On Thursday 6 January 2022, the European Commission published Delegated Regulation (EU) 2022/1, updating the list of dual-use items contained in Annex I to Regulation (EU) 2021/821. The EU Dual Use List is updated by the European Commission each year to ensure it remains aligned with the control lists of relevant international non-proliferation regimes, in which Member States (and the EU itself) participate.
In December 2021, the existing exemption that excludes medical devices and in-vitro diagnostics from the application of sections 18A and 18B of the Medicines and Related Substances Act was extended. This extension means that suppliers of medical devices and in-vitro diagnostics are permitted to supply their products according to bonus, rebate and incentive systems for another three years.
Bank Negara Malaysia, the Central Bank of Malaysia, has on 15 December 2021 issued an exposure draft of the Payment System Operator policy document. The PSO Exposure Draft is intended to apply to all approved operators of a payment system under the Malaysian Financial Services Act 2013 and Malaysian Islamic Financial Services Act 2013. The objectives of the PSO Exposure Draft are to: (i) ensure the safety, efficiency and reliability of payment systems; (ii) preserve public confidence in the payment systems and the use of payment instruments; and (iii) ensure payment systems are aligned with relevant international standards.
On 4 January 2022, Bank Negara Malaysia, the Central Bank of Malaysia, issued the Licensing Framework for Digital Insurers and Takaful Operators Discussion Paper. The DITO Discussion Paper outlines the newly proposed regulatory framework applicable to digital insurers and takaful operators. The document represents the next phase of BNM’s initiative to encourage digitalization within the financial sector, and follows the Licensing Framework for Digital Banks issued by BNM on 31 December 2020.
On 31 December 2021, the Energy Regulatory Commission published in the Mexican Official Gazette, resolution number RES/550/2021, through which it issued the General Administrative Provisions containing the criteria for efficiency, quality, reliability, continuity, safety and sustainability of the National Electric System: Network Code. This New Network Code modifies the technical requirements whose compliance is mandatory for all users of the National Electric System, i.e., the National Energy Control Center, transporters, distributors, power plants, suppliers and, in particular, all load centers connected at medium and high tension, regardless of their consumption levels.
On 10 December 2021, Republic Act No. 11595, otherwise known as “An Act amending Republic Act No. 8762 or the Retail Trade Liberalization Act of 2000 (RTLA), by lowering the paid-up capital requirement for foreign retail enterprises and other purposes” was signed into law. It removes the requirement for a Certificate of Prequalification and the need to show compliance with the criteria for prequalification under the RTLA to the Philippine Board of Investments, before a foreign retailer can invest in or engage in a retail trade business in the Philippines.
On 11 January 2022, the UK government published a consultation on the implementation of the Pillar Two regime into UK domestic law. This follows the publication of the GloBE Model Rules by the OECD on 20 December 2021. The consultation is open until 4 April 2022, with the expectation that draft legislation will be published during the summer. The consultation indicates that an Income Inclusion Rule (IIR) would take effect in UK law from 1 April 2023, with the Undertaxed Profit Rule (UTPR) following on 1 April 2024.
On 28 December 2021, the Securities Commission of Malaysia revised the Rules on Take-overs, Mergers and Compulsory Acquisitions (Rules). The effective date of the revisions is 29 December 2021. This Alert focuses on the key amendments introduced to the Rules and a comparison against equivalent provisions under the United Kingdom’s Takeover Code, the Singapore Code on Take-Overs and Mergers and the Hong Kong Codes on Takeovers and Mergers and Share Buy-Backs.
Law 16/2021 of December 14 was published on December 15, which modifies Law 12/2013, of August 2, on measures to improve the functioning of the food chain. This new reform intends to respond to the continuous claims of farmers in the agricultural and food sector, taking advantage of the framework of the transposition of the Spanish legal system of Directive (EU) 2019/633 of the European Parliament and of the Council, of April 17, 2019, related to unfair business practices in relationships between companies in the agricultural and food supply chain.
In this issue: Supreme People’s Court and Ministry of Human Resources and Social Security jointly issue guidance on overtime and working hours issues; Government provides administrative guidance for leading platform enterprises in order to protect gig workers; Beijing announces top 10 typical employment dispute arbitration cases of 2021; Company succeeds in liquidated damages claim against social media influencer; Ministry of Human Resources and Social Security and three other authorities issue document supporting young people from Hong Kong and Macao to take up employment or start a business in the Greater Bay Area