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 ...
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 ...
The refinancing policies for listed companies on the Shanghai and Shenzhen Stock Exchanges will be revised as a part of the full implementation of the registration-based stock issuance system reform, in addition to the reform of the IPO-related rules ...
On December 8, 2022, the Thailand Board of Investment (the “BOI”) issued 17 announcements (Announcement No. 8/2565 to No. 24/2565) aimed at developing a new economic model as part of its investment promotion strategy for the next five years (2023 – 2027) in accordance with the National Economic and Social Development Plan (Thailand 4.0). All announcements went into effect at the beginning of January 3, 2023 ...
The enactment of Law No. 4 of 2023 on the Development and Reinforcement of the Financial Sector (“the P2SK Law”) has provided fresh air for technological innovation in financial services. At the same time, the P2SK Law also protects consumers and strengthens the financial sector amid rapid digital development ...
On February 1, 2023, the China Securities Regulatory Commission ("CSRC"), the Shanghai Stock Exchange ("SSE"), the Shenzhen Stock Exchange ("SZSE"), and the Beijing Stock Exchange ("BSE") issued for public comments draft rules and regulations (the "Draft Rules") related to the registration-based stock issuance system. The Draft Rules mark the official launch of the full implementation of stock issuance reforms in China ...
The Ministry of Immigration and Population of the Republic of the Union of Myanmar has issued a notice that updates the application process to extend eBusiness Visas for foreigners working for companies or engaging in business in Myanmar. All such applications must be submitted in the name of a company that is duly incorporated and registered at the Directorate of Investment and Company Administration (“DICA”) and must have the signature of the director of the registered company ...
According to Prakas No. 052 dated 3 November 2022 before applying for accreditation, a valuation company or valuation specialist in the real estate sector is required to obtain a valuation services license or a valuation professional certificate from the Real Estate Business and Pawnshop Regulator (“RPR”) of the Non-Banking Financial Services Authority (“NBFSA”). On 27 December 2022, the NBFSA issued Prakas No ...
On February 1, 2023, the China Securities Regulatory Commission ("CSRC") started soliciting public feedback on the draft Administrative Measures for the Registration of Initial Public Offerings ("Draft Administrative Measures") and other major rules of the registration-based share offering scheme ...
The Union Budget for 2023-24 was presented by the Hon’ble Finance Minister, Ms. Nirmala Sitharaman on February 1, 2023. The policy initiatives outlined in the budget proposals are intended to ensure macroeconomic stability of Indian economy in the face of global recession, while giving momentum to economic growth. The budget seeks to build on the foundation laid over last two years after the Covid pandemic ...
Pursuant to Department of Labor and Employment (“DOLE”) Labor Advisory No. 18, series of 2020, employers, including contractors or subcontractors in the private sector, shall shoulder the cost of COVID-19 prevention and control measures, such as, but not limited to, testing, disinfection facilities, hand sanitizers, personal protective equipment (i.e.,face masks), signages, and proper orientation and training of workers on COVID-19 prevention and control ...
1. Background and Rationale The Thai financial market has been revolutionized by rapid changes in technology, particularly, with the advent of distributed ledger technology (“DLT”) and digital assets in recent years. This has led to a surge of interest from traditional investors and corporate entities, both small and large, eager to participate in this dynamic market. These technologies have been driving financial innovation and progress ...
On April 27, 2022,Republic Act No. 11712, or thePublic Health Emergency Benefits and Allowances for Health Care Workers Act(“RA 11712”), was signed into law in recognition of the critical role of health care workers in providing quality health care and ensuring disease prevention in the general population, especially during the pandemic. It seeks to promote the welfare of health care workers through the grant of mandatory benefits and allowances with utmost efficiency ...
Instruction No. 2520 GDT on the Adjustment on the Implementation of Value Added Tax on E-Commerce Transactions (Instruction 2520) was issued by the General Department of Taxation (GDT) on the 24th of January 2023. Instruction 2520 repeals the earlier Instruction 20522 on the Implementation of Value Added Tax on E-Commerce that was issued on the 8th of December 2021 ...
On the heels of the onslaught of the COVID-19 pandemic, the National Labor Relations Commission (“NLRC”) issuedNLRC En Banc Resolution No. 03-20, series of 2020, or theInterim Amendments to the 2011 NLRC Rules of Procedure(“Interim Amendments”).Under the Interim Amendments, the conduct of mandatory conciliation and mediation conferences were suspended, making it discretionary upon the Labor Arbiters ...
On February 11, 2022, the Department of Labor and Employment (“DOLE”) issuedDepartment Order No. 221-A-22, or theGuidelines in the Accreditation of Agents and Appointment of Employers Authorized Representatives for filing of Alien Employment Permit (AEP) Applications and Related Documents(the “AEP Accreditation Guidelines”), pursuant to Section 28 of DOLE Department Order No ...
With the decreasing number of positive COVID-19 cases, more employees are now returning to on-site work and new COVID-19 testing protocols are in place. The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (“IATF”) provided guidelines for COVID-19 testing requirements for unvaccinated and partially vaccinated employees through its Resolutions No. 148-B and 149. Also, the National COVID-19 Immunization Program opened to the general public nationwide ...
With workers returning to work on-site, the Department of Labor and Employment (“DOLE”) issuedLabor Advisory No. 1, series of 2022, or the Isolation and Quarantine Leaves of Employees in the Private Sector, to guide employers ...
On September 16, 2022, the DOLE issuedDepartment Order No. 237, series of 2022, or the Revised Implementing Rules and Regulations of Republic Act No. 11165or the Telecommuting Act (“Revised Telecommuting Rules”). New Definitions The Revised Telecommuting Rules clarified the definition of an “alternative workplace” and a “regular workplace” ...
On August 23, 2022, the Department of Labor and Employment (“DOLE”) issuedLabor Advisory No. 17, series of 2022, which governs the suspension of work in the private sector by reason of weather disturbances and similar occurrences. It provides that in the exercise of management prerogative, the employer may suspend work to ensure the safety and health of employees during weather disturbances and similar occurrences ...
In Toyo Seat Philippines Corporation v. Annabelle C. Velasco, et al. (G.R. No. 240774, March 03, 2021), the Supreme Court reiterated that workers may be considered project employees regardless of the nature of the work they perform, as long as the essential elements of project employment are alleged and proven ...
Reasonable connection, not direct causation.This is the essence of the Supreme Court’s decision in Social Security System v. Violeta A. Simacas (G.R. No. 217866, 20 June 2022), wherein it awarded employees’ compensation benefits under Presidential Decree No. 626 (“PD 626”) to Mrs. Violeta A. Simacas, the wife of deceased employee Mr. Irnido Simacas, who died of prostate cancer. Mr. Simacas was employed for 15 years as a fabrication helper at a manufacturing company ...
Probationary employment is an arrangement where an employee is placed on trial by the employer for a period of time, not to exceed six months, to allow the employer to determine whether the employee is fit for regularization. Probationary employment is beneficial for employers as it allows them to address problems in the employment relationship before regularization ...
On October 24, 2022, the Department of Labor and Employment ("DOLE") issued Labor Advisory No. 20, series of 2022, which sets out the process for the issuance of the certification required from non-Philippine nationals intending to engage in business in the Philippines ...
