The Singapore government has released White Paper On Singapore Women’s Development on 28 March 2021, the first whole-of-society review of women’s development. Acting on data collected and analysis of feedback on areas where women still face barriers and challenges, the White Paper sets out 25 collective action plans in five main areas to advance women’s development. Employers should note that the first of these areas concerns providing equal opportunities in the workplace, and will involve: strengthening laws to address unfair and discriminatory employment practices, and developing advisories and guidelines to encourage adoption of flexible work arrangements.
The president of the Philippines has signed into law Republic Act No. 11659 (“RA 11659”), which: (a) removes foreign equity restrictions on most public service companies, except those considered as ‘public utility’ and ‘critical infrastructure’; (b) limits the scope of ‘public utility’ to public service companies involved in distribution and transmission of electricity, petroleum and petroleum products pipeline transmission systems, water pipeline distribution systems, wastewater and sewerage pipeline systems, seaports, and public utility vehicles (PUVs); and (c) limits the scope of ‘critical infrastructure’ to public service companies that own, use or operate systems and assets that are “vital to the Republic of the Philippines that the incapacity or destruction of such systems or assets would have a detrimental impact on national security, including telecommunications and other such vital services as may be declared by the President of the Philippines”.
Franchisors will need to be increasingly mindful of meeting their obligations under the Australian Franchising Code as a result of new and increased penalties which commence on 16 April 2022.
The mutual recognition and enforcement of judgments in civil and commercial matters between the UK and the Netherlands used to be governed by the Brussels Recast Regulation. Today, post-Brexit, it is not an easy task to determine which rules apply. The key issue is whether the Convention between the Kingdom of the Netherlands and the United Kingdom of Great Britain and Northern Ireland providing for the Reciprocal Recognition and Enforcement of Judgments in Civil Matters dated 17 November 196711 revived. Nonetheless, a notable exception to the current uncertainty exists with respect to judgments that fall within the scope of the Hague Convention on Choice of Court Agreements dated 30 June 20052.
The Financial Services Regulatory Momentum Monitor is a horizon-scanning tool enabling financial service providers to plan and prepare for coming developments across the jurisdictions in which they operate.
As announced in March in the opening hours of Blockchain Week by Minister Jane Hume, the Government released a consultation paper which proposes a new regulatory and licensing regime for ‘crypto asset secondary service providers’. This followed a call by Senator Andrew Bragg earlier that day for crypto reforms to be consolidated into a comprehensive legislative package (including a ‘Digital Services Act’), The main regulatory framework tabled could fall outside the existing Australian Financial Services licensing regime and focuses on the ecosystem of those who offer custody, storage, brokering, exchange and dealing services or operate a market in crypto assets for retail clients.
The amendments in the Turkish merger control regime (i) increase the turnover thresholds for notifiability, (ii) bring an exception to the turnover thresholds applicable to the acquisition of technology companies, (iii) change the turnover calculation methodology for certain types of undertakings, and (iv) update the template notification form. The amendments are set to enter into force on 4 May 2022.
The Securities and Futures Commission recently released the Consultation Conclusions on the Proposed Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes and the Further Consultation on Proposed Amendments to Subsidiary Legislation and SFC Codes and Guidelines to Implement the Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes. Whilst many of the proposals from the 2019 original consultation will be adopted without change, the SFC has refined its approach in several key areas to provide greater clarity to the industry. We summarise the key requirements that will be applicable to RA 13 licensees, the Consultation Conclusions and the new proposals for consultation in the Further Consultation.
The government of Egypt has now expressly recognized the production, storage and export of green hydrogen and green ammonia among the areas falling within the state’s economic development strategy. It has also passed a decree that would allow green hydrogen and green ammonia projects to benefit from a wide range of state support under the country’s existing Investment Law No. 72 of 2017, including tax incentives. This is a key development for Egypt’s hydrogen economy.
On 10 December 2021, President Rodrigo Duterte signed into law Republic Act No. 11595, otherwise known as ‘An Act amending Republic Act No. 8762 or the Retail Trade Liberalization Act of 2000, by lowering the paid-up capital requirement for foreign retail enterprises and other purposes.’ RA 11595 took effect on 21 January 2022.