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.
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.
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.
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 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.
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.
On 12 May 2022, the President issued Executive Order No. 169, which seeks to intensify government efforts in strengthening the franchising industry and to help businesses, especially micro, small and medium enterprises, by developing a transparent and business-friendly environment, and promoting fair and equitable practices.
On May 1, 2022, the amendment to the Ministerial Ordinance for Exporter Standards and relevant administrative notices (the “Amendment”) came into force. Upon enforcement of the Amendments, so-called “Deemed Exports” will be interpreted in a more restrictive manner than previously. Although export licenses were not required for the provision of technology information between Japan residents, pursuant to the Amendment, if certain conditions are met, such provision may be regarded as a “Deemed Export” and subject to an export license under the Foreign Exchange and Foreign Trade Act
The UK government has introduced a bill to help bring into force the UK-Australia and the UK-New Zealand Free Trade Agreements (“FTAs“).
The bill is a key step in ratifying the FTAs but before they come into force, Parliament must scrutinise the FTAs, agree the bill and pass secondary legislation to make the changes required to the UK’s procurement regime to meet the terms of the FTAs.
A range of climate-related policies are likely to be introduced in Australia as the country looks to strengthen its climate position through a new federal government.
A range of climate-related policies are likely to be introduced in Australia as the country looks to strengthen its climate position through a new federal government.