The Department of Foreign Affairs, led by the Australian Sanctions Office, is undertaking a review of Australia’s Autonomous Sanctions Framework, ahead of the expiry on 1 April 2024 of the Regulations. The Review will assess whether the Framework remains fit for purpose. The Review will be informed by responses to an Issues Paper and by consultations with key stakeholders. The closing date for submissions is 26 February 2023, with the Review to be completed by 30 June 2023.
The General Code of Practice of Personal Data Protection introduces new legal requirements to be complied with by data users caught within its ambit. It also seeks to provide best practice recommendations with respect to the implementation of principles under the Personal Data Protection Act 2010 and its subsidiary legislation.
Some of the new legal requirements include providing additional mandatory information in a personal data protection notice, complying with any data subjects’ written request not to process their personal data for direct marketing within reasonable time, maintaining a personal data system, and establishing a PDPA compliance framework.
Following the concerns raised by some politicians that the repeal of section 377A of the Penal Code (which criminalizes consensual homosexual acts in private between male adults) may result in employees being pressured to attend their employers’ inclusion and diversity events, the Ministry of Manpower and its tripartite partners the Singapore National Employers Federation and the National Trades Union Congress have added new guidelines to the Tripartite Guidelines on Fair Employment Practices.
This is the fourth in a series of client alerts in relation to Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (“P2SK Law”), dated 12 January 2023. Aside from asserting the provisions that have been stipulated by the Financial Service Authority, the P2SK Law sets out several new provisions that open a new chapter in the financial conglomeration and consolidation. The P2SK Law now requires financial conglomerates to establish or appoint a financial holding company, a legal entity that is expected to control, consolidate and be responsible for all of the financial conglomerate’s activities. The P2SK Law also affirms OJK’s authority to give written orders to financial services companies to push for financial consolidation.
On 20 December 2022, the Indonesian government issued Government Regulation No. 55 of 2022 on the Adjustment of Regulations in the Field of Income Tax (“GR 55/2022”). This regulation is one of a series of government regulations issued in December 2022 as the implementing regulations of Law No. 7 of 2021 on Tax Regulation Harmonization (“HPP Law”). Several regulations related to income tax (i.e., GR 18/2009, GR 23/2018, and GR 30/2020) are no longer valid, and have been consolidated through the issuance of GR 55/2022. GR 55/2022 mainly provides confirmation and a detailed explanation of income tax provisions under the HPP Law. These include income tax on benefits-in-kind, anti-tax avoidance measures, and international tax agreements.
Baker McKenzie’s Sanctions Blog published the alert titled Japan introduces further sanctions against Russia on 30 January 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
The New Criminal Code became the first piece of legislation passed into Law in 2023 and was promulgated on 2 January as Law No. 1 of 2023. This alert takes a look at how the New Criminal Code reintroduces crimes related to fraudulent acts against creditors. In the absence of any criminal provisions under Law No. 37 of 2004 on Bankruptcy and Debt Suspension of Payment, any criminal sanctions for fraudulent-related acts against creditors are those originally set out in the old criminal code. The New Criminal Code reinvents the provisions in the old criminal code and reintroduces them as a new section in the fraudulent-related acts against creditors.
On 3 January 2023, the Health Sciences Authority (HSA) issued an update on products found and reported by overseas regulators to contain potent ingredients that are prohibited and may cause side effects. The HSA published a consolidated list of health products that were found and reported by health regulators overseas (including regulators in Brunei, Canada and Hong Kong) to contain potent ingredients.
In December 2022, the Health Sciences Authority (HSA) detected potent ingredients in products marketed for young children and alerted the public against purchasing them. The HSA also published information on a retail-level recall in respect of an oral solution.
The Federal Court’s recent decision in Australian Securities and Investments Commission (ASIC) v Scholz (No 2) [2022] FCA 1542 has important implications for those who discuss financial products and services on social media platforms. Handed down on 20 December 2022, the Court’s judgment heralds a warning that social media ‘finfluencers’ may be considered to be carrying on a financial service business and thus are required to have an Australian Financial Services License.