Corporate Compliance Archives

In Environment

Global: The Race to Net-Zero

November 29, 2022 by Mattias Hedwall, Adam B. Farlow, Joanna (Jo) Hewitt, David P. Hackett, Jennifer L. Klass, Graham J. Stuart, Luis A. Gomez, Grant Murray, Renata Campetti Amaral, Reagan R. Demas, Ruth Dawes, Beatriz Pessoa de Araujo and Alyssa Auberger 1 Min Read

Across sectors and industries, from start-ups to multinationals, companies everywhere are talking about their sustainability credentials — and in particular, their intention to reach net-zero. Businesses have recognized that a net-zero pledge can be a powerful public message, in the face of growing pressure to tackle the climate crisis and an expectation that business be part of the solution. But amidst all the rhetoric, how much progress are we really making? Are we on course to reach net-zero by 2050, or are businesses simply jumping on the bandwagon on the road to net nowhere? We surveyed 1,000 business leaders to find out more.

In Trade and Foreign Investment

Global: Year-End Review of Import/Export & Trade Compliance 2022

Welcome to our Virtual Year-End Review of Import/Export and Trade Compliance Developments Conference resource center. Baker McKenzie’s international trade compliance lawyers from around the world discussed the major global legislative, judicial and administrative activities and trends in export controls, trade sanctions, customs compliance, and import requirements in nine 75 minute sessions which took place from 15 to 17 November 2022.

In Antitrust / Competition

Australia: Significantly increased CCA/ACL penalties now apply

November 22, 2022 by Lynsey Edgar, Georgina Foster, Helen Joyce, Anne-Marie Allgrove, Jonathan Flintoft, Adrian Lawrence, Toby Patten and Anne Petterd 3 Mins Read

The Treasury Laws Amendment (More Competition, Better Prices) Act 2022 received royal assent on 9 November and is now in force. Maximum penalties for contraventions of the CCA and ACL have significantly increased, effective immediately, exposing business to very substantial risk. The need for robust policies, systems and training to ensure compliance with the legislation has never been more important.

In Cyber Security

Vietnam: Draft Cinema Decree (submitted for the Ministry of Justice’s appraisal)

November 22, 2022 by Manh Hung Tran, Tuan Linh Nguyen and Huyen Minh Nguyen 4 Mins Read

With the enactment of the new Cinema Law 2022, the Ministry of Culture, Sports and Tourism (MOCST) is developing a draft decree guiding the Cinema Law. After a one-month public consultation period, the MOCST made substantial updates to the Draft Decree and submitted the latest version to the Ministry of Justice for appraisal. The content of the latest version reflects the majority of the comments and recommendations suggested by industry stakeholders, evidencing how effective and influential policy advocacy can be.

In Employment

United States: SEC Releases Final Rule on Clawback of Incentive Compensation

November 18, 2022 by Sinead M. Kelly, Roger Bivans, Victor A. Flores and Thomas Asmar 1 Min Read

On 26 October 2022, the SEC adopted final incentive compensation clawback rules requiring US-listed issuers to: (i) develop and implement a policy for the recovery of incentive-based compensation that is erroneously “received” by current and former executive officers during the three completed fiscal years immediately preceding the date that the issuer is required to prepare an accounting restatement, and (ii) file that policy as an annual report exhibit and satisfy related disclosure obligations in accordance with SEC rules.

In Employment

Belgium: The impact of the EU directive on transparent and predictable working conditions

November 18, 2022 by Nancy Luyten, Julie Van thienen and Gurkan Taskiran 5 Mins Read

The EU legislators aim to promote more transparent and predictable employment, while ensuring labor market adaptability. To reach this goal, the EU directive on transparent and predictable working conditions and its implementation law impose certain information obligations on employers, and also lay down new minimum standards regarding working conditions that have to be guaranteed. In the case of noncompliance, sanctions (up to level 3) can be imposed.

In Data Privacy

United States: California Privacy Law action items for employers

November 18, 2022 by Lothar Determann, Helena J. Engfeldt and Jonathan Tam 6 Mins Read

On 1 January 2023, the California Consumer Privacy Act as revised by the California Privacy Rights Act will take effect fully in the job applicant and employment context.
And with respect to job applicants and personnel, businesses subject to the California Consumer Privacy Act will be required to (i) issue further revised privacy notices, (ii) be ready to respond to data subject requests, (iii) have determined if they sell or share for cross context behavioral advertising personal information about them, and (iv) have determined if they use or disclose sensitive personal information about them outside of specific purposes. If employers sell, share for cross-context behavioral advertising, or use or disclose sensitive personal information outside of limited purposes, numerous additional compliance obligations apply.

In Ukraine

Ukrainian Laws in Wartime

November 18, 2022 by Serhiy Chorny and Serhiy Piontkovsky 2 Mins Read

We’re pleased to present the eighth edition of Ukrainian Laws in Wartime: Guide for International and Domestic Businesses, a brief overview of the key features of wartime legislation.
This issue contains updated responses to the most common questions raised and considered by international and Ukrainian businesses.

In Corporate Compliance

Australia: Overview of the Australian Insolvent Trading Prohibition and the Safe Harbour Protections

November 18, 2022 by Maria O'Brien, Peter M. Lucarelli and Ian Innes 1 Min Read

Directors of Australian companies face significant personal monetary – and potential criminal and adverse professional – consequences if they allow the company to trade whilst insolvent.
Australian insolvent trading laws are harsher, and more frequently utilized to prosecute directors personally, than in many other jurisdictions including in the US and the UK.

In Tax

European Union: New EU rules on mandatory disclosure of cross-border tax arrangements by EU intermediaries

November 18, 2022 by Philippe Lion and Mounia Benabdallah 7 Mins Read

On 25 May 2018, the Council of the European Union adopted a directive on the mandatory disclosure and exchange of cross-border tax arrangements. This is the sixth update of the Directive on Administrative Cooperation, therefore referred to as ‘DAC6’ and the disclosure regime is now live.
Under the new rules, intermediaries such as lawyers, tax advisors, and accountants that design, promote or implement certain ‘arrangements’, or that provide advice in relation to such arrangements, are required to report them to tax authorities.