On 24 November 2023, the National Assembly officially approved the new Law on Telecommunications (“New Telecom Law”). This new law will soon supersede the existing 2009 Law on Telecommunications, which has been effective since 2010. The New Telecom Law will take effect on 1 July 2024, but its notable provisions regulating over-the-top (OTT) communications, data center (DC), and cloud computing (“Cloud”) services will take effect six months later, on 1 January 2025.
China’s panda bonds market is gaining momentum and attracting great interest. The National Association of Financial Market Institutional Investors’ recent move in granting licenses to three foreign banks to be lead underwriters for panda bonds is a positive signal of China’s further opening up of its financial market. In an interview with IFR Asia, Shirley Wang and Samuel He of FenXun, Baker McKenzie’s Joint Operation platform partner, discuss what lies ahead in 2024 in the panda bonds market and what it means for foreign banks and bond issuers.
The Labor Standards Act (LSA) includes a deemed working time system for discretionary work under which the working hours of employees engaged in certain duties can be predetermined rather than calculated on the basis of their actual working time. The Ordinance for Enforcement of the Labor Standards Act and a government notification detail the scope of the duties to which the Discretionary Work System can be applied and the relevant procedures.
Draft discussion papers have been released outlining the purpose and functions of the new Commonwealth Environmental Protection Agency (EPA).
The EPA is to be established by way of new standalone legislation which we anticipate will be released in 2024. Other legislation (such as the new “nature positive” legislation, expected to replace the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act)) is to confer powers and responsibilities on the new EPA Chief Executive Officer (CEO).
This article sets out what we currently know about how the EPA is to operate, how that varies from current arrangements and what this means for the future of project environmental assessment in Australia.
The Bank of Thailand (BOT) intends to strengthen the role of financial service providers in taking responsibility for consumers throughout the loan debt cycle appropriately and comprehensively. The BOT Notification No. Sor Gor Chor. 7/2566 re: Responsible Lending was issued by the BOT and announced in the Government Gazette on 27 December 2023, and became effective on 1 January 2024.
The Infocomm Media Development Authority (IMDA) and AI Verify Foundation have announced the draft Model AI Governance Framework for Generative AI (Framework), which adopts a systematic and balanced approach to addressing concerns posed by generative AI (GenAI) while continuing to facilitate innovation. The Framework expands on the Model AI Governance Framework that covered traditional AI, which was last updated in 2020.
On 12 January 2024, the Health Sciences Authority issued an update on products found and reported by overseas regulators to contain potent ingredients that are prohibited and may lead to side effects.
The Singapore Association of Pharmaceutical Industries Code of Conduct has been amended to increase limits for providing hospitality in relation to food and drinks during events, and to clarify that company-branded, single-use, disposable tableware are permitted at third-party events. The revisions are effective from 1 February 2024.
On 9 January 2024, the Parliament of Singapore passed the Significant Investments Review Bill (“Bill”).
This Bill strengthens the Singapore government’s regulatory toolkit for investments in local and foreign entities that are significant to Singapore’s national security interests and ensures greater regulatory flexibility in safeguarding Singapore’s evolving national security interests. At the same time, the Bill has been designed to align with international norms and preserve Singapore’s open and investment-friendly economy.
On 27 December 2023, the BIR published RR No. 16-2023 to amend RR No. 2-1998 and impose withholding tax on the gross remittances by e-marketplace operators and digital financial services providers to sellers/merchants. On 11 January 2024, the BIR issued RMC 8-2024 to provide guidance on the timeline and procedures to implement RR No. 16-2023. According to RR No. 16-2023, e-marketplace operators and digital financial services providers are allowed a transitory period of 90 days from the issuance of RMC 8-2024 to comply with the provisions of RR No. 16-2023.