The Royal Government of Cambodia has issued the Sub-Decree on Requirements and Procedures for Business Combinations dated 6 March 2023 (“Merger Sub-Decree”). The Merger Sub-Decree elaborates on the prohibition on anti-competitive business combinations set out in Article 11 of the Law on Competition. The Merger Sub-Decree was officially implemented on its signature date (of 6 March 2023) and will be enforced within 6 months of that date ...
The Republic of the Union of Myanmar intends to promote foreign investments in the electric vehicle sector in Myanmar by means of a mix of legal and policy initiatives aimed at incentivizing such investments. For the purpose of this article we have considered the year 2022 as the most critical year for legal regulations on electric vehicles (“EVs“) and have pivoted our discussion on legal developments prior to, during and after 2022” ...
On February 1, 2023, the China Securities Regulatory Commission ("CSRC") solicited public opinions on the Measures for Administration of the Registration-based Initial Public Offerings of Stocks (Draft for Comment) (《首次公开发行股票注册管理办法（征求意见稿）》) ...
For a long time, overseas listing of domestic enterprises has been one of the major ways for investment institutions to exit. The filing-based system for overseas offering and listing adopts a unified regulation pattern over direct overseas listing and indirect overseas listing, optimizes the original examination and approval procedures for direct overseas listing and full circulation, and meanwhile increases the filing requirements for indirect overseas listing ...
On January 19, the Federal Trade Commission (FTC) published its proposed rule barring most non-compete agreements that would apply to employees. We previously summarized the proposed rule here and here. The original deadline for comments on the proposed rule was March 20. On March 6, the FTC announced it is extending the deadline to submit comments to April 19. As of March 9, a total of 16,965 comments (8,848 electronically) have been received on the proposed rule ...
China Business Law Journal Published March 9, 2023 With the growing importance of environmental, social and corporate governance (ESG) and the high level of globalisation in capital and supply chains, the scope of ESG regulation is no longer confined to listed companies, the traditional targets ...
On Tuesday, February 21, 2023, Decree Nº318/2022 of the Ministry of Foreign Affairs was published in the Official Gazette, enacting the "Comprehensive and Progressive Agreement for Trans-Pacific Partnership" (CPTPP), which has entered into force as of that date. The treaty seeks to promote the economic integration of the parties, generating a common framework for trade policy, government procurement, intellectual property, electronic commerce, investment, among others ...
On Tuesday, February 21, 2023, Decree Nº318/2022 of the Ministry of Foreign Affairs was published in the Official Gazette, enacting the "Comprehensive and Progressive Agreement for Trans-Pacific Partnership" (CPTPP), which has entered into force as of that date. The treaty seeks to promote the economic integration of the parties, generating a common framework for trade policy, government procurement, intellectual property, electronic commerce, investment, among others ...
18.71 Duty to establish procedures for the enforcement of IP rights The treaty establishes a duty to improve, streamline and simplify procedures aimed at preventing and prosecuting intellectual property infringements. 18.72 Presumptions regarding IP rights A duty is incorporated in order to extend to related rights the presumption of ownership already contemplated in our legislation for intellectual works ...
In this article we follow up on some current issues in the defined contribution (DC) sphere. In its corporate plan for 2022 to 2024, the Pensions Regulator (TPR) reasserted its commitment to defined contribution savers getting the pensions that they are entitled ...
The proposal for the temporary Windfall Tax Act for enterprises operating in the electricity and fossil fuel sectors was approved by the Finnish Parliament on 27 February 2023 in an amended form. An overview of the Government's proposal can be found in our previous article on the subject. The Windfall Tax Act will be applied retroactively to the tax assessment of tax year 2023 ...
Recent months have seen sustained industrial action in the rail sector. On 20 February 2023, the government launched a 12-week consultation on setting minimum service levels for passenger rail. Unlike in many European countries, there are currently no limits in the UK on the number of employees who are able to take part in strike action together ...
On December 30, 2022, the Asset Management Association of China ("AMAC") issued a consultation draft of the Measures for Registration and Filing of Private Investment Funds (《私募投资基金登记备案办法 (征求意见稿)》) and the ancillary Guidelines No. 1-3 on private fund manager registration (collectively, the "Draft Rules"). On February 24, 2023, AMAC issued the updated Measures for Registration and Filing of Private Investment Funds (《私募投资基金登记备案办法》) (the "Measures") and the ancillary Guidelines No. 1-3 (i.e ...
“It’s a dangerous business, Frodo, going out your door. You step onto the road, and if you don’t keep your feet, there’s no knowing where you might be swept off to.” — Bilbo Baggins For those embarking on the process of obtaining a Value Added Tax (VAT) refund in Cambodia – it may feel at times like a perilous journey ...
On February 24, 2023, The Stock Exchange of Hong Kong Limited ("HKEX") published a consultation paper (the "Consultation Paper"), which detailed the proposed amendments to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") following new filing rules for the overseas listing of domestic enterprises announced by the China Securities Regulatory Commission ("CSRC") on February 17, 2023 (the "New Filing Rules") ...
There are so many things to celebrate following the news announcement earlier this week that GWR had purchased Vivarail’s assets following it having sadly entered into administration at the end of last year. Naturally the saving of a number of jobs is great to hear but in addition the protection of the highly innovative technology which will ultimately help to support the introduction of battery powered trains onto our network has to be a good thing ...
The direct overseas offering and listing by domestic entities refers to the overseas offering and listing by joint-stock companies registered and incorporated domestically in China (the "Direct Overseas Listings"), which is currently one of the main ways for domestic entities to be listed overseas. Prior to the implementation of the New Filing Rules, the Direct Overseas Listings are subject to the examination and approval by both the CSRC and the overseas securities regulatory authorities ...
On February 17, 2023, the New Filing Rules was released by the China Securities Regulatory Commission ("CSRC"), which will come into force on March 31, 2023. In the meantime, the Notice of the State Council on Further Strengthening the Administration of Overseas Stock Issuance and Listing (State Council Announcement [1997] No. 21) (the "97 Red Chip Guidelines") will be repealed on the effective date of the New Filing Rules ...
On 17 February 2023, the People's Bank of China (PBoC) issued for public comments the Interim Measures for the Administration of Interconnection and Cooperation between the Interest Rate Swap Markets of the Mainland and Hong Kong (Draft for Comments)(the "Draft Swap Connect Measures"). The public comment period is open until 4 March 2023 ...
On February 17, 2023, China Securities Regulatory Commission ("CSRC"), as approved by the State Council, released new rules for the filing-based administration of overseas securities offerings and listings by Chinese domestic companies ("New Filing Rules"). The New Filing Rules signal a new era of unified filing system for overseas offerings and listings by Chinese companies. We have summarized below five key points of the New Filing Rules for your quick reference ...
February 17, 2023 By: Alexander Davis and Manuel Fishman Update This article is partly a republication of a Client Alert that was issued on December 6, 2022 titled “San Francisco’s Commercial Vacancy Tax.” Readers who have already read the original article can simply read ahead to the sections labeled “Update.” Commercial Vacancy Tax In March 2020, the voters of San Francisco approved Proposition D, also known as the Commercial Vacancy Tax ...
On the 14th of February 2023, the General Department of Taxation (“GDT”) issued Notification 5367 (“Notification 5367”), which provides the 2022 market interest rates for Employee Loans in accordance with Article 15 of Prakas 543 on Tax on Salary and Instruction No. 7015 GDT dated 13 March 2020. The market interest rates for 2022, based on the average of eleven (11) commercial Cambodian banks, are as follows: USD – 8.35% per annum Khmer Riel – 8 ...
On February 7, 2023, the Division of Examinations of the United States Securities & Exchange Commission (“EXAMS”) published the 2023 Examination Priorities. Like previous years, the 2023 Examination Priorities provides certain data regarding the scope of the examination program and the growth of the investment adviser community ...
Upcoming changes to Ohio’s Community Reinvestment Area (“CRA”) property tax exemption program will make it easier to create and to use CRAs. On January 2, 2023, Ohio Governor Mike DeWine signed Substitute Senate Bill 33 of the 134th General Assembly (“SB 33”), enacting substantial changes to existing CRA statutes, ultimately easing existing CRA requirements. The changes will take effect on April 3, 2023 ...
