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In ESG

Japan: Summary of Texas Government Code Chapter 809

by , , , , and 6 Mins Read

In an attempt to protect its oil and gas industry, Texas has passed legislation that seeks to punish investment firms that divest from fossil fuel related investments. On 16 March 2022, the Texas Comptroller of Public Accounts, Glenn Hegar, sent a letter to 19 major financial companies which was not limited to US or Texas-based companies and included Japanese companies requesting verification that they do not engage in investment policies that result in the boycott of fossil fuel-based energy. This request was made pursuant to Texas Government Code Chapter 809: recent legislation prohibiting the Texas Government from investing in financial companies that take any action intended to penalize, inflict economic harm, or limit commercial relations with a company based on the company’s involvement in fossil fuel-based energy.

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In Employment

Vietnam: Offering Share-Based Awards to Employees in Vietnam

by and 2 Mins Read

Vietnam is becoming an increasingly important market for talent, and we have witnessed growing demand for the offering of share-based awards to employees in Vietnam in recent years. Due to currency control restrictions imposed by the State Bank of Vietnam (SBV), including the requirement that each plan be registered with the SBV, it has traditionally been challenging to implement a share plan in Vietnam. Since the adoption of Circular 10 in 2016, the SBV registration process has been clarified and a growing number of companies have successfully registered their plans with the SBV.

In White Collar Crime

Hong Kong: Demystifying cryptocurrency – Applying traditional legal remedies to digital assets

by , and 3 Mins Read

In one of the first cases in Hong Kong in which the court has granted freezing injunctions over bitcoins, the Court of First Instance has now handed down judgment in the trial of Nico Constantijn v Stive Jean-Paul Dan [2022] HKCFI 1254. The court held that the defendant acted as the plaintiff’s sales agent in respect of the plaintiff’s bitcoins. The court found the defendant had breached his fiduciary duties in failing to account to the plaintiff for the bitcoins and the relevant sales proceeds. Consequently, the court held that the defendant held on trust for the plaintiff the unsold bitcoins, the proceeds from the sale of the bitcoins and the fruits thereof.

In

China: Draft China SCC and pertinent rules released – Last piece of the puzzle for cross-border data transfer?

by , and 3 Mins Read

On 30 June 2022, the Cyberspace Administration of China released the draft Rules concerning the Standard Contract for Cross-Border Transfer of Personal Information together with the draft Standard Contractual Clauses (China SCCs) for public consultation. The China SCCs for cross-border transfer of personal information are one of the three mechanisms for transferring personal information outside of China as stipulated in the Personal Information Protection Law of China.

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In Corporate Compliance

Australia: Directors Duties in Australia – FY23 edition

by , , and 1 Min Read

We are pleased to announce that Baker McKenzie has published the FY23 edition of Directors Duties in Australia. This is a timely guide for directors of Australian companies, setting out pivotal issues for directors to consider in the current evolving corporate governance environment. Matters covered in the guide include common law and statutory duties, financial reporting, continuous disclosure, financial assistance, directors’ insurance and indemnities and other topical issues including climate change, cyber security and anti-bribery and corruption.

In Corporate Compliance

Malaysia: Bank Negara Malaysia issues the Bancassurance/Bancatakaful Policy Document

by 5 Mins Read

Following the issuance of the Exposure Draft of the Bancassurance/Bancatakful Policy Document on 30 August 2021, Bank Negara Malaysia has issued the final Bancassurance/Bancatakaful Policy Document on 30 June 2022. The objectives of the Policy Document are to: ensure bancassurance/bancatakaful remains as a viable and accessible channel for consumers to purchase insurance and takaful products; promote sound market conduct practices that safeguard consumers’ interest through needs-based sales, disclosure and enhanced transparency; and promote market competitiveness and preserve consumer choice.

In ESG

Japan: Update on the Japanese Government Study Group’s Carbon Credit Report

by , and 2 Mins Read

Several means exist to reduce greenhouse gas emissions in order to achieve carbon neutrality by 2050, including development of new technologies, transitioning to renewable energy and voluntary energy conservation. In addition to these efforts, there is growing interest in offsetting residual emissions that are inevitably emitted despite reduction efforts through the use of carbon credits.

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