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On 17 December 2021, the Accounting and Corporate Regulatory Authority launched its public consultation on its proposed legislative amendments to the Companies Act, Accountants Act, ACRA Act, Business Names Registration Act, Limited Liability Partnerships Act, Limited Partnerships Act and Variable Capital Companies Act 2018, relating to data, digitalisation, and corporate transparency within Singapore’s business environment. The proposed changes, if enacted, would reduce the amount of data that must be filed with ACRA and limit the personal data that is made available publicly.

Regulators and policymakers have left emergency measures behind and returned to their reform agendas. In this piece, Baker McKenzie regulatory experts set out the top ten UK developments for financial institutions and fintechs to watch in 2022 covering: good culture, Consumer Duty, BNPL regulation, crypto regulation, AML regulation, appointed representatives regime, financial promotions gateway, operational resilience, ESG regulation, divergence, Future Regulatory Framework Review.

As of 1 January 2022, Germany has set up a mandatory public lobbying register. Its broad scope covers – similar to the EU transparency register – every entity which regularly communicates with the German federal executive or legislative to represent and further its interests. As a result, every company with a public affairs department may fall under its scope. Such companies will need to complete their initial registration by 28 February 2022.

The Department for International Trade and the Export Control Joint Unit published a notice to exporters on 10 January 2022 regarding compound penalties imposed on ten UK exporters for unlicensed exports of dual-use and military items and breaches of export license conditions between March and November 2021. The compound penalties imposed by HM Revenue & Customs ranged between GBP 1,000 and GBP 54,000 and related to unlicensed exports of dual-use goods, military goods and related activity controlled by The Export Control Order 2008.

The New York State Senate this month unveiled the “Fashion Sustainability and Social Accountability Act”. The Act, if enacted, will require every fashion retail seller and manufacturer that does business in New York and has over USD 100 million in annual worldwide gross receipts to make a number of sustainability and social disclosures.

On 11 January 2022, the Office of Government of Vietnam issued Document No. 229/VPCP-CN to the Ministry of Industry and Trade of Vietnam for the next steps of updating the draft regulations on the implementation of the pilot program on the direct power purchase agreement mechanism between renewable energy power generation companies and major power consumers.

Royal Decree-Law 32/2021 of 28 December 2021 contains the measures agreed on 23 December 2021 within the scope of social dialogue between the Spanish government and the most representative trade unions and business organizations state-wide. This new regulation is the result of a reform process undertaken at the initiative of the government and has basically concluded with significant amendments in three regulatory fields: (i) Temporary employment contracts; (ii) collective bargaining, and (iii) internal flexibility measures or temporary lay-offs.