On 16 May 2024, the Government issued Decree No. 55/2024/ND-CP providing guidance on the 2023 Consumer Law. This decree specifies selected articles in detail, aiming at enhancing consumer protection and regulating diverse commercial environments in Vietnam. This decree will come into effect on 1 July 2024, coinciding with the Consumer Law’s commencement, and will be implemented immediately without a grace period.
On 5 June 2024, the United States Court of Appeals for the Fifth Circuit vacated the Private Fund Adviser rule (“Rule”) in its entirety on the grounds that the SEC, in enacting the Rule, had exceeded its statutory authority. The Rule was adopted by the SEC in August 2023 and would have fundamentally changed the regulatory landscape for private equity funds and their investors. The outcome was somewhat unexpected as in oral arguments the petitioners only directly challenged three of the five provisions that make-up the Rule and there was significant discussion as to whether the five provisions of the Rule should be considered a single rule or if the five provisions should be considered separately.
The Food and Drug Administration has recently updated a number of regulations related to certain medical devices to ensure that they are carefully monitored and controlled, have prescribed quality standards, and are safe for consumers. The updated regulations relate to alcohol detecting devices, positive airway pressure devices and dentistry devices.
The UK Government passed the long-awaited Digital Markets, Competition and Consumers Act (“Act”) on 24 May 2024. Some provisions of the Act take effect immediately (for example, new controls over foreign ownership of newspapers), but most provisions will enter into force in Autumn this year following the conclusion of a public consultation on important legislative guidance. The Act introduces radical new digital sector regulation – akin to the European Union’s Digital Markets Act – in addition to expanding the UK Competition & Markets Authority’s consumer protection powers and introducing significant reform of the UK competition regime.
On 10 May 2024, the Health Sciences Authority issued an update on products found and reported by overseas regulators to contain potent ingredients prohibited in such products and which may lead to side effects.
The Health Sciences Authority (HSA) adopts different forensic classifications, with varying degrees of access controls, for therapeutic products in Singapore. In May 2024, the HSA issued an update on the reclassification of certain medicines, which would consequently affect the level of access controls that are required. Companies engaging in the distribution or sale of such reclassified medicines in Singapore should ensure that their distribution and sale processes account for the different levels of restrictions that would apply following this reclassification of medicines.
Navigating regulatory compliance in the fast-paced crypto markets is challenging. The MiCAR Compliance Toolkit provides you with the practical steps needed to help you prepare for the new regulatory regime for cryptoassets in the EU.
Please join Baker McKenzie and ICPA for a fireside chat with Lawrence Scheinert, Associate Director for Enforcement, Compliance, and Analysis at the US Treasury Department’s Office of Foreign Assets Control (OFAC).
During the discussion, Lawrence will outline OFAC’s enforcement program and priorities. He will also share his insights on enforcement actions, multilateral coordination and cooperation with other US regulators such as BIS, FinCEN, and the DOJ, impact of enforcement actions on non-US companies, among other topics.
Please join us on 18 and 19 June 2024 for this informative briefing to gain up-to-date insights that could significantly impact your company’s compliance strategies and operations.
On 10 April 2024, the Hong Kong Court of Final Appeal (CFA), Hong Kong’s highest court, delivered its judgment in Tam Sze Leung & Ors v Commissioner of Police [2024] HKCFA 8, affirming the validity of the ‘No Consent Regime’ (“Regime”) of the Hong Kong Police (“Police”). The Regime encompassed a practice of issuing “Letters of No Consent” (LNCs) to financial institutions for customer accounts that contain suspected proceeds of crime, thereby triggering informal freezes on these accounts.
On 15 May 2024, the National Securities Commission (CNV) issued General Resolution No. 1002/2024 (“Resolution”), modifying the regime applicable to promotion and advice within the framework of the public offering of securities.