The Monetary Authority of Singapore (MAS) has released for consultation the proposals in its paper, FI-FI Information Sharing Platform for AML/CFT, which will require Financial Institutions to share with each other information on customers or transactions, where they cross material risk thresholds, on a secured digital platform owned and operated by MAS to be named ‘Collaborative Sharing of ML/TF Information & Cases
In a curated Roundtable session, hosted by the Singapore Economic Development Board (EDB) and Baker McKenzie Wong & Leow, representatives from large multinationals across a diverse range of sectors joined the EDB and the Inland Revenue Authority of Singapore to discuss global tax reforms led by the Organisation for Economic Co-operation and Development and future differentiations in Singapore’s economic strategy.
The wide-ranging proposed amendments to China’s Antimonopoly Law (AML) (“Proposed Amendments”) were published for public comments immediately after being presented to China’s top legislature for the first reading. It is clear from the Proposed Amendments that China intends to continue to strengthen antitrust enforcement.
Australia’s competition regulator has argued for sweeping reforms to impose significantly higher barriers to proposed mergers. The Australian Government treasury also released an exposure draft on 23 August 2020 detailing a range of proposed reforms to the unfair contract terms regime, including pecuniary penalties on companies and individuals. Nero Tapware admitted it likely engaged in RPM by withholding supply of its products to a small retailer that failed to increase prices. The ACCC has reiterated the need for additional regulation to address its concerns about the dominance of digital platforms.
The local antitrust regulator’s recent fine of USD 45.62 million on an electrical product manufacturer follows SAMR’s record USD 117 million fine for RPM earlier this year. SAMR also continues to actively enforce failure-to-notify/gun-jumping violations, imposing 24 penalty decisions over Q3 of 2021. The authority may be contemplating addressing illegal price-related behaviours under the Pricing Law, in addition to the Anti-monopoly Law.
On 25 September 2021, the government passed Decree No. 85/2021/ND-CP amending several provisions of Decree No. 52/20213/ND-CP on e-commerce. The amendments and supplements under Decree No. 85, effective on 1 January 2022, focus on the provision of cross-border e-commerce services in Vietnam.
The New South Wales Modern Slavery Act was passed by the NSW Parliament on 21 June 2018, but has not yet commenced. The NSW Government took the unusual step of indefinitely deferring its commencement. The Modern Slavery Amendment Bill 2021 was introduced to the NSW Parliament on 14 October 2021 and has progressed to its second reading speech in the NSW Parliament.
Join the regulatory affairs specialists in our Bangkok office’s Healthcare & Life Sciences Industry Group at this insightful webinar to get an overview of the key issues which you should consider when undertaking a regulatory compliance audit as applicable to pharmaceuticals, medical devices, foods and cosmetics (including considerations based on recent legal updates), as well as the steps that may be taken to ensure you stay compliant and avoid unnecessary pitfalls.
The Minister of Energy and Mineral Resources has finally approved PLN’s 2021-2030 Electricity Supply Business Plan (RUPTL). This long-anticipated RUPTL marks a pivotal milestone for PLN. For the first time, the majority of power generation projects to be developed are renewable energy projects, accounting for 51.6% of 40,575 MW of power generation projects. The RUPTL also allocates a bigger share to Independent Power Producers in developing power generation projects.
Following the National Assembly’s adoption of the Law on Tax Administration, the Vietnam Ministry of Finance just issued Circular No. 80/2021/TT-BTC to provide implementing guidelines on the Law on Tax Administration and Government Decree No. 126/2020/ND-CP. One of the important provisions under Circular 80 is tax administration with respect to e-commerce business, digital-based business and other services of overseas suppliers without having a permanent establishment in Vietnam.