Did you know? The Chinese National Intellectual Property Administration (CNIPA) and European Patent Office (EPO) recently announced a pilot-programme, which will be of particular interest to Chinese and multinational companies with R&D in Mainland China and Hong Kong, especially if they wish to file patents in Europe, US or other jurisdictions outside of Mainland China ...
FINANCIAL SERVICESRelaxation of FEP requirements on interest rate swapBank Negara Malaysia has announced that nonresident banks may trade ringgit denominated interest rate swap without any underlying commitment with any participating onshore licensed banks and their appointed overseas offices (“AOOs”) with effect from 15th March 2021 ...
FINANCIAL SERVICESFurther extension on short selling banThe Securities Commission Malaysia and Bursa Malaysia Securities Berhad announced a further extension, until 29 August 2021, of the existing suspension of Intraday Short Selling (IDSS) and Short Selling by Proprietary Day Traders on the stock exchange of Bursa Malaysia Securities Berhad. The scope of the ban remains the same.Pepared by:Christina S. C ...
What does 2021 hold for investors in Australian renewables? We ask 100 Australian and overseas investors in the renewable energy sector for their insights. We compare our findings today to those from 2019. This report explores the current trends shaping the Australian renewable energy market, in addition to the main drivers behind deals, opportunity sectors and challenges facing investors ...
Novel coronavirus is understandably causing a lot of panic and uncertainty around the globe. While legislators scramble to contain the virus’ spread, investors are also being forced to make weighty decisions with very little information as they attempt to navigate market uncertainty and supply chain disruption. This is particularly true in Thailand, which now has the highest number of confirmed cases outside of China ...
In August 2020, Kudun & Partners was appointed to represent the largest group of creditors, consisting of 87 savings cooperatives, in the wake of the recent Thai Airways’ petition for rehabilitation. Taken together, these investment entities hold 65% of the airline’s total debenture debt, making them the largest group of creditors ...
On 25 March 2021, the Royal Government of Cambodia (“RGC”) implemented ‘Round 8’ of measures aimed at mitigating the impacts of COVID-19 on businesses and workers in Cambodia. The RGC in their press release noted the positive update with respect to the development of COVID-19 vaccines and the fact that Cambodia has to date managed to effectively control COVID-19 ...
On 25 March 2021, the Royal Government of Cambodia (“RGC”) implemented ‘Round 8’ of measures aimed at mitigating the impacts of COVID-19 on businesses and workers in Cambodia. The RGC in their press release noted the positive update with respect to the development of COVID-19 vaccines and the fact that Cambodia has to date managed to effectively control COVID-19 ...
On 26 March 2021, the Ministry of Labour and Vocational Training (“MLVT”) issued Notification 013/21 (“Notification”) on extending the deadline for foreign employee work permit applications in order to help foreign employees who face difficulties in returning to Cambodia in light of recent COVID-19 outbreak ...
Since the consultation document on Proposed Security of Payment Legislation (SOPL) for the Construction Industry in June 2015 and the report of the consultation in April 2016, the SOPL Bill has yet to be put before the Legislative Council for consideration. The Government released a draft Technical Circular on the Implementation of the Spirit of Security of Payment Legislation in Public Works Contracts (Draft Circular) and a reference document in mid-March 2021 ...
On 19 March 2021, the Hong Kong Government gazetted the Securities and Futures and Companies Legislation (Amendment) Bill 2021 (the Bill). The Bill provides for an uncertificated securities market (USM) regime which will allow investors to hold securities in their own names without paper documents ...
An increasing number of investment managers in Hong Kong are considering the adoption of the open-ended fund company (OFC) structure following announcements by the government of subsidy initiatives to cover 70% of expenses paid to local professional service providers for the establishment of OFCs and the re-domiciliation of funds as OFCs. As a key operator of an OFC, the investment manager should be well informed of its obligations and duties under the OFC regime ...
The European Union’s (EU’s) Sustainable Finance Disclosure Regulation (SFDR) imposes disclosure obligations on fund managers and other EU regulated firms regarding environment, social or governance (ESG) issues. The SFDR disclosure obligations came into effect on 10 March 2021. I was recently approached by Ignites Asia – a Financial Times service – for an interview on how the SFDR may impact Hong Kong fund managers. Below is an extract. 1 ...
A recent Securities and Futures Commission (SFC) disciplinary action is a reminder of the need for managers to ensure there are systems and procedures in place to meet the short position reporting obligations of the funds that they manage. The SFC reprimanded and fined an asset manager HK$3 ...
Republic Act No. 11523, also known as “An Act Ensuring Philippine Financial Industry Resiliency Against the COVID-19 Pandemic” (FIST Act)1, which seeks to assist banks and financial institutions (FIs) in dealing with the adverse effects of the COVID-19 pandemic, took effect on February 18, 2021 upon its publication in the Official Gazette and in a newspaper of general circulation ...
The Insurance Authority has recently gazetted the Insurance (Group Capital) Rules. They will come into effect on 29th March, the same day as the Insurance (Amendment) (No. 2) Ordinance which makes provision for the Insurance Authority to supervise on a consolidated basis designated insurance holding companies and members of their supervised group (see our Client Alert dated 27th May, 2020 regarding designated insurance holding companies) ...
Asset tokenisation is poised to tear down the high barriers to luxury investments. Imagine you are a whisky aficionado. Having witnessed rare Scotch trounce many investments over the past 10 years, you are eager to jump on the bandwagon. It is, after all, a complementary way to fund an expensive hobby; according to industry watcher Rare Whisky 101’s Rare Whisky Icon 100 Index, UK auction prices of 100 iconic collectors’ bottles have almost quadrupled since 2012 ...
Introduction: On February 7, 2021, the State Council Anti-monopoly Commission (the “Commission”) promulgated the Anti-Monopoly Guidelines for the Platform Economy (the “Guidelines”), following only three months after the State Administration for Market Regulation (“SAMR”) issued an exposure draft of the same on November 10, 2020 (the “Exposure Draft”), which unveiled a more rigorous approach to anti-monopoly regulation ...
The Malaysian Bar had challenged the DGIR’s power to undertake tax audits on the clients’ accounts of law firms on the basis that it contravened legal professional privilege ...
The Insurance Authority has now gazetted the Insurance (Special Purpose Business) Rules. They will come into effect on 29th March, 2021, the same day as the Insurance (Amendment) Ordinance which makes provision for special purpose insurers (see our Client Alert dated 27 May 2020 regarding special purpose insurers). The Rules restrict the sale of insurance linked securities. Insurance linked securities are securities issued through insurance securitisation i.e ...
On 08 March 2021, the Securities and Exchange Commissions (“SEC”) released SEC Memorandum Circular (“MC”) No. 3, series of 2021 to promulgate and provide guidelines on the filing of the audited financial statements (“AFS”), general information sheet (“GIS”), and other annual reports for the year 2021. In the said MC, the SEC announced the mandatory submission of these reports through the SEC’s Online Submission Tool (“OST”) ...
FINANCIAL SERVICES BNM announces new funds for SMEs On 5 February 2021, Bank Negara Malaysia ("BNM") announced: an additional RM2 billion for the Targeted Relief and Recovery Facility (“TRRF”); the establishment of a RM200 million Disaster Relief Facility (“DRF”) 2021. TRRF The TRRF was a facility announced in the Budget 2021, established to assist eligible SMEs in the services sector ...
With the arrival of COVID-19 vaccines in Hong Kong, employers may wish to encourage or even require their employees to be vaccinated for protection. An interesting question arises: If an employee gets injured on their way to or from the vaccination venue, will the employer have to pay compensation? Two cases in the US may shed light on this. In Firestone Tire Rubber Co. v Crawford, 177 Ga. App. 242 (Ga. Ct. App ...
