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Apr 2019 - ESAPA Client eNewsletter

Apr 2019 - ESAPA Client eNewsletter
  • Hong Kong
  • Asia
  • Other



Contributed by Thomson Geer

By David Gaszner, Partner, Litigation and Dispute Resolution; Dr Ross Garland, Special Counsel, Litigation and Dispute Resolution

Litigation funding in Australia: Further reform in the offing?

Third party funding of litigation is today a well-established part of the Australian commercial litigation (and particularly the class action) landscape. At its essence, third-party litigation funding (or financing) is most commonly an arrangement between a non-party funder and one or more potential litigants pursuant to which the funder agrees to pay some or all of the cost of litigation in return for a share of the award if the claim succeeds.

But while having been affirmed as lawful by Australian courts since 2006, the practices of litigation funders, the application of litigation funding and its close interrelation with class actions in which litigation funding is so often essential are still not without controversy and further reform of the regulatory regime under which they operate is again in the offing.

Read full article here.

China and Hong Kong

Contributed by Eversheds Sutherland in association with LexiNexis

By Kingsley Ong, Partner; Sin Joh Chuang, Consultant

Corporate tracker – key legislation

This tracker highlights recent amendments/developments in key legislations in Hong Kong that are relevant to Hong Kong corporates and businesses, including updates on the Companies Ordinance, the Arbitration Ordinance, developments from the Securities and Futures Commission (SFC), Hong Kong Stock Exchange (HKSE) and Hong Kong Monetary Authority (HKMA), as at 1 February 2019.

Read full article here.

Contributed by Eversheds Sutherland

By Jack Cai, Managing Partner Shanghai

New PRC Foreign Investment Law – A New Era of Opportunities for Foreign Investors?

The foreign investment regime in the People’s Republic of China (“PRC”) has undergone significant change. Replacing the previous pre-existing foreign investment laws, namely: (i) Law on Sino-Foreign Equity Joint Ventures; (ii) Law on Sino-Foreign Contractual Joint Ventures; and (iii) Law on Wholly Foreign Owned Enterprises (collectively, “Previous FDI Laws”), the new Foreign Investment Law (“FIL”) (promulgated on 15 March 2019 and effective on 1 January 2020) will unify the Previous FDI Laws and harmonise the differences in treatment between domestic Chinese and foreign invested enterprises (other than the new ‘negative list’).
Read full article here.


Contributed by Khaitan & Co

By Shishir Mehta, Partner; Ahana Sinha, Principal Associate; Ashwij Ramaiah, Associate

All roads lead to resolution – RBI opens up the ECB route for IBC bidders

In what appears to be another step towards increasing the efficacy of the insolvency resolution process in India, the Reserve Bank of India (RBI), further relaxed the regime on external commercial borrowings (ECBs) in India by way of a circular dated 7 February 2019 (New ECB Circular).

Read full article here.

By Manisha Shroff, Partner; Ahana Sinha, Principal Associate; Juhi Bhat, Associate

Rbi revises ECB norms: A step in the right direction?

In view of the Central Government’s objective of improving “ease of doing business” in India, the Reserve Bank of India (RBI) announced a new framework for external commercial borrowings (ECB) on 16 January 2019 liberalising the current ECB policy (the Revised ECB Framework).

Read full article here.


Contributed by DFDL

By Vinay Ahuja, Partner, Head of DFDL India Desk, Head of the Regional Banking and Finance Practice Group & Head of the Indonesia Practice Group; Marion Lagrange, Legal Adviser

A regulatory pole vault for the Indonesian crypto-industry

February 2019 was a tumultuous month for the Indonesian crypto-industry with the introduction of regulations that impose staggering thresholds for minimum capital and closing balance requirements among other stringent qualifying criteria for Crypto Asset Exchanges, Custodians, Clearing Agencies and Traders.

Read full article here.

Contributed by Sagita Ridjab Syah & Partners

By Priyatna Yoopie, Partner; Murizah Abidin, Senior Foreign Legal Consultant; Tengku Dian, Associate

Equity crowdfunding regulation in Indonesia

Indonesia introduces regulation on equity crowdfunding on December 2018. Pursuant to Regulation No. 37/POJK.34/2018 on Equity Crowdfunding ("OJK Regulation No. 37"), the Financial Services Authority (Otoritas Jasa Keuangan or - "OJK") regulates direct offering of shares to investors ("Equity Crowdfunding") through an open electronic system platform.

Read full article here.

Contributed by SSEK

By Michael S. Carl, Foreign Legal Advisor

Indonesia considers opening investment opportunities for foreign universities, hospitals

The chairman of the Indonesian Investment Coordinating Board (Badan Koordinasi Penanaman Modal or “BKPM”), Thomas Lembong, said on 13 February 2019, that the government was considering changes to the foreign capital investment rules for foreign universities and hospitals.

Read full article here.

New regulation requires taxes for e-commerce players in Indonesia

Prompted by the disparity in the tax treatment between traditional retail activities and e-commerce, on 31 December 2018, Indonesia’s Minister of Finance (“MOF”) issued MOF Regulation No. 210/PMK.010/2018 regarding the Tax Treatment of E-Commerce (“MOF Regulation 210”).

Read full article here.


Contributed by The Tokyo-Marunouchi Law Offices

By Kengo Ishikawa, Partner

Amendments to the Act on Immigration Control and Refugee Recognition effective from April 2019

The Japanese legislature adopted amendments to the Act on Immigration Control and Refugee Recognition on 8 December 2018, and the amendments will take effect from 1 April 2019.

Read full article here.


Contributed by DFDL

By Kristy Newby, Country Managing Director

New Economic Dispute Resolution Law in effect

The Amended Law on the Resolution of Economic Disputes (Nº 51/NA, 22 June 2018) (the “Amended Law”) came into effect on 6 December 2018 and replaced the previous Law on Economic Dispute Resolution (Nº 06/NA, 17 December 2010) (the “2010 Law”).

Read full article here.


Contributed by LAW Partnership

"Mind your Comments"

Recently the Malaysia Communications and Multimedia Ministry is mulling on a new law against news portals that allows insensitive comments to be left on their online platform by readers.

Read full article here.

Contributed by Mah-Kamariyah & Philip Koh

By Philip Koh, Senior Partner

Commercial organizations be warned, there are new anti-bribery laws

The Malaysian Anti–Corruption Commission (Amendment Act) 2018 (Act 1567) received Royal Assent on 27 April 2018, and was gazetted on 4 May. This Act is expected to come into operation in June 2020, when the minister in charge will publish a notification in the gazette. The government is expected to launch the promulgation of guidelines related to the coming into force of the law in the near future.

Read full article here.


Contributed by DFDL

By William D. Greenlee, Jr., Partner, Managing Director; Nishant Choudhary, Deputy Managing Director, Head of Banking & Finance Practice

Myanmar enacts Trademark Law with priority protection

One of the most significant developments in the spectrum of intellectual property rights in Myanmar is the enactment of the Trademark Law (“TL”). The TL though enacted on 30 January 2019 has not yet entered into force pending the issuance of a Notification by the President of Myanmar.

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 and the hightlight of the recent annual report of the Takeovers Panel.

Read full article here.


Contributed by Eversheds Harry Elias

By Francis Goh, Partner & Head of International Arbitration; Shaun Leong, Of Counsel; Janice Lee, Foreign Legal Associate

Primacy of the seat court: Can parties re-litigate issues already decided in a prior foreign enforcement proceeding?

Why is this important? Do matters such as issue estoppel and the extended doctrine of res judicata preclude parties from raising jurisdictional challenges in setting aside proceedings? Not necessarily. A recent decision by the Singapore High Court reinforces this position, highlighting the primacy and judicial supervision of the seat court over arbitral awards.

Read full article here.


Contributed by DFDL

By Rashane Leerabandhu, Partner; David Fruitman, Regional Competition Counsel

Essential differences under Thailand’s new competition law

Thailand was one of the first ASEAN Member States to enact a competition law with the Price Fixing and Anti-Monopoly Act of 1979. However, that legislation was generally accepted to have been ineffective in relation to competition law enforcement and was replaced by the Trade Competition Act B.E. 2542 (1999) (“Old TCA”). The Old TCA came into effect on 30 April 1999 and was intended to auger a modern and effective approach to regulating competition in Thailand.

Read full article here.


Contributed by Vision & Associates

By Luu Tien Ngoc, Partner

Decree 163/2018: New legal regime for corporate bonds

Decree No.163/2018/ND-CP on issue of corporate bonds was introduced by the Government of Vietnam on 4 December 2018 (“Decree 163”). It will take full effort on 1 February 2019, and replace Decree No.90/2011/ND-CP, dated 14 October 2011, of the Government of Vietnam, on the same subject (“Decree 90”).

Read full article here.

Vietnam: PPP update

Public-private partnership (PPP) concept (but limited to build-operate-transfer (BOT), build-transfer-operate (BTO) and build-transfer (BT) in certain sectors) was firstly introduced in Vietnam in 1997 when Decree No.77/CP on BOT applicable to local investors was issued on 18 June 1997, and then Decree No.62/1998/ND-CP on BOT, BTO and BT applicable to foreign investors was issued on 15 August 1998.

Read full article here.