The new regulation was intended to facilitate a more through appeals process, following other recent legislative changes to the appeals procedure. However, companies facing investigation should factor in the possibility that appeal hearings may continue to be limited to a short review of the KPPU files.
On 2 November 2021, the Ministry of Commerce of China officially released the revised Catalogue of Technologies Subject to Import Prohibition and Restriction, effective immediately, which identifies, among others, foreign “data encryption technology employing a key length greater than 256 bits” as a technology that requires import permit when transferred to a Chinese party.
The Communications and Multimedia Content Forum of Malaysia has issued a public consultation paper titled “Revamp of the Malaysian Communications and Multimedia Content Code”, proposing a number of changes to the prohibitions, restrictions and requirements on electronic content, particularly in relation to advertising, as well as broader implications for online service providers and online marketplace operators. The closing date for submission of feedback to the Content Forum is 10 December 2021.
On 6 October 2021, the Ministry of Information and Communications released a proposal to amend the Law on Telecommunications, including an outline for the proposed amendments. The outline of the new Law is still in a skeletal proposal form.
Effective 1 January 2022, cloud service providers in Malaysia will be subjected to licensing requirements under the Malaysian Communications and Multimedia Act 1998. Technical standards are also expected to be implemented in due course to ensure that licensed cloud service providers comply with prescribed requirements as to data security and data protection. Cloud service providers are advised to carefully consider whether the new licensing regime applies to their solutions, and to ensure they are duly licensed when the requirements come into force in the new year.
China has strengthened its commitment to protect personal information by adopting the new Personal Information Protection Law (PIPL 《中华人民共和国个人信息保护法》) which gives data subjects the power to control and determine how, with whom and for what purposes their personal information can be shared, analyzed or handled. Our Firm has previously released a more detailed discussion on the PIPL, which took effect on 1 November 2021.
As a sponsor at the 2021 Hong Kong Fintech Week, Baker McKenzie moderated several panel discussions and hosted a couple of virtual masterclasses, including one on the topic “Future of Work: New Workforce Reality.” This session covers interesting developments from an employment perspective, looking closely at key considerations for financial institutions dealing with the changing environment including critical risks in cybersecurity, data privacy and intellectual property confidentiality, occupational health and safety issues, and fraud risks.
As a sponsor at the 2021 Hong Kong Fintech Week, Baker McKenzie moderated several panel discussions and hosted a couple of virtual masterclasses, including one on the topic “ESG Investing and Fintech.” In this session, our speakers discuss key considerations and opportunities in ESG investing and its impact on technology. They also looked at strategies some fintech businesses are adopting to respond to the new regulatory landscape, as well as emerging sustainability opportunities in this sector.
In the Asia Pacific Competition update, we provide you with a practical overview of the most notable antitrust legal developments of the third quarter in 2021 that may affect your business.
In our updated and expanded Guide to Issues for Trades of Non-Performing Loans across Europe and China, we have selected some of the key legal and practical issues to be aware of when conducting a no-performing loan trade in jurisdictions that are strongly anticipated to be key areas of activity.