series of briefings that take a “bite-size” look at international trends in different jurisdictions, drawing on Baker McKenzie’s expert financial services practitioners.
On 15 July 2021, the Health Sciences Authority (HSA) fined Riway (Singapore) Pte Ltd SGD 3,000 for making false claims that its health supplement product, Purtier Placenta, is able to treat diseases and conditions such as cancer and diabetes.