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In Europe

Europe: FCA and PRA call on Trade Finance Firm CEOs to improve prudential and financial crime controls in trade finance

by and 3 Mins Read

On 9 September the Financial Conduct Authority (“FCA“) and the Prudential Regulation Authority (“PRA“) published a letter to bank CEOs with the purpose of reiterating expectations of firms when undertaking trade finance activities. The Dear CEO letter addressed both conduct and prudential issues where the regulators consider that improvements are required in firms’ controls. The regulators stressed that “firms need to demonstrate that they have taken a risk sensitive approach to their control environment that ensures the relevant risks are effectively mitigated”, noting that the last 18 months have seen several “high-profile failures of commodity and trade finance firms with significant financial loss”.

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In Asia-Pacific

Vietnam: Ministry of Finance releases draft decree on management of e-commerce transacted imports and exports

by and 5 Mins Read

The Ministry of Finance released the draft Decree Regulating the Management of Imports and Exports Transacted via E-commerce in August 2021. The Draft Decree introduces dedicated customs procedures for e-commerce transacted goods, including provisions on advance information submissions via a specialized customs electronic data processing system; exemptions from specialized management and inspection and from import tax; categorization of goods; and customs procedures for returned goods.

In Brazil

Brazil: Bill No. 3227/20201, which intends to modify the Internet Content Moderation Rules, is sent to the National Congress

by and 2 Mins Read

On 6 September 2021, President Jair Bolsonaro signed Provisional Measure No. 1.068/2021, amending the Brazilian Internet Legal Framework, which regulates the use of the internet in Brazil. The MP was criticized by different sectors of society, who argued that it did not meet the applicable formal and material requirements.

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In Asia-Pacific

China: Employment law update

by , and 1 Min Read

The latest issue of the China employment law series looks at: what employers need to consider under the New Personal Information Protection Law, new measures to protect gig worker labor security rights and interests, the illegality of the ‘996’ work system, flexible employment measures for the Free Trade Zone enterprises, Shanghai court rulings on office phone conversations being used as evidence, Beijing court rulings on lawful dismissal, Shenzhen court rulings on dismissal, and new protection for delivery workers.

In Asia-Pacific

Indonesia: Minister of Law and Human Rights issued a regulation allowing foreigners to enter Indonesia with certain requirements

by , and 3 Mins Read

Over the past few weeks, the Indonesian Government has been reducing the level of Enforcement of Public Activity Restrictions in various regions within Indonesia. In light of this, and to further support Indonesia’s economic recovery, the Minister of Law and Human Rights issued Regulation No. 34 of 2021 on Granting of Immigration Visas and Stay Permits during COVID-19 Spread Handling and National Economic Recovery on 15 September 2021.

In Brazil

Brazil: Bill of Law regulates telecommuting, remote work and other forms of non-presential work for pregnant employees

by , , and 2 Mins Read

Bill of Law No. 2058/2021 (BL), initiated by the Chamber of Deputies on 06/07/2021, proposes amendments to the recent and controversial Law No. 14.151/2021, which deals with the removal of pregnant employees from on-site work during the public health emergency of national importance due to the new coronavirus. The BL specifically regulates (i) telework (ii) remote work and/or (iii) other forms of non-presential work, specifically with regard to pregnant employees.

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