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In Trade and Foreign Investment

Indonesia: The issuance of the new Customs Tariff Book of Indonesia requires updates to commercial records and systems

by , and 8 Mins Read

In April 2022, the Minister of Finance (MOF) issued MOF Regulation No. 26/PMK.010/2022 on the Stipulation of Goods Classification System and Imposition of Import Duty Tariffs on Imported Goods, which introduced changes made to the Harmonized Commodity Description and Coding System (HS) Code regime and updated Indonesia’s Customs Tariff Book (CTB). The CTB is amended every five years because the HS, on which it is based, is updated every five years to account for technological developments, changes in trade patterns, and the changing of global situations and conditions.

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In Whistleblowing

South Africa: Gag agreements – Dishonest conduct will not see the light of day if employer consent is required

by 4 Mins Read

The settlement of employment disputes include, as standard practice, the addition of a confidentiality clause to settlement agreements. However, what happens when an employee breaches such an agreement by disclosing confidential information during legal proceedings or where the information pertains to wrongdoing by the employer? The Labor Appeal Court in South Africa recently considered this matter.

In Argentina

Argentina: The domestic trade secretariat issues Resolution 464/2022 on alert and recall of products

by , and 2 Mins Read

By means of Resolution 464/2022 published on the Official Gazette on 27 May 2022, the domestic trade secretariat approved the form that suppliers must submit to alert consumers and competent authorities and recall products from the market. It also establishes certain obligations that suppliers that have initiated this type of process must comply with.

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In ESG

Philippines: President inks executive order ordering the registration of franchise agreements involving MSMEs

by , and 5 Mins Read

On 12 May 2022, the President issued Executive Order No. 169, which seeks to intensify government efforts in strengthening the franchising industry and to help businesses, especially micro, small and medium enterprises, by developing a transparent and business-friendly environment, and promoting fair and equitable practices.

In Antitrust / Competition

United Kingdom: Takeover Panel consultation on “acting in concert” definition

by , , , and 9 Mins Read

The Takeover Panel has published a consultation paper (PCP 2022/2) setting out proposed changes to the definition of “acting on concert” in the Code. The changes, which are highly complex and technical in nature, are in part a codification of existing Panel practice. There are, however, are some important adjustments that, given the potentially significant consequences of being considered to be “acting in concert” (e.g. setting a floor price for an offer and/or triggering a mandatory bid obligation), it will be important for offer participants and their advisers to familiarise themselves with.

In AML & Financial Services Regulatory

Peru: Amendments to the Banking Law

by 7 Mins Read

By Legislative Decree No. 1531, published on 19 March 2022, various provisions of the General Law of the Financial and Insurance Systems and Organic Law of the Superintendence of Banking and Insurance were amended. A few months ago, Congress authorized the Executive Power to legislate on financial matters in order to promote greater competition in the provision of transportation service and custody of money and values, with further aim of strengthening the solvency and stability of the financial system in order to safeguard savings account holders, optimize processes in the entities of the financial system, and foster greater competition in the financial entities that are under the supervision of the Superintendency of Banking and Insurance.

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In AML & Financial Services Regulatory

Vietnam: Vietnam tightens conditions for offshore loans

by , , and 1 Min Read

The State Bank of Vietnam released a draft circular on conditions for enterprises’ offshore loans without government guarantee, which aims to replace Circular No. 12/2014/TT-NHNN dated 31 March 2014. The Draft Circular tightens the control on offshore loans to tackle the risk of excess national foreign debt quota and to promote the onshore loan market. Borrowers are now expected to meet additional conditions to borrow offshore loans without government guarantee.

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