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In ESG

Thailand: Sustainability and investment promotion schemes in Thailand (Part 1)

by , , , and 3 Mins Read

Customers and investors are increasingly interested in the ESG initiatives of companies before making a purchase or investment decision. This is the case in Thailand, where we are seeing more companies announce sustainability initiatives, causing government authorities to supportively respond to these efforts. In this two-part article, we will first focus on the sustainability trends in Thailand and the role of Thailand’s Board of Investment with examples of current incentive schemes and privileges that facilitate sustainability-related activities.

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In Product Regulation & Liability

Singapore: Updates to the HSA’s Software as a Medical Device regulatory framework

by 7 Mins Read

In April 2022, the Health Sciences Authority published its revised Regulatory Guidelines for Software Medical Devices. It has also finalised its new Guidelines on Risk Classification of Standalone Medical Mobile Applications and Qualification of Clinical Decision Software, which had been released for public consultation in July to August 2021.

In Product Regulation & Liability

Australia: ePayments Code – User beware – Getting scammed not a mistake

by , and 4 Mins Read

On 2 June 2022, ASIC published the updated ePayments Code which it states will strengthen and clarify a number of existing protections for consumers relating to various forms of electronic payments. The Code has generally been the benchmark for consumer protections for payments and transactions that were triggered within the world of online and mobile banking. It has been an added level of regulation for its subscribers which include most banks, credit unions and building societies in Australia.

In Sanctions

The US Government Publishes Advisory on North Korean IT Workers

by and 3 Mins Read

On May 16, 2022, the US Departments of State and Treasury and the Federal Bureau of Investigation issued a joint advisory alert to the public about attempts by the Democratic People’s Republic of Korea (“DPRK” a.k.a. North Korea) and DPRK information technology (“IT”) workers posing as non-DPRK nationals to obtain employment outside of North Korea. The Advisory provides guidance to help prevent inadvertent recruitment, hiring, and facilitation of North Korean IT workers, as the hiring or support of DPRK IT workers may create business risks that range from theft of data, intellectual property, and funds, to sanctions-related risks under both US and United Nations authorities.

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In Africa

Africa: China’s trade ties with the continent continue to strengthen

by 6 Mins Read

Bilateral trade between China and Africa is increasing year on year. While COVID lockdowns have resulted in logistics bottlenecks, trade between the two regions has not been severely impacted, especially in terms of exports from Africa into China. China has continued to import African agricultural goods and raw materials, with food security and materials needed for the energy transition considered to be a priority. The ties between these two regions continue to strengthen, and are expected to be further bolstered as free trade under the African Continental Free Trade Area takes hold.

In Trade and Foreign Investment

Indonesia: The issuance of the new Customs Tariff Book of Indonesia requires updates to commercial records and systems

by , and 8 Mins Read

In April 2022, the Minister of Finance (MOF) issued MOF Regulation No. 26/PMK.010/2022 on the Stipulation of Goods Classification System and Imposition of Import Duty Tariffs on Imported Goods, which introduced changes made to the Harmonized Commodity Description and Coding System (HS) Code regime and updated Indonesia’s Customs Tariff Book (CTB). The CTB is amended every five years because the HS, on which it is based, is updated every five years to account for technological developments, changes in trade patterns, and the changing of global situations and conditions.

In ESG

Australia: Proposed securities law employee share scheme reforms enacted

by , and 5 Mins Read

Securities law reforms aimed at making it easier for businesses to implement employee share schemes have been adopted and will become effective on 1 October 2022. Originally announced last year, the reforms change the way in which offers under employee share schemes are regulated. It is expected that the new law will replace the current exemptions from prospectus and licensing requirements contained in ASIC Class Orders 14/1000 and 14/1001.

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