Following the developments to the Labuan tax regime through the introduction of economic substance requirements in 2019, the Labuan Companies (Amendment) Act 2022 recently came into effect on 10 June 2022 to amend the Labuan Companies Act 1990. These further developments to the Labuan corporate and regulatory regime clearly highlight Malaysia’s commitment towards adhering to international legal standards of corporate governance and transparency.
Baker McKenzie is pleased to submit its next, the sixth edition of Ukrainian Laws in Wartime: Guide for International and Domestic Businesses, a brief overview of the key features of wartime legislation.
This issue contains updated responses to the most common questions raised and considered by international and Ukrainian businesses these days in the following practice areas:
• Martial Law and Special Legislation
• Employment and Migration
• Financial Arrangements and Financial Sector
• Corporate
• Tax and Customs Regime
• Real Estate
• Work of State Courts and Arbitration Tribunals
• Enforcement Proceedings
• Intellectual Property
• Antitrust and Competition
• Pharmaceuticals and Healthcare
By means of Communication ‘A’ 7556, the Central Bank of Argentina established new regulations applicable to resident individuals or legal entities that are grain producers and/or grain traders, and do not export on their own account.
To keep up with the momentum of digitalized lending and address the multitude of aspects (including financial inclusion and consumer protection) impacted by this ever-growing practice, the Indonesian Financial Services Authority (Otoritas Jasa Keuangan or OJK) has finally issued the long-anticipated regulation that revamped OJK Regulation No. 77/POJK.01/2016 on Information Technology-Based Lending Services (POJK 77). On 4 July 2022, OJK enacted OJK Regulation No. 10/POJK.05/2022 on Information Technology Based Collective Funding Services, updating the requirements for peer-to-peer lending operators and revoked POJK 77.
The Ministry of Communications and Information has released, in its Public Consultation published on 13 July 2022, more information on two proposed complementary codes to protect Singapore-based users against harmful and high-risk online content.
Social media platforms with significant reach or impact that are designated social media services will be in-scope for the new compliance obligations proposed by the MCI under the Code of Practice for Online Safety and all social media services are intended to be subject to the Content Code for Social Media Services.
In the course of 2022, the Health Protection Command of the Carabinieri Corp enforced 61 orders, issued by the competent directorates general of the Ministry of Health, providing for the shutdown of websites selling different types of prescription-only medicines in breach of the existing legislation.
On 31 May 2022, the National Coordination Centre of Ethics Committees updated the templates for the conduct of clinical trials on medicinal products and clinical investigations on medical devices that identify the minimum content of the agreement between sponsors/CROs and clinical sites to ensure the uniformity of administrative, economic and insurance aspects.
The fourth instalment of Baker McKenzie’s TMT Looking Ahead delves into 5G, which, with its high speed, ultra-low latency and ability to simultaneously connect multiple devices, continues to drive global business opportunities. 5G use cases are increasingly popular in all levels of infrastructure and across industries and, as such, continue to attract the scrutiny of governments and regulators. In this episode of TMT Talk, Raffaele Giarda, Stephen Crosswell, and Mackenzie Martin discuss the evolving regulatory landscape that applies to 5G, with a particular focus on antitrust and patents.
By means of Communication “A” 7532, the Central Bank of Argentina established new restrictions regarding access to the foreign exchange market for the payment of imports of goods and the payment of imports of services to unrelated counterparties, among others.
On 24 June 2022, China’s National Peoples’ Congress approved far reaching amendments to China’s Anti-Monopoly Law which become effective from 1 August 2022 (“AML Amendments”).
Alongside the AML Amendments, the State Administration for Market Regulation has issued for public comment proposed updates to key implementing rules and regulations concerning cartels and vertical restraints, abuse of dominance, merger control and abuse of IP rights.
Of particular relevance to business operations in China and M&A activity, the AML Amendments include stricter penalties for antitrust violations; increased enforcement powers; revised thresholds for merger control; an express prohibition of hub & spoke arrangements; potential exemptions/defenses for certain vertical restraints including resale price maintenance, and continued scrutiny of the platform economy.