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In AML & Financial Services Regulatory

Australia: Taming the Solvency Sea Dragon

by and 3 Mins Read

Directors in corporate groups can take greater comfort when relying on financial support from related entities, following a recent Full Court of the Federal Court decision in the case of Canstruct Pty Ltd v Project Sea Dragon Pty Ltd (Subject to a Deed of Company Arrangement) [2024] FCA 112.
Last year, doubt was cast on the adequacy of financial support that is not fully documented or binding to establish the solvency of a related company. This decision has reset that position in favor of such arrangements potentially being sufficient, provided actual support is given.

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In ESG

Indonesia: The signing of the Mutual Recognition Agreement for bilateral carbon trading between Indonesia and Japan – a breath of fresh air

by and 2 Mins Read

After months of negotiations, Indonesia and Japan signed a mutual recognition agreement for bilateral carbon trading (MRA) on 18 October 2024. The MRA, which came into effect on 28 October 2024, is expected to support Indonesia and Japan to meet their climate change mitigation efforts, and also to draw investors into the carbon sector for both countries.

In Antitrust / Competition

Australia: Healthcare and competition update – ACCC to focus on pathology and oncology-radiology sectors in new merger regime

by , , , and 3 Mins Read

Proposed changes to Australia’s merger control regime were introduced to Parliament last month following extensive public consultation.
As a key element of the reforms, the new legislation will enable the ACCC to request that the Treasurer designate certain sectors of the economy where all mergers, acquisitions or other transactions would require approval from the ACCC, regardless of transaction size.
Comments made by the ACCC and the Treasury over the course of the reform consultation process indicate that the ACCC will use its increased powers under the new regime to examine transactions in the pathology and oncology-radiology sectors.

In Cybersecurity, Data and Tech

Taiwan: New anti-fraud regulations for online advertising platforms

by and 5 Mins Read

In response to the persistent issue of fraud, the Fraud Crime Hazard Prevention Act (FCHPA) was passed by the Legislative Yuan and came into force on 31 July 2024. The FCHPA requires financial institutions, virtual asset service providers, telecom enterprises, online advertising platform operators, third-party payment service providers, e-commerce and online gaming companies to respectively take certain fraud prevention measures.
In September 2024, the Ministry of Digital Affairs (MODA) published the criteria of the online advertising platforms that would be subject to the FCHPA, designated four foreign online advertising platform operators that meet the criteria, and asking them to report their legal representative (can be a law firm) in Taiwan by 31 October 2024.

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In Anti-Corruption

Japan: Amendments to legislation on bribery of foreign public officials and updates to guidelines for the prevention of bribery of foreign public officials

by , , and 7 Mins Read

Japan has amended the provisions on the crime of bribing foreign public officials under the Unfair Competition Prevention Act (UCPA), effective 1 April 2024, and updated the Guidelines for the Prevention of Bribery of Foreign Public Officials in February 2024.
Key changes to the UCPA include increased fines and longer terms of imprisonment for individuals or corporations who bribe foreign public officials, expanded corporate liability and a longer statute of limitations.

In Antitrust / Competition

Australia: Healthcare and competition update – ACCC to focus on pathology and oncology-radiology sectors in new merger regime

by , , , and 3 Mins Read

Proposed changes to Australia’s merger control regime were introduced to Parliament last month following extensive public consultation.
As a key element of the reforms, the new legislation will enable the ACCC to request that the Treasurer designate certain sectors of the economy where all mergers, acquisitions or other transactions would require approval from the ACCC, regardless of transaction size.
Comments made by the ACCC and the Treasury over the course of the reform consultation process indicate that the ACCC will use its increased powers under the new regime to examine transactions in the pathology and oncology-radiology sectors.

In Cybersecurity, Data and Tech

Malaysia: Public consultation – draft Code of Conduct (Best Practice) for Internet Messaging Service Providers and Social Media Service Providers

by and 1 Min Read

The Malaysian Communications and Multimedia Commission (MCMC) has announced that it is holding a public consultation on the draft Code of Conduct (Best Practice) for Internet Messaging Service Providers and Social Media Service Providers (“Draft Code of Conduct”).
The objective of the public consultation is to collect public opinion on the Draft Code of Conduct, which outlines the best practices for applications service provider class licence holders who offer Internet messaging and social media services in Malaysia to address harmful online content and other relevant conduct requirements.

In Product Regulation & Liability

Singapore: Health Sciences Authority updates guidance on implementation of Good Manufacturing Practice (GMP) Evidence for Drug Substance (DS) manufacturers

by and 2 Mins Read

In October 2024, the Health Sciences Authority (HSA) updated its Guidance on the Implementation of Good Manufacturing Practice (GMP) Evidence for Drug Substance (DS) Manufacturers (“Guidance”).
This is a timely amendment to the Guidance as the requirement for chemical DS manufacturers to provide evidence of GMP compliance became mandatory with effect from 1 October 2024, after a one-year grace period.

In AML & Financial Services Regulatory

Australia: Further improvement required for product issuers distribution practices

by , , and 5 Mins Read

Last month ASIC announced that it is calling upon product issuers to ensure distribution practices are ‘up to scratch’. This announcement follows the release of Report 795 Design and distribution obligations: Compliance with the reasonable steps obligation by ASIC. Alan Kirkland, ASIC Commissioner, has said that improvements across the board are still required to ensure that consumers feel confident that the financial products they purchase will suit their needs.

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