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Now You See Me, Now You Don't: What Can be Done if a Bank Fraudster's Identity is uUnknown?
Shearn Delamore & Co., September 2021

Introduction In the age of the Internet and technology, banking scams and fraud abound. Where such bank fraud is committed, it is often the case that the fraudster disappears and their identity remains unknown. How courts grant relief where the identity of the perpetrator of a bank fraud is unknown was addressed in two Malaysian court decisions in 2021: Zschimmer v Persons Unknown[2021] 7 MLJ 178 (Zschimmer); and Zschimmer v Persons Unknown (No 2)[2021] 3 CLJ 587 (Zschimmer No. 2)...

New Legal Regime for Cross-Boundary Matrimonial and Family Cases and Guidance Note on Case Management in Children and Ancillary Relief Proceedings
Deacons, September 2021

The green light was recently given for two substantive changes in family law practice. First, on 15 February 2022, the Mainland Judgments in Matrimonial and Family Cases (Reciprocal Recognition and Enforcement) Ordinance (Cap. 639) (Ordinance) and Rules will come into operation. Secondly, there is a new Guidance Noteon Case Management and Time Tabling in Children and Ancillary Relief Proceedings issued by the Judiciary under Practice Direction SL10.4...

Cambodia: Procedures and Implementation Guidelines for Checklist in Preparing the Initial Environmental and Social Impact Assessment Report
DFDL, September 2021

On 29 June 2021, the Ministry of the Environment (“MOE”) issued five new Prakas pursuant to Prakas No. 021 dated 3 February 2020 on the Classification of Environmental Impact Assessments (“EIA”) for Development Projects. These new Prakas determine the procedures and implementation guidelines for checklists used to prepare initial environmental and social impact assessment (“IEIA”) reports...

Cambodia: Use of Khmer Language and Currency in Financials and Onsite Inspections
DFDL, September 2021

September 2021 has seen the issuance of Circular 009 on the Usage of Khmer Language and Currency in Accounting Records and Financial Statements (“Circular 009”) and Notification No. 355 on Inspection Visits and Implementation of Interim Fines for Violations of Law on Accounting and Audit (“Notification 355”). We set out the salient points in Circular 009 and Notification 355 below for your reference...

The Launch of Wealth Management Connect – Cross-Boundary Fund Distribution Across the Greater Bay Area Gets the Green Light
Deacons, September 2021

Background On 10 September 2021, the Hong Kong Monetary Authority (HKMA) and People’s Bank of China (PBoC)released their respective implementation rules in connection with the cross-boundary Wealth Management Connect (WMC) pilot scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)...

Cambodia: Placement of Devices to Measure Volumes of Beer and Non-Alcoholic Beverages to Comply with New GDT Instruction
DFDL, September 2021

On 8 September 2021, the General Department of Taxation (“GDT”) issued Instruction No. 15024 on the obligation to install devices to measure the volume of beer and/or non-alcoholic beverages on the sites of local beverage producing enterprises...

CCCFA Amendments Delayed
MinterEllisonRuddWatts, September 2021

On Thursday 9 September 2021, the Ministry of Business, Innovation and Employment (MBIE) announced a number of changes to legislation due to the shift in COVID-19 alert levels...

COVID-19 Insurance Issues from Around the World
MinterEllisonRuddWatts, September 2021

The scale of the COVID-19 crisis made it obvious that the pandemic, and the public health measures it prompted from governments, would have major implications for the insurance world. Responding to an unprecedented disruption in trading, firms naturally turned to their business interruption (BI) policies for protection...

A Country Divided: Alert Level Differences and New Zealand’s Construction Supply Chain
MinterEllisonRuddWatts, September 2021

The Delta variant’s arrival in New Zealand has resulted in a range of novel issues impacting the construction industry.  The latest has arisen due to the interregional differences in Alert Levels.  While Auckland remains at Level 4 until at least 11:59pm on Tuesday 14 September, from 11:59pm tonight, the remainder of New Zealand will move to Level 2...

Corporate Restructuring Strategies for the Post-Pandemic Recovery
Kudun and Partners, September 2021

Businesses in Thailand are facing a difficult road ahead. The latest wave of COVID-19 infections continues to hammer the economy, further delaying a recovery that many companies were counting on to relieve their financial woes. Those struggles have been considerable. According to the National Economic and Social Development Council (NESDC), Thailand’s gross domestic product shrank by 6.1% in 2020 – the steepest decline since the Tom Yum Kung financial crisis of 1997...

Shearn Delamore & Co. Legal Updates August 2021 (2)
Shearn Delamore & Co., September 2021

Corporate/M&A Amendments to the Main Market Listing Requirements following Enhanced IPO Framework On 11 August 2021, Bursa Malaysia Securities Berhad (“Bursa Securities”) reviewed the Main Market Listing Requirements (“MMLR”) to ensure parity of regulation with the Securities Commission Malaysia’s (“SC”) introduction of an enhanced initial public offering (“IPO”) framework which took effect on 1 January 2021...

Customer Vulnerability: Immediate Priorities of the FMA
MinterEllisonRuddWatts, September 2021

On 2 September 2021, the FMA published an updated information sheet on its expectations for providers of financial services in relation to customer vulnerability practices (Information Sheet). The FMA acknowledges there is no ‘one-size-fits-all’ approach to developing and embedding processes and practices related to customer vulnerability...

Policyholder Security: IPSA Option Paper Released
MinterEllisonRuddWatts, September 2021

Yesterday the Reserve Bank of New Zealand (Reserve Bank) issued its second options paper as part of the broader review of the Insurance (Prudential Supervision) Act 2010 (IPSA). The consultation presents options to enhance policyholder protection security in the event of an insurer’s insolvency. Given the heightened alert levels, the Reserve Bank has extended the consultation window to 15 November 2021. A link to the options paper is available here...

High Court Clarifies Approach to AML Penalties
MinterEllisonRuddWatts, September 2021

Yesterday, the High Court in Wellington released its judgment setting out the reasons for its earlier decision imposing a $3.5 million civil penalty on TSB Bank Limited (TSB) for contraventions of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). This followed a statement of claim from the Reserve Bank of New Zealand (Reserve Bank), as TSB’s anti-money laundering and countering financing of terrorism (AML/CFT) supervisor...

Tax Issues and Practical Solutions (T.I.P.S.) for August 2021
SyCip Salazar Hernandez & Gatmaitan, September 2021

1. May the Bureau of Internal Revenue issue assessments against a taxpayer based on third-party information? Yes, provided that such third-party information is verified or confirmed with the relevant customers or suppliers. In Commissioner of Internal Revenue v. Mercury Group of Companies, Inc. (CTA EB No. 2215 (CTA Case No...

A Much-Awaited Relief to Indian Exporters on Remission of Duties
Kochhar & Co. Advocates & Legal Consultants, September 2021

The World Trade Organization (‘WTO’) has always been of the view that Indian export subsidy schemes like Merchandise Exports from India Scheme (‘MEIS’), Export Oriented Units (‘EOUs’), Service Export Incentive Schemes are principally in violation to the Subsidies and Countervailing Measures Agreement (‘SCM Agreement’)...

Thailand: Relief Measures for Member of the Public Affected by the Thai Government’s COVID-19 Lockdown Measures
DFDL, September 2021

On 20 July and 10 August 2021, the Thai cabinet passed new resolutions granting relief measures to members of the public living in red zones in 29 provinces (including Bangkok) who have been particularly affected by government lockdown measures aimed at containing and reducing cases of COVID-19 infection. These measures notably include providing financial support to employers and employees registered with the Social Security Office (“SSO”)...

Tackling Chinese Counterfeits is Not Child’s Play
Deacons, August 2021

Did you know? At the end of last year, US Customers and Border Protection officers seized around US$1.3 million worth in China counterfeit toys at the Port of New York and New Jersey. The seizure included more than 141,000 counterfeit UNO card games, 9,600 "LOL Surprise! Under Wraps” balls and almost 2000 “LOL Surprise!” capsule toys...

Afghanistan 2021
TSMP Law Corporation, August 2021

The Taliban takeover of Afghanistan has set the country's women's rights back 20 years. This is why we should care. “All I could see around me were the fearful and scared faces of women and ugly faces of men who hate women, who do not like women to get educated, work and have freedom. Most devastating to me were the ones who looked happy and made fun of women.” – The Guardian, 15 August 2021...

Dealing with the Impacts of Global Supply Chain Disruptions in Construction Contracts
MinterEllisonRuddWatts, August 2021

In the wake of the global COVID-19 response, the construction sector is facing an unprecedented level of pressure in supply and demand for building materials both domestically and internationally, resulting in a sharp surge in costs and delays and disruption in construction and infrastructure projects...

Climate-Related Risk Requirements for Fund Managers
Deacons, August 2021

Hong Kong’s Securities and Futures Commission (SFC) has announced details of requirements for fund managers to address climate change in their investment and risk management processes and make appropriate disclosures. Where are the requirements set out? On 20 August 2021, the SFC issued: Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers with amendments to the Fund Manager Code of Conduct (FMCC) set out in Appendix B and C...

Telepharmacy: The Future of Digital Healthcare
Kudun and Partners, August 2021

During the COVID-19 pandemic, when hospitals have increasingly experienced a shortage of beds and medical staff to take care of patients, telepharmacy has emerged as one of the most effective ways to reduce the number of people visiting not only the hospitals themselves but also pharmacies and health clinics. Telepharmacy is the provision of pharmaceutical care to patients remotely by registered pharmacists and pharmacies using telecommunications...

Legal Update on the New Requirements for Employers under the Personal Information Protection Law in China
Deacons, August 2021

On 20 August 2021, the Personal Information Protection Law of the People’s Republic of China (“PIPL”) was passed by the Standing Committee of the National People’s Congress, and will become effective on 1 November 2021. Comprising 8 chapters and 74 articles, PIPL lays down a clearer yet stricter regulatory framework for the protection of personal information...

Sustainable Future: Conversation Starters for Tenants
MinterEllisonRuddWatts, August 2021

MinterEllisonRuddWatts is actively engaged in The Chancery Lane Project, joining the focused effort from lawyers around the world to develop contract clauses to help fight climate change. Our firm recognises that climate change has broader implications for business and is a key consideration in today’s commercial decision making. We are proud to be the first New Zealand law firm involved in this far-reaching sustainability initiative...

Navigating the Fintech Revolution in Thailand
DFDL, August 2021

‘Navigating the Fintech Revolution in Thailand’ is the indispensable must-read guide for fintech experts who want to stay up-to-date on all current and future fintech developments and successfully navigate the sector’s many challenges and pitfalls! In this edition, DFDL reports on the current state of fintech in Thailand from a legislative and policy perspective with an overview of the current and future fintech landscape...

 

 

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