On 12 March 2024, the Australian Government released exposure draft legislation on Buy Now, Pay Later products (“BNPLs”) for public consultation. This follows the Government’s previous consultation on the regulatory framework for BNPLs, and growing calls to regulate the BNPL industry in order that these products might have similar or the same protections that exist for consumer credit products in Australia.
On 26 March 2024, the Australian Senate resolved to establish the Select Committee on Adopting Artificial Intelligence (“Committee”) to inquire into and report on the opportunities and impacts arising out of the adoption of AI technologies in Australia.
The Committee’s inquiry provides an important opportunity for Australian companies to shape the future direction of Australia’s AI-related regulatory reforms as the Government continues to formulate its position on the regulation of AI.
On 28 March 2024, the Monetary Authority of Singapore (MAS) issued a response paper to feedback received on the repeal of the regulatory regime for registered fund management companies (RFMC).
MAS targets to repeal the RFMC regime on 1 August 2024. Existing RFMCs intending to continue with regulated fund management activity after this date must apply to be a licensed fund management company restricted to serving accredited and institutional investors.
The Thai Food and Drug Administration (FDA) has recently issued two notifications, namely the Notification of the Ministry of Public Health Re: Good Manufacturing Practice, B.E. 2566 (2023), and the Notification of the Ministry of Public Health Re: Good Importing and Sales Practice, B.E. 2566 (2023). These notifications aim to regulate the quality systems of medical device manufacturing facilities, as well as importers and sellers of medical devices.
The Entertainment Complex Policy Parliamentary Committee has considered and endorsed the draft Entertainment Complex Bill, B.E. (“Entertainment Complex Bill”), a concept initiated many years ago. The Entertainment Complex Bill aims to facilitate the establishment of entertainment complexes that include casinos. This has been passed to the House of Representatives in March 2024.
On 10 April 2024, the Treasurer Dr Jim Chalmers MP announced a major change to Australia’s merger control regime with the introduction of a new single mandatory, suspensory merger control system. The Australian Competition and Consumer Commission (ACCC) will be the key decision maker and given stronger powers to examine transactions, including serial acquisitions and mergers by businesses with substantial market power. The notification thresholds remain a critical unknown piece and will be subject to further consultation.
The Thailand Board of Investment (BOI) grants investment promotions for the development of software, digital platforms, or digital content. Previously, minor developments or modifications did not qualify for investment promotion from the BOI, and the BOI maintained a negative list of activities that did not qualify as development. However, on 15 March 2024, the BOI issued a new notification announcing a new promoted activity: the modification of software, digital platforms, or digital content.
The Data Privacy Act provides that a personal information controller (PIC) must implement reasonable and appropriate organizational, physical and technical measures intended for the protection of personal information against accidental or unlawful destruction, alteration and disclosure, as well as against any other unlawful processing. The PIC shall also protect personal information against natural dangers and human dangers. For this purpose, the National Privacy Commission (NPC) recently issued NPC Circular No. 2023-06 (“Circular”), which sets out the updated minimum requirements for the security of personal data.
The Australian Government has passed a new law requiring all Australian public companies (listed and unlisted) to disclose in their annual financial reports information about their consolidated entities, including their country of tax domicile.
Following Royal Assent, the change will apply in relation to financial years commencing from 1 July 2023.
On 4 March 2024, the State Bank of Vietnam released a new draft decree (“Draft Decree”) on the regulatory sandbox for the banking sector in Vietnam. The Draft Decree proposes a comprehensive framework for a regulatory sandbox program applicable to fintech solutions by detailing, among others, eligible solutions, eligibility criteria for service providers, and requirements for participation.