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In Employment

South Korea: Now enacted – Shares acquired under Employee Share Plans exempt from domestic broker requirement

by , and 1 Min Read

Further to our January 2024 client alert, the anticipated amendments to the Enforcement Decree of the Financial Services and Capital Markets Act (“FSCMA Enforcement Decree”) have been adopted by the Korean government cabinet on 27 February 2024 and promulgated on 5 March 2024. The amendments to the FSCMA Enforcement Decree are therefore effective as of 5 March 2024.

As of 5 March 2024, domestic employees of multinational companies who have acquired shares under a stock-based compensation program may sell such shares without the involvement of a Korean broker and may deposit proceeds from the sale of shares into an account with an overseas financial institution. For any shares sold/funds deposited prior to this date, the previous restrictions applied and these transactions could therefore remain problematic if they did not comply with the restrictions.

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In Product Regulation & Liability

Unlocking and Accelerating Growth: Healthcare and Life Sciences in Asia PacificUnlocking and Accelerating Growth: 

by , and 1 Min Read

From governments to private investors, big pharma to biotechs, organizations inside and outside the region are reimagining healthcare and life sciences to improve access, outcomes and affordability. This requires capital investment, collaboration and change at levels rarely seen before. In our digital campaign, we explore this dynamic through two main themes and identify six key market opportunities.

In Corporate Compliance

Malaysia: Coming Into Force of the Companies (Amendment) Act 2024

by , , and 6 Mins Read

The Minister of Domestic Trade and Cost of Living had appointed 1 April 2024 as the date of coming into force of the Companies (Amendment) Act 2024 (“CA 2024”), which was first tabled for reading before the Dewan Rakyat on 10 October 2023, and received Royal Assent on 24 January 2024. CA 2024 expands the definition of Beneficial Ownership (BO) and mandates companies to obtain and disclose BO information from 1 April 2024. Companies must maintain a BO register accessible by prescribed persons. Corporate Rescue Mechanisms allow companies to apply for restraining orders and introduce a “pre-pack” scheme mechanism and a “cross-class cramdown” system.

In Cybersecurity, Data and Tech

Malaysia: The Cyber Security Bill 2024 – A new era for cyber security Draft

by and 6 Mins Read

The new Cyber Security Bill 2024 (“Bill”) was tabled for first reading at the Malaysian Parliament on 25 March 2024. The Bill aims to provide a regulatory framework for the safeguarding of Malaysia’s cybersecurity landscape by requiring national critical information infrastructure entities to comply with certain measures, standards and processes in the management of the cybersecurity threats and cybersecurity incidents. To achieve such objectives, the Bill provides for, among others, the establishment of the National Cyber Security Committee, the duties and powers of the Chief Executive, the appointment of national critical information infrastructure sector leads, the designation of national critical information infrastructure entities and the licensing of cybersecurity service providers.

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In Cybersecurity, Data and Tech

China: New Rules to Facilitate and Standardize Cross-Border Transfer of Data Outside China

by , and 2 Mins Read

On March 22, 2024, the Cyberspace Administration of China issued the long-awaited Provisions on Facilitating and Standardizing Cross-Border Data Flow (the “New CBDT Rules”), which took effect from the same date. With the New CBDT Rules being promulgated, the Chinese government finally released positive signals with moderate relaxation of its stringent control over CBDT activities since the promulgation of the Personal Information Protection Law of the PRC in 2021, and the implementation of CBDT security assessment and China Standard Contract for Cross-Border Transfer of Personal Information starting from late 2022.

In Cybersecurity, Data and Tech

Philippines: National Privacy Commission issues rules for Philippine Privacy Mark certification

by , and 3 Mins Read

The National Privacy Commission (NPC) recently issued NPC Circular No. 2023-05, which sets out the prerequisites for certification under the Philippine Privacy Mark Certification Program.
The NPC Privacy Mark, obtained through the PPM Certification Program, offers the highest level of assurance on data privacy compliance and secure cross-border data transfers of personal information controllers and personal information processors. It helps data subjects identify organizations they can entrust their personal data with.
The Circular took effect on 15 March 2024.

In AML & Financial Services Regulatory

Thailand: Amendment to Backdoor Listing and Relisting rules

by , and 4 Mins Read

Effective on 25 March 2024, the Stock Exchange of Thailand (“SET”) updated the requirements for acquisition, by a listed company or its subsidiaries, of the assets of a non-listed company (“Backdoor Listing”), and the requirements for the listing of securities of a company formed by amalgamation between a listed company and non-listed company (“Relisting”). These revisions aim to strengthen the consideration process and the required qualifications of companies proceeding with Backdoor Listing and Relisting, in order to maintain the same standards comparable to a new listing.

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In Product Regulation & Liability

Thailand: The Cabinet has approved a stricter Alcoholic Beverage Control Bill – The end of alcohol advertisements?

by , , and 3 Mins Read

On 12 March 2024, the Cabinet approved in principle the draft Alcoholic Beverage Control Act (No..), B.E. (“New Alcoholic Beverage Bill”) as proposed by the Ministry of Public Health. The New Alcoholic Beverage Bill has now been forwarded to the Office of the Council of State for further consideration.

In Cybersecurity, Data and Tech

Singapore: PDPC releases advisory guidelines on the use of personal data in AI recommendation and decision systems

by , and 7 Mins Read

The Personal Data Protection Commission (PDPC) has issued the finalized Advisory Guidelines on the Use of Personal Data in AI Recommendation and Decision Systems (“Guidelines”). These Guidelines provide guidance on the use of personal data during three stages of AI system implementation: development, deployment (business-to-consumers) and procurement (business-to-business). In particular, the Guidelines clarify and elaborate on the application of the Consent Obligation and Notification Obligation, and their exceptions, under the Personal Data Protection Act (PDPA) to the use of personal data in AI systems.

In Antitrust / Competition

Australia: ACCC compliance and enforcement priorities in 2024/25

by , and 8 Mins Read

On 7 March 2024, the Chair of the Australian Competition and Consumer Commission (ACCC), Gina Cass-Gottlieb, announced the ACCC’s compliance and enforcement priorities for 2024/25 and the market studies and advocacy work that the ACCC would continue this year.
Ms. Cass-Gottlieb identified a range of industry sectors, as well as specific competition and consumer law issues that will be the focus of the ACCC’s compliance and enforcement activities for 2024/25. Many of these areas continue from last year.

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