Baker McKenzie’s Sanctions Blog published the alert titled Blog Series: Sanctions Enforcement Around the World – Five Eyes Partners agree to coordinate enforcement on export controls on 11 July 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 19 June 2023, the Financial Supervisory Service of the Republic of Korea issued a notice which states that domestic employees may be sanctioned for violating the Foreign Exchange Transaction Act if they sell foreign-listed stock through an overseas broker or deposit funds resulting from the sale of foreign-listed stock in an overseas financial institution. To comply with the applicable regulation, domestic employees are required to open an account with a domestic broker and sell foreign-listed shares through such domestic broker.
On 31 May 2023, Vietnam’s Ministry of Information and Communication (MIC) issued Circular No. 04/2023/TT-BTTTT on the list of potentially unsafe goods under the management of the MIC. The new Circular will take effect on 15 July 2023, replacing the current Circular No. 2/2022/TT-BTTTT, dated 16 May 2022.
The ratification of two of the world’s mega-regional free trade agreements, namely the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marks a significant milestone for Malaysia in its pursuit of bolstering foreign investments and expanding its trade horizons.
From 9 November 2023, the unfair terms regime will change so that significant penalties may apply for breaches of the UCT regime. As a result, businesses need to look again at their standard terms for unfair terms risks.
On 28 June 2023, the State Bank of Vietnam issued Circular No. 06/2023/TT-NHNN amending several provisions of Circular No. 39/2016/TT-NHNN of the SBV dated 30 December 2016 on lending activities of onshore credit institutions and foreign bank branches (local banks) to customers. The new Circular will come into effect on 1 September 2023.
On 9 June 2023, the Government released Decree No. 32/2023/ND-CP to replace Annex II of Decree No. 53/2018/ND-CP regarding encryption products subject to Import Permit, which also takes effect on 9 June 2023.
Vietnam continues to develop regulatory structures incentivizing a shift to a green economy. The proposed classification framework for green credit and green bonds is introduced via the Draft Decision of the Prime Minister on environmental criteria and certification for projects eligible for green credit and green bonds released in December 2022.
Phase 2 of the Healthcare Services Act 2020 (HCSA) has been implemented with effect from 26 June 2023. Under Phase 2, medical or dental healthcare providers who deliver services outside the premises of clinics and via teleconsultation will be required to hold a HCSA license, along with service providers offering outpatient medical and dental services, nuclear medicine, and outpatient renal dialysis, among others.
In June 2023, the Health Sciences Authority (HSA) participated in a one-week INTERPOL-led, internet-based operation involving 16 member countries targeting the sale of illegal health products. The HSA announced that it had removed over 2,000 listings of illegal health products from local e-commerce platforms and detected over 300 parcels shipped into Singapore from overseas containing illegal sexual enhancement products during a week of intensified surveillance from 1 June to 7 June 2023.