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Aug 2019 - ESAPA Client eNewsletter

Aug 2019 - ESAPA Client eNewsletter

  • Hong Kong
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06-08-2019

 

Bangladesh

Contributed by FM Associates

By Al Amin Rahman, Managing Partner

Anti corruption law in Bangladesh 

The Anti Corruption Commission is working towards a corruption-free Bangladesh by advocating transparency and accountability in administration. The Anti Corruption Commission (ACC) Bangladesh was created through an act promulgated on 23 February 2004 that came into force on 9 May 2004. 

Read full article here.


By Sarjean Rahman Lian, Partner

EPZ labor law in Bangladesh 

The government of Bangladesh has given the final approval to the Bangladesh EPZ Labour Act, which introduces relaxed laws for the Export Processing Zones (EPZ) to ensure better rights for workers employed in factories working inside special industrial parks.

Read full article here.


Cambodia

Contributed by DFDL

By Clint O’Connell, Partner & Head of Cambodia Tax Practice

Tax treaty with Hong Kong signed

Cambodia has signed a Double Taxation Agreement (DTA) with Hong Kong on 26 June 2019 as announced by the Secretary for Financial Services and Treasury, Mr James Lau, on behalf of the Hong Kong Special Administrative Region Government.

Read full article here.


China and Hong Kong

Contributed by Eversheds Sutherland

By Paula Barrett, Partner; Michael Bahar, Partner; John Siu, Partner; Duncan Watt, Consultant

E-banking continues to be targeted by criminals – HKMA alerts banks on recent cyber security incidents

On 24 May 2019, the Hong Kong Monetary Authority (HKMA) issued an alert regarding eight cyber security incidents involving a total sum of HK$70,000 (Alert). Based on our previous experience in advising clients on similar cyber security incidents, one usual practice of cyber criminals is to launch trial attacks, or diversionary attacks, before they embark on the more significant one.

Read full article here.

By Adam Ferguson, Partner; Jocelyn Chow, Associate

Lift off for Hong Kong’s Competition Regime

Hong Kong – Justice Godfrey Lam, President of the Competition Tribunal, handed down judgments on 17 May 2019 in each of the first two cases brought by the Competition Commission relating to alleged contraventions of the First Conduct Rule of the Competition Ordinance, which prohibits companies from entering into anti-competitive agreements.

Read full article here.


By John Siu, Partner; Duncan Watt, Consultant; Manwa Yip, Associate

Self-reporting made easy? New e-form by SFC to submit para. 12.5 Notifications

On 10 May 2019, the Securities and Futures Commission (SFC) issued a short and simple circular introducing a new online service tailored for firms to submit notifications under paragraph 12.5 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (Code of Conduct), or what is commonly referred to as self-reporting.

Read full article here.


India

Contributed by Khaitan & Co

Modi’s second innings: What to watch out for

With the Narendra Modi-led NDA government returning to power for a second term with a roaring majority, it is likely that stability and continuity in terms of long-term policies will benefit the economic environment in India.

Read full article here.


By Siddharth Shah, Partner; Mohit Maheshwari, Senior Associate; Rajeswari
Mukherjee, Associate

SEBI publishes HR Khan Committee Report: key points for consideration before it becomes the law

On 24 March 2019, the Securities and Exchange Board of India (SEBI) released a report on redrafting the SEBI (Foreign Portfolio Investors) Regulations 2014 (FPI Regulations) by the Working Group constituted under the chairmanship of Harun R Khan (HR Khan Report), for public comments. The HR Khan Report tables recommendations to liberalize and simplify the foreign portfolio investment (FPI) regime from the perspective of (i) ease of registration; (ii) simplification of know your client (KYC) requirements; (iii) revision of investment limits and (iv) other miscellaneous liberalizations.

Read full article here.



Contributed by King Stubb & Kasiva

By Shreya Dasgupta, Senior Associate

Bata penalized for 'minting money' by using unfair trade practices

In 2009, Himachal Pradesh was the first state to impose plastic ban in India and subsequently over 25 states like Delhi, Karnataka, Bihar, Punjab etc, realised the ill-effects of the plastic and imposed ban on plastic. After the ban, the shops operating in these states started charging their customers an extra amount ranging INR 3 to 20 for paper/cloth bags.

Read full article here.


By Raghav Gaind, Associate

Mindtree - L&T - India's 1st ever hostile takeover - An overview

Acquisitions may be friendly or hostile. A friendly acquisition is one in which the promoters wilfully transfer the control of the management of the target company to the acquirer. In case of hostile takeover, the same transfer is done grudgingly. Historically, India has witnessed only a handful of hostile takeover attempts. Foremost amongst these (predating the takeover code) is the highly contentious and unsuccessful attempt by Swaraj Paul to take over Escorts Industries.

Read full article here.


Indonesia

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. According to Lembong, the changes being considered would open the way for foreign universities to open campuses in Indonesia and would allow for the establishment of foreign hospitals.

Read full article here.


Recent developments in divestment rules for mining companies in Indonesia

Companies engaging in mining business activities in Indonesia can be established with 100% foreign investment, but they are subject to a divestment requirement, as set out under Law No. 4 of 2009 regarding Mineral and Coal Mining (the Mining Law) and Government Regulation No. 23 of 2010 regarding the Implementation of Mineral and Coal Mining Business Activities (as amended, GR 23/2010).

Read full article here.


Myanmar

Contributed by DFDL

By William Greenlee, Partner & Managing Director

The Ministry of Electricity and Energy revises electricity tariffs – Opportunities

On 25 June 2019, the Ministry of Electricity and Energy (“MOEE”) announced that the electricity tariffs payable by end-users will be revised upwards, significantly lessening the burden placed on the Electric Power Generation Enterprise’s (“EPGE”) coffers. The move is widely expected to accelerate the development of new power projects in Myanmar.

Read full article here.


New Zealand

Contributed by Quigg Partners

By Michael Quigg, Partner; Simon Martin, Senior Associate (LLB/BA); Nick Logan, Senior Solicitor (LLB/BA); Sarah Riceman, Solicitor (LLB/BCom); Stephanie Hawkins, Solicitor (LLB/BCom)

Employee dismissed after ongoing anonymous complaints wins job back

The Employment Court has ruled that an employee who was dismissed by her employer, the Ministry of Health, must be reinstated to a similar position at the Ministry on terms no less favorable than before her dismissal.

Read full article here.


Pakistan

Contributed by Kabraji & Talibuddin

By Maria Ahmad, Partner

Helping the digital economy

The State Bank of Pakistan (SBP), the leading regulator of the country’s financial sector, recently issued the Regulations for Electronic Money Institutions (EMIs) (EMI Regulations) with effect from 1 April 2019. The new regulations are said to have been issued by the central bank to ‘foster innovation in the payments industry’ and promote financial inclusion in the country.

Read full article here.


Singapore

Contributed by Eversheds Harry Elias

By Gerard Ng, Partner

Neobanks are coming to Singapore shore – MAS unveils digital banking licences

MAS is planning to issue up to five digital bank licenses as part of its initiative to boost the banking system in Singapore and to liberalise Singapore’s banking sector.

Read full article here.


Taiwan

Contributed by Formosa Transnational

Employment and labour laws and intellectual property rights updates

Taiwan's National Development Council (NDC) in 2018 proposed to the Ministry of Labor that supervisors or executive employees whose monthly salaries exceed a certain amount may be covered by Article 84-1 of the Labor Standards Act.

Read full article here.



Contributed by Lee and Li

Deregulation - the structure of the board of directors

In order to improve the corporate governance mechanism as well as meet the practice need, the Company Act provides more flexibility in the structure of the board of directors after its amendment in 2018.

Read full article here.


Vietnam

Contributed by Asia Counsel

By Minh Duong, Partner; Christian Schaefer, Managing Partner

Asia Counsel insights

Asia Counsel Insights provide an overview of the key trending legal and business issues in Vietnam and how they may impact your business.

Read full article here.



Contributed by DFDL

By Jerome Buzenet, Partner & Managing Director; Hoang Phong Anh, Partner; Dave Seibert, Senior Legal Adviser & Deputy Head Regional Energy, Mining and Infrastructure Group

Proposed solar Feed-In-Tariffs

On 3 May 2019 the Ministry of Industry and Trade of Vietnam (the “MOIT”) submitted to the Prime Minister a draft decision intended to replace Decision No. 11/2017/QD-TTg of the Prime Minister on mechanisms for the encouragement of development of solar power, dated 11 April 2017 (“Decision 11”).

Read full article here.



Contributed by Vision & Associates

New guidance for share/equity acquisition by credit institutions in other entities 

On 31 December 2018, the State Bank of Vietnam (“SBV”) issued Circular No. 51/2018/TT-NHNN (“Circular 51”), detailing the conditions, formality and compositions of application dossier, order and procedures for commercial banks and finance companies (hereinafter collectively called “Credit Institutions”) to obtain SBV approval for their contribution of capital to or purchase of shares in entities operating in certain sectors. Circular 51 took full effect from 1 March 2019.

Read full article here.


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