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In AML & Financial Services Regulatory

Vietnam: New Law on credit institutions

by and 1 Min Read

On 18 January 2024, the National Assembly of Vietnam passed the new Law No. 32/2024/QH15 on Credit Institutions (“New Law”) at the fifth extraordinary meeting of the National Assembly. The New Law will have a major impact on the development of the banking sector in Vietnam.

The New Law will come into effect and replace the Current Law from 1 July 2024, except for the provisions on enforcement of security over real estate, which will take effect from 1 January 2025, and certain transitional provisions regarding the operation of credit institutions.

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In AML & Financial Services Regulatory

Hong Kong: New virtual asset OTC trading regulatory regime

by , , , and 1 Min Read

On 8 February 2024, the Financial Services and the Treasury Bureau of Hong Kong (FSTB) released a public consultation (“Consultation”) on legislative proposals to introduce a licensing regime (“Proposed Regime”) for providers of over-the-counter (OTC) trading services of virtual assets (VA). The Proposed Regime will be regulated by the Commissioner of Customs and Excise. The Consultation represents the latest step in the city to further enhance the VA regulatory framework as outlined by the Hong Kong Government in its 2022 Policy Statement on Development of VA in Hong Kong.

In Corporate Compliance

Indonesia: Breaking down the second amendment to the EIT Law – new provisions on electronic certificate providers, prohibited contents and mandatory use of Indonesian law

by , , , , and 1 Min Read

On 2 January 2024, the President of the Republic of Indonesia signed Law No. 1 of 2024 on the Second Amendment to Law No. 11 of 2008 on Electronic Information and Transactions (“EIT Law”) (“Amendment Law”). The Amendment Law was enacted and became effective on the same day. The Amendment Law covers some new provisions that seem to push for localization and domestic protection, such as the requirement for e-certification service providers to be domiciled in Indonesia and the requirement for international electronic contracts to be governed by Indonesian Law. The Amendment Law also elaborates on the prohibited acts under the EIT Law, and contains new provisions on government intervention.

In

Philippines: National Privacy Commission amends certain provisions of its Rules of Procedure

by , and 13 Mins Read

The National Privacy Commission (NPC) recently issued NPC Circular No. 2024-01 (“Circular”), which amends certain provisions of the 2021 Rules of Procedure. The Circular aims to further streamline the process of receiving complaints and instituting investigations on matters affecting any personal information. The amendments impose certain requirements in case of privacy violation complaints by minors or persons alleged to be incompetent.

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In Anti-Corruption

Asia Pacific: 5 Lunar New Year’s resolutions for investigations

by , , and 2 Mins Read

Investigations are an essential tool for ensuring a company’s ethical standards are being followed by employees, business partners, and any others with whom the company interacts. However, investigations are also an essential tool for demonstrating and maintaining strong corporate governance – an integral part of a company’s ESG commitments and strategy. It is also a good time to set yourself some goals and resolutions. To help you on your way, we are pleased to share our top 5 Lunar New Year Resolutions for handling Internal or Government Investigations

In

Thailand: New cross-border data transfer rules officially published as law

by , , , and 6 Mins Read

On 25 December 2023, Thailand’s Personal Data Protection Committee (PDPC) published two subordinate regulations regarding cross-border transfer of personal data under the Personal Data Protection Act B.E. 2562 (2019) (PDPA) in the Government Gazette. These two rules are (1) Whitelist Notification; and (2) the Binding Corporate Rules (BCRs) and Appropriate Safeguards Notification, both of which will come into force on 24 March 2024.
Businesses may need to revisit which cross-border transfer option is appropriate for their specific circumstances, particularly considering whether their existing BCRs (for the Office of the PDPC’s approval) or appropriate safeguards (e.g., existing contractual clauses) are in compliance with the requirements set out by these new subordinate rules.

In

Vietnam: New Telecom Law’s implications on over-the-top communications, data center, and Cloud services in Vietnam

by 4 Mins Read

On 24 November 2023, the National Assembly officially approved the new Law on Telecommunications (“New Telecom Law”). This new law will soon supersede the existing 2009 Law on Telecommunications, which has been effective since 2010. The New Telecom Law will take effect on 1 July 2024, but its notable provisions regulating over-the-top (OTT) communications, data center (DC), and cloud computing (“Cloud”) services will take effect six months later, on 1 January 2025.

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In AML & Financial Services Regulatory

China: Charting China’s booming panda bonds market

by 2 Mins Read

China’s panda bonds market is gaining momentum and attracting great interest. The National Association of Financial Market Institutional Investors’ recent move in granting licenses to three foreign banks to be lead underwriters for panda bonds is a positive signal of China’s further opening up of its financial market. In an interview with IFR Asia, Shirley Wang and Samuel He of FenXun, Baker McKenzie’s Joint Operation platform partner, discuss what lies ahead in 2024 in the panda bonds market and what it means for foreign banks and bond issuers.

In Employment

Japan: Effective 1 April 2024 – changes to the deemed working time system for discretionary work

by 6 Mins Read

The Labor Standards Act (LSA) includes a deemed working time system for discretionary work under which the working hours of employees engaged in certain duties can be predetermined rather than calculated on the basis of their actual working time. The Ordinance for Enforcement of the Labor Standards Act and a government notification detail the scope of the duties to which the Discretionary Work System can be applied and the relevant procedures.

In ESG

Australia: A new national environment regulator

by and 4 Mins Read

Draft discussion papers have been released outlining the purpose and functions of the new Commonwealth Environmental Protection Agency (EPA).
The EPA is to be established by way of new standalone legislation which we anticipate will be released in 2024. Other legislation (such as the new “nature positive” legislation, expected to replace the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act)) is to confer powers and responsibilities on the new EPA Chief Executive Officer (CEO).
This article sets out what we currently know about how the EPA is to operate, how that varies from current arrangements and what this means for the future of project environmental assessment in Australia.

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