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In AML & Financial Services Regulatory

Hong Kong: Police ‘informal freeze’ of bank accounts declared unlawful and unconstitutional — Is that the end of the ‘No Consent Regime’?

by , , , and 4 Mins Read

Since finding that the Police’s use of a “No Consent Regime” (“Regime”) in freezing accounts that contain suspected proceeds of crime was unlawful and unconstitutional, the Hong Kong Court of First Instance has now handed down its decision on relief and costs in Tam Sze Leung & Ors v. Commissioner of Police [2022] HKCFI 772.
The Court declared that the Letters of No Consent (LNCs) in issue and the Regime “as operated” by the Police are: (i) ultra vires Sections 25 and 25A of the Organized and Serious Crimes Ordinance (OSCO) (Cap. 455); and (ii) incompatible with Articles 6 and 105 of the Basic Law, as the Regime as operated by the Police is not prescribed by law and is disproportionate

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In Antitrust / Competition

Ukrainian Laws in Wartime

by and 2 Mins Read

We’re pleased to announce the publication of the second edition of Ukrainian Laws in Wartime: Guide for International and Domestic Businesses. This guide provides a brief overview of the key features of such wartime legislation. It is structured as a set of responses to the most common questions raised and considered by international and Ukrainian businesses these days.

In ESG

United Kingdom: Human Rights Act Reform – Back to the future – A modern Bill of Rights?

by 5 Mins Read

On 14 December 2021, the UK government launched a consultation on proposals to reform the Human Rights Act 1998 entitled the “Human Rights Act Reform: A Modern Bill of Rights”. The Consultation recently closed for most recipients, and its outcome could reshape existing constitutional norms and protections, as well as opening a path to the light-touch regulatory economy reportedly envisaged as part of the UK’s post-Brexit future.

In Asia-Pacific

Philippines: Joint Administrative Order No. 22-01 provides Guidelines for Online Businesses

by , and 5 Mins Read

On 4 March 2022, a Joint Administrative Order No. 22-01entitled Guidelines for Online Businesses Reiterating the Laws and Regulations Applicable to Online Business and Consumers, was published among 6 government bodies. The JAO seeks to increase consumer confidence in business-to-consumer and business-to-business e-commerce transactions by ensuring that e-commerce platforms, electronic retailers and online merchants are guided on the rules, regulations and responsibilities in the conduct of online business. It reiterates existing policies, procedures and guidelines that apply to online businesses, and provides an integrated remedies process for online consumers.

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In Argentina

Argentina: Resolution No. 570/2022 ENACOM – Content accessibility

by , and 2 Mins Read

Resolution No. 570/2022 , issued by the National Communications Authority, was published in the Official Gazette on 31 March 2022. The Resolution establishes that news signals that are mandatory for the subscription of television services must include additional visual communication media that uses sign language and closed captioning.

In Corporate Compliance

United States: SEC proposes rules for further disclosure and enhanced investor protections regarding SPACs

by , , , , and 2 Mins Read

On 30 March 2022, the Securities and Exchange Commission approved proposed rules relating to special purpose acquisition companies (SPACs) and released an accompanying fact sheet. Work on the final rules will begin following the public comment period, which ends on the later of 31 May 2022 and 30 days following the publication of the proposing release in the Federal Register.

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In Antitrust / Competition

Thailand: TCCT publishes a new unfair trade practice guideline

by , , , , and 3 Mins Read

The Trade Competition Commission of Thailand has published a new guideline on offenses relating to unfair trade practices under section 57 of the Trade Competition Act 2017. The New Guideline underwent a public hearing in 2021 and has become effective on 19 February 2022. It replaces the first guideline on unfair trade practices which was issued back in 2018.

In Antitrust / Competition

Thailand: Draft amendment to the SME Credit Term Guideline – Open for public hearing

by , , , and 2 Mins Read

The Trade Competition Commission of Thailand published a draft amendment of the Notification of the Trade Competition Commission re: Guideline on Fair Trade Practices relating to Credit Terms with SMEs Offering Goods or Services (or commonly referred to as the SME Credit Term Guideline). This is the first amendment after the guideline became effective in December 2021 and is now open for public hearing.

In Antitrust / Competition

South Africa: Competition Law block exemptions nullified as the National State of Disaster is terminated

by and 4 Mins Read

The termination of the National State of Disaster in South Africa means that regulations and directions that were made to mitigate the impact of the pandemic in terms of the Disaster Management Act are effectively repealed. Part of the interventions made by the government were Competition Law block exemptions issued by the Minister of Trade, Industry and Competition in South Africa to aid government programs designed to fight COVID-19. As such, any agreements or concerted practices between parties in the affected industries, which may contravene the Competition Act, will no longer be exempted from the Act’s provisions.

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