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In Employment

South Korea: Now enacted – Shares acquired under Employee Share Plans exempt from domestic broker requirement

by , and 1 Min Read

Further to our January 2024 client alert, the anticipated amendments to the Enforcement Decree of the Financial Services and Capital Markets Act (“FSCMA Enforcement Decree”) have been adopted by the Korean government cabinet on 27 February 2024 and promulgated on 5 March 2024. The amendments to the FSCMA Enforcement Decree are therefore effective as of 5 March 2024.

As of 5 March 2024, domestic employees of multinational companies who have acquired shares under a stock-based compensation program may sell such shares without the involvement of a Korean broker and may deposit proceeds from the sale of shares into an account with an overseas financial institution. For any shares sold/funds deposited prior to this date, the previous restrictions applied and these transactions could therefore remain problematic if they did not comply with the restrictions.

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In Employment

Vietnam: Indo-Pacific Economic Framework for Prosperity

by and 7 Mins Read

In May 2022, the Indo-Pacific Economic Framework for Prosperity (IPEF) was launched between Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the US and Vietnam. On account of its specified focus on labor standards and issues, IPEF is likely to have an ongoing impact on labor regulations and trends among partner countries, including Vietnam.

In

Indonesia: Ratification of Regional Comprehensive Economic Partnership Agreement (RCEP)

by , , and 4 Mins Read

On 30 August 2022, the Indonesian House of Representatives agreed to pass a law ratifying the Regional Comprehensive Economic Partnership, the largest regional free trade agreement outside the World Trade Organization — involving 10 ASEAN countries and five non-ASEAN countries, i.e., China, New Zealand, Australia, Japan and South Korea. With the passing of this law, which still requires promulgation by the President, RCEP is set to come into force for Indonesia, possibly before the end of the year.

In Anti-Corruption

Asia Pacific: The Future of Disputes: Asia Pacific

by and 2 Mins Read

Continuing our series of video chats on the Future of Disputes in Asia Pacific, we take a look at C&I trends and developments across the region. Mini vandePol, head of the Firm’s Asia Pacific Compliance & Investigations Group, and Georgie Farrant, head of Australia’s Dispute Resolution team, talk about global C&I trends that impact clients operating in Asia Pacific such as ESG, economic sanctions, anti-bribery/corruption developments and compliance programs.

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In Asia-Pacific

Asia Pacific: The Future of Disputes: Asia Pacific

by , and 2 Mins Read

In the first episode, Nandakumar Ponniya, chair of the Asia Pacific Dispute Resolution Group, Cynthia Tang, head of the Hong Kong Dispute Resolution team, and Yoshiaki Muto, head of Tokyo’s Dispute Resolution team, discuss developments in commercial litigation around four key areas: (1) technology, (2) mediation, (3) international commercial courts, and (4) class actions in Asia Pacific.

In Asia-Pacific

Asia Pacific Regional Employment Update: COVID-19

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Following the release of the Asia Pacific regional update on COVID-19 in February, the Asia Pacific Employment & Compensation team has prepared a special and urgent update across 11 jurisdictions, on employer obligations and key workplace health and safety considerations in light of the COVID-19 outbreak. We also encourage you…

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