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In AML & Financial Services Regulatory

North America: Holding Foreign Companies Accountable Act – How will it be implemented and what can companies do?

by and 14 Mins Read

In the waning months of the Trump administration, the then-president signed a raft of executive orders and new legislation that potentially limit access by Chinese companies to US capital markets. Chief among these actions, the Holding Foreign Companies Accountable Act (“Act”) (signed into law on 18 December 2020) bans public trading in the United States in “covered issuers” audited by firms with offices in non-US jurisdictions where the Public Company Accounting Oversight Board (PCAOB) is unable to inspect. The Act stems from a longstanding issue relating to the ability of the PCAOB to conduct inspections of audit firms in certain countries.

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In Canada

Canada: Canadian Commission on Democratic Expression calls for new federal body to regulate social media

by and 5 Mins Read

The Canadian government plans to introduce legislation this year to regulate social media companies, with a focus on online hate and harassment. After nine months of study and deliberations, the Canadian Commission on Democratic Expression has settled on a series of principles and recommendations that are aimed at influencing legislation.

In Cybersecurity, Data and Tech

Global: TMT Talk Podcast Series – Latest Episode: EU Digital Services Act

by and 1 Min Read

On 15 December 2020, the European Commission published the first draft of the Digital Services Act (DSA). In this episode of TMT Talk, Carolina Pardo discusses this impactful legal development with Ben Allgrove, Rebecca Bland, and Julia Dickenson. Our TMT industry experts highlight the key points of the DSA, give their perspectives on the new obligations included in it, who they apply to and provide updates on the progress of this new law. 

In Asia-Pacific

Singapore: Ministry of Health introduces voluntary listing of direct telemedicine providers

by and 3 Mins Read

On 26 February 2021, the Singapore Ministry of Health (MOH) announced that it is introducing a new voluntary listing of direct telemedicine service providers, to assist patients with making informed choices when selecting telemedicine service providers. According to the MOH, this scheme will be an interim measure to promote patient safety and welfare in the provision of telemedicine services, pending the upcoming regulation of telemedicine services under the new soon-to-be-implemented Healthcare Services Act.

In AML & Financial Services Regulatory

Hong Kong: Non-bank money lenders – New guidelines on submission of business plan and fit and proper criteria

by , and 7 Mins Read

Hong Kong continues to have an active and growing money-lending market. Since 2016, the Hong Kong Government has adopted a four-pronged approach to enhancing the compliance standards of non-bank money lenders. The Hong Kong Companies Registry (CR), which currently performs the role of Registrar of Money Lenders (“Registrar”) pursuant to the Money Lenders Ordinance (MLO),1 recently released a new Guideline on Fit and Proper Criteria for Licensing of Money Lenders2 (“Fit and Proper Guideline”) and a Guideline on Submission of Business Plan by Applicant of a Money Lenders Licence3 (“Business Plan Guideline”). The new guidelines (“Guidelines”) will be effective from 1 April 2021. In this publication, we provide an overview of the money lenders regime in Hong Kong and the implications of the new Guidelines on new and existing market participants. 

In Asia-Pacific

Hong Kong: Cost subsidies to set up or re-domicile Open-ended Fund Companies announced as part of budget measures

by , and 3 Mins Read

In his recent 2021-22 Budget Speech,1 the Financial Secretary (“Financial Secretary”) of the Government of the Hong Kong Special Administrative Region (“Hong Kong Government”) confirmed the intended timing for submission of a legislative proposal to allow foreign investment funds to re-domicile to Hong Kong for registration as an Open-ended Fund Company (OFC). The Financial Secretary also announced subsidies for the costs of setting up a new OFC or re-domiciling of foreign investment funds registering as an OFC in Hong Kong. The latest measures represent further important steps in ongoing enhancements and incentives to promote use of the OFC regime. We discuss the recent developments in more depth below.

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In Asia-Pacific

Multijurisdictional: Investment treaty protection and Covid-19 driven state intervention

by and 4 Mins Read

States around the world have adopted measures in reaction to the unprecedented nature and scale of the COVID-19 pandemic to curb the spread of the virus, ensure healthcare systems are not overrun and, more recently, balance reviving the economy and keeping control of the virus. These wide-ranging and far-reaching measures are not without consequences, particularly on foreign investments. 

We highlight examples of measures that may have the potential — and for some have already started — to give rise to claims under investment treaties.

In Antitrust / Competition

Vietnam: New Decree promotes new opportunities for private investments in the airport infrastructure and operation sector

by and 7 Mins Read

The Vietnamese government recently issued Decree No. 05/2021/ND-CP (“Decree No. 05”)1 on the management and operation of airports and airfields in Vietnam, replacing Decree No. 102/2015/ND-CP (“Decree No. 102”).2 The new decree comes into effect on 10 March 2021, and provides for, among other things, new regulations regarding the investment and operation of airport and airfield projects in Vietnam.

In the context of the global shift from government ownership and operation to private participation in the airport and aviation infrastructure sector, and responding to increasing calls to promote private sector investments in airports in Vietnam, Decree No. 05 provides certain foundations to facilitate new opportunities for private investment in airports and airfields in Vietnam.

However, there are certain legal issues that will need to be considered in relation to airport concessions, depending on whether the legal and contractual frameworks involve public-private partnership (PPP) or private investment structures on a project-by-project basis.

In Austria

Austria: The COVID-19 vaccination as an opportunity

by , , , and 4 Mins Read

Reasons for a clear and definitive YES to COVID-19 vaccinations

Mandatory vaccination is not to be expected. Nevertheless, employers and employees can greatly benefit from COVID-19 vaccinations. This is true from a health, economic and legal perspective. Companies which recognize these benefits (early on) will have a significant competitive advantage.

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