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In AML & Financial Services Regulatory

Australia: Almost there – Foreign Financial Services Provider exemptions legislation tabled

by , and 7 Mins Read

There has been further progress towards a new Foreign Financial Services Providers (FFSPs) framework in Australia. The Treasury Laws Amendment (Streamlining and Improving Economic Outcomes for Australians) Bill 2022 (Bill) was introduced to Parliament on 17 February 2022. This bill is very similar to the exposure draft released for consultation in December, discussed here. The Bill continues to propose three key exemptions for FFSPs: the professional investor exemption, the comparable regulator exemption and the fit and proper person test exemption and although largely unchanged there are some important new requirements that we consider are important to highlight.

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In Asia-Pacific

Global: Guide to IPOs for Technology Companies

by , , , and 2 Mins Read

This guide will provide you with: An overview of the key stages of the process, and an indicative timeline. A who’s who as regards the IPO deal team. Practical tips to help you achieve a successful IPO. Key considerations to bear in mind when choosing your listing venue. Key issues and listing requirements that should be considered when preparing for an IPO.

In Asia-Pacific

China: Trends and Spotlights of the Chinese Investment Landscape

by and 2 Mins Read

Baker McKenzie’s eighth annual analysis of Chinese outbound investment trends, conducted in partnership with Rhodium Group, details Mainland China’s movements in the ever-changing global market, driven by investors’ desires for broader market entry, strategic synergy, access to resources and new energy, and expansion of technology and product portfolios.

In Cybersecurity, Data and Tech

Global: TMT Looking Ahead 2022

by , , , , , , and 3 Mins Read

Baker McKenzie’s TMT Looking Ahead 2022 five-part series explores key themes, offers timely insights, and lays out recommendations for technology, media and telecommunication companies looking to navigate the latest industry developments. Report 1 of the series explores how TMT companies can:
manage heightened regulatory activity and continued scrutiny of the industry; understand how regulators will shape new laws and share information on compliance and enforcement activities; get ahead of the curve in protecting IP in key areas of innovation, including autonomous vehicles, virtual and augmented reality, blockchain and digital health; and
navigate an increasingly complex regulatory enforcement environment following an increase in cyber attacks in 2021

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In Global

International: Pillar One – Draft model rules for Tax Base Determinations published

by , , and 10 Mins Read

On 18 February 2022, the OECD released a new public consultation document with respect to the draft model rules for Amount A. This time, the draft model rules cover the Tax Base Determinations building block which deals with enabling an MNE group in scope of Amount A to determine the taxable profit which will be partially reallocated to so-called market jurisdictions. This document comes only two weeks after the OECD issued its first extensive publication on Amount A covering the two components Nexus and Revenue Sourcing. It should be noted that the latest draft model rules are a work-in-progress and subject to changes. The OECD welcomes comments from the public before 4 March 2022, following which more detailed commentary on a number of technical items is expected to be released.

In Brazil

Brazil: ANM publishes regulatory measures applicable to the safety of mining dams

by , and 2 Mins Read

On 16 February 20221, the National Mining Agency published Directive No. 95 of 7 February 2022, defining the regulatory measures applicable to mining dams pursuant to the National Policy on Dam Safety. The resolution enters into effect on 22 February 2022 and establishes mandatory deadlines for entrepreneurs.

In AML & Financial Services Regulatory

United Kingdom: Security concerns lead to Tier 1 Investor route being closed

by , , , , and 2 Mins Read

The Government closed the Tier 1 Investor visa route to all new applicants with immediate effect on Thursday 17 February. The reason for this is stated to be as a result of security concerns with a number of cases being linked to corruption and illegitimately acquired wealth. The Innovator route is to be restructured in order to provide an investment route which effectively supports the UK’s economy.

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In Asia-Pacific

Vietnam: Product Liability – Proposed changes to product liability and the consumer protection regime under the draft law on Protection of Consumers’ Rights

by and 6 Mins Read

The Ministry of Industry and Trade has recently published the draft law on Protection of Consumers’ Rights. The Draft Law includes a number of proposed changes to the existing product liability and consumer protection framework. If adopted, the Draft Law may have major impacts on the business of companies whose products are produced or sold in Vietnam complying with new requirements under the Draft Law. The MOIT is gathering public comments on the Draft Law until 10 March 2022.

In Asia-Pacific

Philippines: Update – Bill seeking to remove foreign equity restrictions on public service companies undergoes further revisions, now on its way to becoming law

by , , , and 10 Mins Read

On 3 February 2022, the Congress’ Bicameral Conference Committee approved a final version of the Bill that seeks to amend the Public Service Act with a view to limiting the foreign equity restrictions imposed by the Philippine Constitution on ‘public utilities.’

In Asia-Pacific

Singapore: Dubai International Financial Centre issues cross-border data transfer adequacy decision for Singapore

by , , and 2 Mins Read

On 4 February 2022, the Dubai International Financial Centre Office of the Commissioner of Data Protection announced that the commissioner issued an adequacy decision recognising, among others, Singapore’s Personal Data Protection Act for safe data transfers from the DIFC. This is a welcome development as it facilitates cross-border personal data transfers from the DIFC to Singapore, which can in turn strengthen business ties between the two territories.

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