Submenue Archives

In AML & Financial Services Regulatory

Singapore: Additional regulatory requirements proposed for digital payment token service providers

November 17, 2022 by Stephanie Magnus, Eunice Tan and Ying Yi Liew 7 Mins Read

The Monetary Authority of Singapore has issued a consultation paper proposing additional regulatory safeguards, particularly around retail customer access, business conduct measures and technology risk management for cryptocurrency players. The MAS seeks to extend its regulatory focus beyond money laundering and terrorism financing risks, to holistically strengthen the regulatory framework, limit consumer harm and better address fraud protection in light of recent incidents, while acknowledging the need not to hamper digital innovation. The MAS proposes that these new requirements, once issued in the form of guidelines, will apply not only to licensed digital payment token service providers licensed under the Payment Services Act 2019, but also to those currently operating under a transitional exemption from licensing while their license applications are being reviewed.

In Product Regulation & Liability

Multijurisdictional: 2022 Chambers Advertising & Marketing Practice Guide

November 17, 2022 by Arlan W. Gates, Sarah Mavula, Geert Bovy, Joost Vynckier, Sebastian Tytgat, Hannah Matthys, Elisabeth Dehareng, Jacqueline Rotondi, Dr. Akira Inoue and Hiroaki Nagahashi 1 Min Read

Baker McKenzie was invited to serve as the global editor of the Chambers Advertising & Marketing 2022 Practice Guide which features 8 high-profile jurisdictions and provides the latest legal information on the impact of the COVID-19 pandemic, advertising claims and clinical studies, comparative advertising, social/digital media, influencer campaigns, consumer promotions, sports betting/gambling, and cryptocurrency and non-fungible tokens.

In AML & Financial Services Regulatory

Thailand: Insurance Outlook 2021 – 2022 14th Edition

November 17, 2022 by Sivapong Viriyabusaya 1 Min Read

The 14th edition of the Insurance Outlook, researched and written by our knowledgeable lawyers in the Insurance Practice Group, offers an overview of the insurance sector in Thailand and is intended as an informative digest of the insurance sector’s most prominent aspects based on the latest reported data.

In Vietnam

Vietnam: Legislative agenda at 15th National Assembly’s fourth session for 2022

November 17, 2022 by Manh Hung Tran and Tuan Linh Nguyen 2 Mins Read

The fourth session of Vietnam’s National Assembly XV, which is taking place between 20 October 2022 and 18 November 2022, comprises meaningful discussions and the approval of draft legislation. The meeting agenda covers 14 legislative projects, only seven of which will be passed; the other seven will have to wait until the next session (June 2023).

In Product Regulation & Liability

Indonesia: Standard clauses in consumer contracts

November 17, 2022 by Cahyani Endahayu and Mochamad Fachri 5 Mins Read

Indonesia’s Consumer Protection Law generally takes a light-handed approach to protection of consumer interests. It generally seeks to lay out the principles for protecting consumers’ interests, leaving detailed regulations to the regulators and to industry self-governance. However, it does list specific types of clauses that are prohibited. Anyone who includes prohibited clauses in an agreement would be subject to the threat of criminal penalty of up to five years imprisonment or a fine of up to IDR 2 billion (around USD 130,000). Given these risks, it is crucial for any consumer-facing business to understand what types of clauses are actually prohibited and how it can ensure that it is compliant with these prohibitions.

In Product Regulation & Liability

Türkiye: Important amendments to the Distance Sales Regulation

November 17, 2022 by Can Sozer 7 Mins Read

The Regulation on the Amendment of the Distance Sales Regulation was published in the Official Gazette on 23 August 2022. Save for the provision regarding the obligation of the card issuer on refunds of the amount transferred by the seller, service provider or intermediary service provider, which will enter into force on 1 January 2023, the amendments came into force on 1 October 2022. The Ministry of Trade has made significant amendments to the provisions regarding the scope of the Distance Sales Regulation, the obligation of prior notification, the right of withdrawal, and the obligations of the seller, service provider and consumer. With the amendments, the Distance Sales Regulation has been aligned with the amendments introduced to the Consumer Protection Law on 1 April 2022.

In Trade and Foreign Investment

Belgium: Ahead of Tax – Where Direct and Indirect Tax interplay (Webinar)

November 17, 2022 by Olivier Van Baelen, Dieter Geuens, Sylvain Guelton and Thomas Kukanza 2 Mins Read

The secret is out, this will most likely not be news to you but there is a strong interplay between Transfer Pricing, Customs and VAT. Even though income tax authorities may have different views in how they consider valuation from a TP perspective and the valuation structure recognized by customs authorities, we can no longer ignore that a company’s TP policy/adjustments will affect their cross-border transactions of tangible goods and ultimately impact their dutiable/VAT position.

In European Union

European Union: The Digital Services Act (DSA) and the Digital Markets Act (DMA) finally approved

November 16, 2022 by Cristina Duch, Itziar Osinaga, David Molina, Patricia Pérez Soto and Pablo Usle 7 Mins Read

On 4 October 2022, the Council of the European Union definitively approved the Digital Services Act, maintaining unchanged the content proposed by the European Parliament. On 5 July 2022, the European Parliament also approved the articles of the Digital Market Act still pending a final vote in the Council. The Digital Market Act and the Digital Services Act regulate the legal status of providers of intermediary services (e.g., online platforms such as marketplaces, search engines, social networks, hosting services, etc.) and thus also affect other actors (users and businesses of all sizes) interacting through their services.

European Union: Window opened to single EU customs system

November 16, 2022 by Jennifer F. Revis and Jaap Huenges Wajer 2 Mins Read

The European Union made the decision to establish a single window for customs (or its official designation: “EU Single Window Environment for Customs”) in order to facilitate international trade, speed up the customs clearance process, and lower the likelihood of fraud. On 24 October 2022, the Council of the European Union enacted a new regulation that establishes the necessary framework for digital cooperation between customs and associated competent authorities.

Belgium: Tax Newsflash – New procedural measures – Recent bill provides amongst others for extended tax investigation and assessment periods

November 16, 2022 by Alain Huyghe and Julie Permeke 9 Mins Read

As a follow-up on the second Action Plan for the fight against social and tax fraud, a bill was recently submitted to the Belgian Chamber of Representatives, which contains a number of relevant tax controversy measures. Amongst the main measures is a significant extension of the tax investigation and assessment periods for income taxes and VAT. Overall, the bill significantly extends the powers of the Belgian tax authorities and limits to a certain extent the taxpayer’s procedural rights.