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In ESG

China: China’s first Regulations on administration of mandatory carbon market

by and 2 Mins Read

On 25 January 2024, the State Council of the People’s Republic of China promulgated the Interim Regulations on Administration of Carbon Emissions Trading (“Regulations”), which will come into force on 1 May 2024.
The Regulations set out the regulatory regime over carbon emission allowance (CEA) in the mandatory carbon market, while the Administrative Measures for Voluntary Trading of Greenhouse Gas Emission Reduction (Trial), effective from 19 October 2023, regulate the China Certified Emission Reduction (CCER) in the voluntary carbon market.

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In Employment

Australia: The loopholes are closed! What the Fair Work Legislation Amendment (Closing Loopholes No. 2) Bill 2023 means for your business

by , , , and 2 Mins Read

The Federal Government passed the second tranche of the Closing Loopholes legislation this week, introducing key changes in respect of casual employees, independent contractors, gig economy workers, the trucking industry, and the right to disconnect.

In Cybersecurity, Data and Tech

Australia: Review of the Online Safety Act and related reforms on online harms

by 6 Mins Read

On 13 February 2024, the Minister for Communications announced the Terms of Reference for the upcoming independent review into the operation of the Online Safety Act 2021 (Cth) (OSA). For more information about other recent developments in the Australian online safety roll-out.
The Review is required by section 239A of the OSA, and will examine the effectiveness of the OSA, and consider whether additional protections are needed to prevent the publication and spread of harmful online material.

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In Corporate Compliance

Thailand: Additional businesses to be exempted from Foreign Business License and Foreign Business Certificate requirements

by and 2 Mins Read

The Ministry of Commerce has launched a public hearing relating to the draft ministerial regulation regarding the businesses which will be exempted from the requirement to obtain a Foreign Business License or Foreign Business Certificate. For this initial public hearing, approximately 11 businesses have been proposed to be exempted, with the aim to attract foreign investors and promote investments in Thailand.

In AML & Financial Services Regulatory

Thailand: New regulations on offering offshore investments through Thai licensed intermediaries

by , , , and 4 Mins Read

To facilitate and support Thai residents’ offshore investments through local licensed intermediaries, the Office of the Securities and Exchange Commission issued a new notification to amend requirements on the existing Collaboration Scheme between Thai Intermediaries and offshore financial institutions in offering investments in offshore securities and derivatives denominated in foreign currencies to investors based in Thailand, effective from 16 February 2024.

In Antitrust / Competition

Indonesia: KPPU hits the ground running with 100 day action plan

by , and 3 Mins Read

The new year began with the inauguration of the nine elected commissioners of the Indonesian Competition Commission (Komisi Pengawas Persaingan Usaha, KPPU). The newly inaugurated KPPU leadership hit the ground running with various engagements and announced a refined industry focus in their 100 day action plan.

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In AML & Financial Services Regulatory

Vietnam: New Law on credit institutions

by , and 1 Min Read

On 18 January 2024, the National Assembly of Vietnam passed the new Law No. 32/2024/QH15 on Credit Institutions (“New Law”) at the fifth extraordinary meeting of the National Assembly. The New Law will have a major impact on the development of the banking sector in Vietnam.

The New Law will come into effect and replace the Current Law from 1 July 2024, except for the provisions on enforcement of security over real estate, which will take effect from 1 January 2025, and certain transitional provisions regarding the operation of credit institutions.

In AML & Financial Services Regulatory

Hong Kong: New virtual asset OTC trading regulatory regime

by , , , and 1 Min Read

On 8 February 2024, the Financial Services and the Treasury Bureau of Hong Kong (FSTB) released a public consultation (“Consultation”) on legislative proposals to introduce a licensing regime (“Proposed Regime”) for providers of over-the-counter (OTC) trading services of virtual assets (VA). The Proposed Regime will be regulated by the Commissioner of Customs and Excise. The Consultation represents the latest step in the city to further enhance the VA regulatory framework as outlined by the Hong Kong Government in its 2022 Policy Statement on Development of VA in Hong Kong.

In Corporate Compliance

Indonesia: Breaking down the second amendment to the EIT Law – new provisions on electronic certificate providers, prohibited contents and mandatory use of Indonesian law

by , , , , and 1 Min Read

On 2 January 2024, the President of the Republic of Indonesia signed Law No. 1 of 2024 on the Second Amendment to Law No. 11 of 2008 on Electronic Information and Transactions (“EIT Law”) (“Amendment Law”). The Amendment Law was enacted and became effective on the same day. The Amendment Law covers some new provisions that seem to push for localization and domestic protection, such as the requirement for e-certification service providers to be domiciled in Indonesia and the requirement for international electronic contracts to be governed by Indonesian Law. The Amendment Law also elaborates on the prohibited acts under the EIT Law, and contains new provisions on government intervention.

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