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Nov 2018 - ESAPA Client eNewsletter

Nov 2018 - ESAPA Client eNewsletter
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Contributed by Thomson Geer

By Geoff Brennan, Partner; Shannon Schwarz, Senior Associate

Combustible Cladding - The Australian Legislative and Regulatory Response

In the wake of the contribution of combustible cladding to the spread of fires in the Grenfell Tower in West Londonin June 2017 and the Lacrosse Building in Melbourne in November 2014, there has been a range of legislative andregulatory responses to the issue across Australian jurisdictions. We outline below the responses to this issue, manyof which have only recently come into operation.

Read full article here.

China and Hong Kong

Contributed by Eversheds Sutherland

Global employment briefing: China and Hong Kong, October 2018

Taiwan, Hong Kong, and Macao (“THKM”) residents are no longer required to obtain a work permit to work in mainland China, following a decision by the State Council and the official abolishment of the system by the Ministry of Human Resources and Social Security (“MHRSS”).

Read full article here.


Contributed by Eversheds Sutherland

By John Siu, Partner, Financial Services Disputes and Investigations

Important win for SFC as Appeal Court says SFC does not have the burden of proof in proceedings before the MMT

In an appeal by the Securities and Futures Commission (SFC) against the decision of the Market Misconduct Tribunal (MMT), the Court of Appeal (CA) held in favour of the SFC and reconfirmed the inquisitorial nature of MMT proceedings and as such the SFC does not carry any burden of proof at all. The duty is on the MMT to receive evidence presented by the SFC as well as evidence (if any) adduced by the respondents. Provided the MMT is satisfied on a balance of probabilities that the respondents have committed market misconduct, it shall give its finding accordingly.

Read full article here.


Contributed by Eversheds Sutherland

By Paul Moloney, Partner; Duncan Watt, Consultant

SFC enhances its regulatory framework to manage crypto-asset risks

On 1 November 2018, the Securities and Futures Commission (SFC) published a number of changes to its regulatory framework with the aim of enhancing protection for investors participating in crypto-asset markets. These comprise new requirements for crypto-asset portfolio managers and fund distributors, together with a conceptual framework applicable to crypto-asset trading platform operators.

Read full article here.


Contributed by Khaitan & Co

By Sharad Abhyankar, Partner; Atul Pandey, Partner; Hirak Mukhopadhyay, Associate

Amendment To S. 197 Of Companies Act, 2013 Notified: Government Approval No Longer Required For Enhancement Of Managerial Remuneration

In a long awaited move, the Ministry of Corporate Affairs (MCA) has notified the provisions of the Companies (Amendment) Act, 2017 (CA Amendment Act), relating to managerial remuneration, which are now in force with effect from 12 September 2018. By way of a notification, the amendments to Section 197 and Schedule V of the Companies Act, 2013 (CA 2013) have been brought into effect.

Read full article here.


Contributed by King Stubb & Kasiva

By Sindhuja Kashyap, Associate

Prepaid Payment Instruments (PPIs) – Guidelines for Interoperability

Demonetization may have faced mixed reaction from the people; digital payment platforms have definitely welcomed it with open arms and delight. Increase in reliance placed by the public on digital payment methods lead Reserve Bank of India (“RBI”) to issue the Master Direction on Issuance and Operation of Prepaid Payment Instruments1 (“Master Direction”).

Read full article here.


Contributed by SSEK

By Michael Carl, Senior Foreign Counsel

Corporate Liability for Corruption in Indonesia

Indonesian Law No. 31 of 1999 regarding Eradication of Criminal Acts of Corruption, as amended by Law No. 20 of 2011 (together, the “Anti-Corruption Law”) may hold corporations responsible for criminal acts of corruption.

Read full article here.


Contributed by Eversheds Harry Elias

By Suressh S, Partner, Eversheds Harry Elias; Brian Law, Partner, Eversheds Harry Elias; Michael Bahar, Partner, Eversheds Sutherland

Malaysia seeks to expand personal data protection

Malaysia is looking to impose a data breach notification (DBN) requirement to its existing data privacy law, which would impact companies around the world who do business in Malaysia.

Read full article here.


Contributed by DFDL

By William D. Greenlee, Jr., Partner, Managing Director; Dave Seibert, Senior Legal Advisor, Head of Myanmar Energy, Mining, and Infrastructure Practice Group

Yangon Expressway, Land and Revenue Rights

The Project is set to be one of the largest infrastructure projects ever undertaken in Myanmar and will take the form of a Public Private Partnership between the successful bidder and the MOC. The Project will consist of an approximately 47.5 km long elevated four-lane ring road. The elevated toll road is expected to connect Downtown Yangon, Yangon Port, Yangon International Airport, Mingalardon Industrial Park, and the Yangon-Mandalay Expressway.

Read full article here.

New Zealand

Contributed by Quigg Partners

By David Quigg, Partner

New Zealand M&A update

In the latest edition of the M&A update, we highlighted the update of the Overseas Investment Office, including the Residential Land Restrictions for Overseas Investors Rules. We also covered the Updated Scheme of Arrangement for Code Companies by the Takeovers Panel. The newsletter also include a number of news bites on other M&A related topics.

Read full newsletter here.


Contributed by Eversheds Harry Elias

By Claudia Teo, Partner & Head, Corporate and Financial Services; Dodo Lim, Associate; Terence Teoh, Associate

New Funds Framework – Singapore Variable Capital Companies

The Variable Capital Companies (“VCC”) Bill was passed in the Singapore Parliament on 1 October 2018 and the key features of the VCC were elaborated by Second Minister for Finance Ms. Indranee Rajah.

Read full article here.


Contributed by Formosa Transnational

Financial Supervisory Commission Announces Guidelines for Establishing Direct Banks

In line with the policy to encourage financial innovation, to make financial services widely accessible, and to support financial institutions in the age of digital commerce, Taiwan's Financial Supervisory Commission (FSC) announced on 26 April 2018 Guidelines for Establishing Direct Banks (Guidelines).

Read full article here.


Contributed by Lee and Li

Amendment to Taiwan Company Act

In response to the drastic changes in the local and international business environment over the past decade, the Legislative Yuan (the equivalent of a legislature in Taiwan) passed the amendment to the Company Act (the "Amendment") on 6 July 2018. The Amendment included changes to 148 articles in the Act and is the largest overhaul since 2001 and took effect on 1 November 2018.

Read full article here.


Contributed by DFDL

By Jack Sheehan, Partner, Head of Regional Tax Practice; Jonathan Blaine, Tax Director

The Thai Government Announces New International Business Center Incentives and the Cancellation of the IHQ Program

On 10 October 2018, the Thai government announced the cessation of the International Headquarters (“IHQs”) program (which also included Regional Operating Headquarters or “ROHs” and International Trading Centers or “ITCs”) and the creation of a replacement initiative; International Business Centers (“IBCs”).

Read full article here.


Contributed by Asia Counsel

By Christian Schaefer, Managing Partner; Minh Duong, Partner

Vietnam’s New Law on Cyber Security

On 12 June 2018, the National Assembly of Vietnam adopted the Law on Cybersecurity which will come into effect on the 1 January 2019. This law gives the Vietnamese authorities greater control over the use of the internet in Vietnam, particularly when it comes to the storage and flow of information. It has also been seen as an effort by the Vietnamese government to further crackdown on criticism of the state as it provides the authorities with the power to request both domestic and offshore providers to remove ‘illegal’ content from their websites.

Read full article here.


Contributed by Vision & Associates

By Vuong Son Ha, Senior Associate

As you may know, a Law on Cybersecurity was adopted by the National Assembly of Vietnam on 12 June 2018. According to Decision No. 851/QD-TTg dated 12 July 2018 of the Prime Minister (“PM”), a draft Decree detailing a number of articles of the Law on Cybersecurity (the “Draft Decree”), together with a draft Decree detailing the order of and procedures for application of a number of cybersecurity assurance measures and a draft Decision of the PM promulgating a List of information systems important for national security, shall be prepared by the Ministry of Public Security (“MoPS”) in coordination with the Ministry of Justice, the Government Office, and relevant ministries, ministerial-level agencies & bodies and sought for approval of the PM later in 2018.

Read full article here.


Contributed by Eversheds Sutherland

By Zia Ullah, Partner; Helen Harvey, Senior Associate

UK Sanctions – a year in review

The establishment of the UK’s Office of Financial Sanctions Implementation (“OFSI”) in 2016 was intended in part to give greater prominence and focus to the UK’s implementation and enforcement of financial sanctions. We pull out below some of the key points from their April 2017 – March 2018 Annual Review, published 5 October 2018.

Read full article here.


Contributed by Eversheds Sutherland

By Stephen E. Roth, Partner; Thomas E. Bisset, Partner; Dodie C. Kent, Partner; Frederick R. Bellamy, Senior Counsel

SEC proposes new variable contract disclosure regime

The US Securities and Exchange Commission (SEC or Commission) recently proposed a new disclosure framework for SEC-registered variable annuity contracts and variable life insurance policies (together, variable contracts) that reflects almost a decade of major insurance industry (and SEC staff) effort to develop a more modern and effective regime for variable contract prospectus disclosure. Among other things, proposed Rule 498A would permit (but not require) the use of summary prospectuses for variable contracts, with additional information available to investors online.

Read full article here.