On 4 January 2022, Bank Negara Malaysia, the Central Bank of Malaysia, issued the Licensing Framework for Digital Insurers and Takaful Operators Discussion Paper. The DITO Discussion Paper outlines the newly proposed regulatory framework applicable to digital insurers and takaful operators. The document represents the next phase of BNM’s initiative to encourage digitalization within the financial sector, and follows the Licensing Framework for Digital Banks issued by BNM on 31 December 2020.
On 31 December 2021, the Energy Regulatory Commission published in the Mexican Official Gazette, resolution number RES/550/2021, through which it issued the General Administrative Provisions containing the criteria for efficiency, quality, reliability, continuity, safety and sustainability of the National Electric System: Network Code. This New Network Code modifies the technical requirements whose compliance is mandatory for all users of the National Electric System, i.e., the National Energy Control Center, transporters, distributors, power plants, suppliers and, in particular, all load centers connected at medium and high tension, regardless of their consumption levels.
On 10 December 2021, Republic Act No. 11595, otherwise known as “An Act amending Republic Act No. 8762 or the Retail Trade Liberalization Act of 2000 (RTLA), by lowering the paid-up capital requirement for foreign retail enterprises and other purposes” was signed into law. It removes the requirement for a Certificate of Prequalification and the need to show compliance with the criteria for prequalification under the RTLA to the Philippine Board of Investments, before a foreign retailer can invest in or engage in a retail trade business in the Philippines.
On 11 January 2022, the UK government published a consultation on the implementation of the Pillar Two regime into UK domestic law. This follows the publication of the GloBE Model Rules by the OECD on 20 December 2021. The consultation is open until 4 April 2022, with the expectation that draft legislation will be published during the summer. The consultation indicates that an Income Inclusion Rule (IIR) would take effect in UK law from 1 April 2023, with the Undertaxed Profit Rule (UTPR) following on 1 April 2024.
On 28 December 2021, the Securities Commission of Malaysia revised the Rules on Take-overs, Mergers and Compulsory Acquisitions (Rules). The effective date of the revisions is 29 December 2021. This Alert focuses on the key amendments introduced to the Rules and a comparison against equivalent provisions under the United Kingdom’s Takeover Code, the Singapore Code on Take-Overs and Mergers and the Hong Kong Codes on Takeovers and Mergers and Share Buy-Backs.
Law 16/2021 of December 14 was published on December 15, which modifies Law 12/2013, of August 2, on measures to improve the functioning of the food chain. This new reform intends to respond to the continuous claims of farmers in the agricultural and food sector, taking advantage of the framework of the transposition of the Spanish legal system of Directive (EU) 2019/633 of the European Parliament and of the Council, of April 17, 2019, related to unfair business practices in relationships between companies in the agricultural and food supply chain.
In this issue: Supreme People’s Court and Ministry of Human Resources and Social Security jointly issue guidance on overtime and working hours issues; Government provides administrative guidance for leading platform enterprises in order to protect gig workers; Beijing announces top 10 typical employment dispute arbitration cases of 2021; Company succeeds in liquidated damages claim against social media influencer; Ministry of Human Resources and Social Security and three other authorities issue document supporting young people from Hong Kong and Macao to take up employment or start a business in the Greater Bay Area
On 4 January 2022, the new UK foreign investment review regime under the National Security and Investment Act came into force, completing the overhaul of the UK’s foreign investment rules and commencing operation of a standalone foreign investment screening regime for the first time in the UK.
The UAE has introduced a number of new welcome legislative changes to mark the UAE’s 50th anniversary, with the aim of solidifying the country’s position as a global trade and commercial hub. Among these changes is the issuance of Federal Law by Decree No. 32 of 2021 on Commercial Companies (“New Law”), which has now come into force last 2 January 2022.
On Wednesday, 15 December 2022, the European Commission adopted its proposals for a new EU Gas Package, through a recast of the Gas Directive and Gas Regulation. Below is a summary of the main updates.