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In Asia-Pacific

Hong Kong: Changes to the competence and training requirements for personnel of financial intermediaries

by , and 2 Mins Read

The Securities and Futures Commission recently released its Consultation Conclusions on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners. Changes to the existing Guidelines on Competence and Guidelines on Continuous Professional Training will take effect in January 2022. These changes impact the competence and ongoing training requirements for new and existing Responsible Officers and Licensed Representatives of Licensed Corporations, as well as Executive Officers and Relevant Individuals of Registered Institutions.

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In Asia-Pacific

Australia: Infrastructure Victoria’s update to its 30-year Infrastructure Strategy set to influence Victorian Government’s infrastructure spending

by , , and 10 Mins Read

Infrastructure Victoria has recently released an updated 30-year Infrastructure Strategy which the Victorian Government is currently considering. Following remarks from the Treasurer, we anticipate the Victorian Government to issue its response to IV’s stated infrastructure priorities within the next 12 months.

In Covid-19

Italy: ‘Decreto Semplificazioni bis’ converted into law – the main changes to administrative and environmental law

by and 5 Mins Read

“Semplificazioni” Decree-bis (Law Decree No. 77 of 31 May 2021) was converted into Law No. 108 of 29 July 2021.Upon conversion into law, the text of the Decree was subject to further amendments and adjustments. The most significant changes regarding public contracts, environment, renewable energy, town planning and construction, and administrative procedures are set forth in this article.

In Employment

United Kingdom: Pensions and ESG – The legal angle

by , and 2 Mins Read

High-polluting leaded petrol was recently eradicated from the world, eliminating what was identified as a huge threat to human health and well-being, as well as its devastating effect on nature. This is just the latest development in the Environmental, Social and Governance and climate change story, which has evolved at ferocious speed over the past two-three years and has now become a key focus for both governments and organisations alike.

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In AML

Australia: High Court rules on ‘interests of justice’ in relation to privilege against self-incrimination

by , and 7 Mins Read

The privilege against self-incrimination has long been a feature of Australia’s common law and recognises the important concept that individuals should not be compelled to incriminate themselves. The privilege has also been protected by legislation, including in sections 128 & 128A of the Evidence Act 1995 (Cth). A recent High Court decision in Deputy Commissioner of Taxation v Zu Neng Shi [2021] HCA 22 considered whether disclosure of privileged information was in the interests of justice.

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In Corporate Compliance

Russia: Introduction of physical presence requirements for foreign tech companies – How to comply with minimum tax exposure?

by 1 Min Read

On 1 July 2021, Russia adopted a paradigm-shifting law that establishes, among other things, new physical presence requirements for major foreign technology companies doing business in the Russian Internet space. Affected technology companies are required to open either a representative office, a branch, or a subsidiary in Russia. This article provides a brief overview of this radical regulatory development and its Russian tax implications, reviews the compliance alternatives, and suggests means to mitigate the associated tax risks.

In Employment

United Kingdom: The knock on effects of reclassification

by , and 5 Mins Read

Reclassification of individuals or activities for one purpose can have knock on consequences to business models and can lead to issues and liabilities in areas such as employment, wage tax, pensions, tax and regulatory. A decision or change in one area of law may be a time to re-assess the business model and consider whether that determination might have wider commercial implications.

In Anti-Corruption

China continues to strengthen its anti-corruption campaign in relation to public servants

by , and 2 Mins Read

The Supervisors Law of the People’s Republic of China was recently promulgated by the Standing Committee of the National People’s Congress on 20 August 2021. Together with other legislation and enforcement activities, the Supervisors Law aims to strengthen President Xi’s anti-corruption campaign and is scheduled to take effect on 1 January 2022.

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