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In Asia-Pacific

Vietnam: New draft regulations on market access applicable to foreign investors

by and 4 Mins Read

Under the new Investment Law 2020, which will take effect on 1 January 2021 (“New Investment Law”), the most notable change is the introduction of the “negative list” approach, according to which foreign investors will be entitled to market access conditions applicable to domestic investors for any sectors not included in the list of sectors, which foreign investors are restricted from accessing (“List of Restricted Sectors”). 

The government recently released a draft regulation that guides market access by foreign investors and provides the List of Restricted Sectors applicable to the foreign investors, which is to be included in the decree guiding the implementation of New Investment Law (“Draft Decree”).

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In Asia-Pacific

Indonesia: Omnibus Law – Chasing Efficiency in the Telecommunications Sector

by , and 5 Mins Read

On 5 October 2020, the Parliament approved the job creation law (RUU Cipta Kerja, commonly known as the “Omnibus Law”), which introduces key amendments to several sectors. The Omnibus Law is expected to take effect within 30 days, upon signing by the President.

The Omnibus Law intends to amend more than 75 laws, which will require the central government to issue more than 30 government regulations and other implementing regulations within three months.

This client alert covers the amendments to Law No. 36 of 1999 on Telecommunications (“Telecommunications Law”) and Law No. 32 of 2002 on Broadcasting (“Broadcasting Law”) under the Omnibus Law, which would impact telecommunications and broadcasting sectors in Indonesia.

In Corporate Governance

United States: The return of Corporate Inversions?

by and 5 Mins Read

Many analysts have credited the enactment of the Tax Cuts and Jobs Act (TCJA) for removing many of the incentives and benefits of a US multinational inverting or redomesticating to a foreign jurisdiction, such as Ireland or the UK, as part of a merger or acquisition of a foreign company. The cross-border merger and acquisition activity of the last two-and-a-half years would suggest that the analysts are correct, as there have been no major corporate inversions involving US multinationals since the enactment of the TCJA in December 2017.

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In Corporate Governance

Global: Bite-size Briefings: Conflicts of interest and spread charges – a continuing focus for global regulators – July Ed No. 5

by , and 1 Min Read

A series of briefings that take a ‘bite-size’ look at international trends in different jurisdictions, drawing on Baker McKenzie’s expert financial services practitioners. Global financial regulators are maintaining their focus on the way that fees are disclosed to clients and factors, particularly compensation structures and conflicts of interest, which may…

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In AML & Financial Services Regulatory

China: CBIRC to conduct follow-up checks on banking and insurance sector to ensure industry problems are being addressed

by , , and 4 Mins Read

On 24 June 2020, the China Banking and Insurance Regulatory Commission (CBIRC) issued a circular on Carrying out the Follow-up Checks for the Rectification of Market Problems in the Banking and Insurance Sectors (the “Circular”). The CBIRC proposes to launch follow-up checks to review the steps taken to correct industry problems identified in the past three years following some high-profile cases, particularly in the areas of corporate governance, risk management and repeated violations of several laws and regulations.

Our alert sets out a brief summary of key “follow-up” checks outlined in the Circular and provides some practical tips that we have developed from our own experience on how companies can ensure their compliance programs satisfy the guidelines. More information can be found in our guide on 5 Essential Elements Of Corporate Compliance.

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