Legal Updates for Aug - 2023
Beyond the Singapore Convention: Lawsuit for Settlement Deed as a Way to Enforce Cross-Border Settlement Agreement in Indonesia
In an increasingly interconnected global landscape, the intricacies of cross-border disputes have underscored the need for effective resolution mechanisms. Among these mechanisms, international mediation has emerged as one of the avenues for achieving consensus in cross-border cases. However, many businesses still hesitate in choosing international mediation due to the differing practices on enforcement of mediated settlement agreements.
To respond to this pressing need, the Singapore Convention on Mediation (“Singapore Convention”) was conceived in 2019 as a solution to address the enforcement gap concerning mediated settlements across international borders. Its objectives centre around streamlining and standardising the recognition and enforcement of mediated agreements. By doing so, the Singapore Convention offers a systematic, cost-effective, and expeditious alternative to litigation.
With respect to Indonesia, it has not ratified the Singapore Convention. Nonetheless, Indonesia has two legislative frameworks governing mediation: Law No. 30 of 1999 on Arbitration and Alternative Dispute Resolution ("Law 30"), which pertains to mediations stemming from alternative dispute resolution, and Supreme Court Regulation No. 1 of 2016 ("Regulation"), governing mediations emerging from court proceedings.
This writing will discuss how foreign businesses are increasingly turning to filing lawsuits for settlement deeds under the Regulation as a way to enforce their settlement agreements in Indonesia. It underscores the evolving landscape of cross-border dispute resolution in a nation grappling with the complexities of international mediation amidst the absence of direct adherence to the Singapore Convention.
30 Aug 2023 | IndonesiaBeyond the Singapore Convention: Lawsuit for Settlement Deed as a Way to Enforce Cross-Border Settlement Agreement in Indonesia
In an increasingly interconnected global landscape, the intricacies of cross-border disputes have underscored the need for effective resolution mechanisms. Among these mechanisms, international mediation has emerged as one of the avenues for achieving consensus in cross-border cases. However, many businesses still hesitate in choosing international mediation due to the differing practices on enforcement of mediated settlement agreements.
To respond to this pressing need, the Singapore Convention on Mediation (“Singapore Convention”) was conceived in 2019 as a solution to address the enforcement gap concerning mediated settlements across international borders. Its objectives centre around streamlining and standardising the recognition and enforcement of mediated agreements. By doing so, the Singapore Convention offers a systematic, cost-effective, and expeditious alternative to litigation.
With respect to Indonesia, it has not ratified the Singapore Convention. Nonetheless, Indonesia has two legislative frameworks governing mediation: Law No. 30 of 1999 on Arbitration and Alternative Dispute Resolution ("Law 30"), which pertains to mediations stemming from alternative dispute resolution, and Supreme Court Regulation No. 1 of 2016 ("Regulation"), governing mediations emerging from court proceedings.
This writing will discuss how foreign businesses are increasingly turning to filing lawsuits for settlement deeds under the Regulation as a way to enforce their settlement agreements in Indonesia. It underscores the evolving landscape of cross-border dispute resolution in a nation grappling with the complexities of international mediation amidst the absence of direct adherence to the Singapore Convention.
30 Aug 2023 | IndonesiaSingapore Court Grants Sanction of Scheme of Arrangement Between a Crypto Company and its Users, the First Ever in the Crypto Space to Take Effect in Singapore
Section 210 of the Companies Act 1967 provides a flexible tool for companies seeking to restructure their debts in Singapore by way of a scheme of arrangement. The provision has seen much use by companies in distress over the years, but the case of Defi Payments Pte Ltd (HC/OA 378/2023) is the first time a cryptocurrency company successfully restructured its debts through a scheme process in Singapore. This Update highlights the key aspects of the scheme and the unique challenges faced in the restructuring of a cryptocurrency company. The applicant company was represented by Rajah & Tann Singapore LLP's Sheila Ng, Deputy Head of Restructuring & Insolvency, together with Benedict Tedjopranoto and Naomi Lim. Hoon Chi Tern, Cynthia Wu and Melvin Chua from Rajah & Tann Singapore LLP's transactional team also advised the applicant company in the restructuring process. 28 Aug 2023 | SingaporeMAS Announces New Regulatory Framework for Stablecoins
On 15 August 2023, the Monetary Authority of Singapore ("MAS") released the finalised regulatory framework for stablecoins regulated in Singapore in its "Response to Public Consultation on Proposed Regulatory Approach for Stablecoin-related Activities" ("Response") where MAS responded to feedback received on MAS' earlier public consultation which was published in October 2022 where MAS first set out its proposals for the new regulatory framework. This Update provides a high-level outline of the key aspects of the regulatory approach to stablecoins under the new regulatory framework, spotlighting (where relevant) salient updates from the Response. 24 Aug 2023 | SingaporeApportionment of Liability for Maritime Collisions
In Owner of the vessel "NAVIGATOR ARIES" v Owner of the vessel "LEO PERDANA" [2023] SGCA 20, the Singapore Court of Appeal had the task of determining the apportionment of liability in a collision between two vessels. The decision involved an assessment of an intricate set of facts and how the collision aligned with international navigation rules. Disputes involving ship collisions are often challenging, both for litigants and for courts. However, the Singapore courts have demonstrated that they are fully equipped at both the trial and appellate level to decide on collision cases. This Update provides a summary of the key points of the decision and how the Court of Appeal reached its determination. 24 Aug 2023 | SingaporeLatest Developments in the Indonesian Crypto Market: Indonesian Crypto Ecosystem Comes Full Circle
In July 2023, the Indonesian crypto market finally came full circle when the current Indonesian crypto regulator (the Commodity Futures Trading Regulatory Agency or Badan Pengawas Perdagangan Berjangka Komoditi (Bappebti) approved PT Bursa Komoditi Nusantara to run the crypto asset bourse.
23 Aug 2023 | IndonesiaA Detailed Look at Indonesia’s Electronic Summons
The global legal landscape is continually evolving, and we have seen how technological advancements have revolutionised the way the legal system operates. In this context, the introduction of the electronic court ("e-Court") proceedings has garnered significant attention and has been dubbed a breakthrough in the Indonesian legal system. This client update explores the implementation of electronic summons (often called e-summons), highlighting its impact on the conventional summons system, the emergence of e-Court, the intricacies of e-summons, and concludes with recommendations.
23 Aug 2023 | IndonesiaSingapore Decision on Enforceable Property Rights of Crypto Assets – High Court Grants Constructive Trust over Improperly Transferred Stablecoin
In ByBit Fintech Ltd v Ho Kai Xin and others [2023] SGHC 199, the Singapore High Court determined whether the crypto assets in question are indeed property capable of being held on trust and, if so, what type of property they are. The crypto assets in this case were United States Dollar Tether ("USDT"). The Plaintiff alleged that the Defendant had improperly transferred the USDT in question and sought a declaration of a constructive trust over the USDT so as to trace the assets. The Court granted the trust, holding that the USDT was property capable of being held on trust, and that it was a chose in action recognisable by common law as being enforceable in court.The Court's decision is significant as it is the first time that this issue has been decided in the Singapore courts. The decision also shines a light on the remedies available to claimants seeking the return or repayment of crypto assets. This Update provides a summary of the Court's decision. 23 Aug 2023 | Singapore
MAS Consults on Revised Licensing Exemption Framework, New Notification and Reporting Requirements for Single Family Offices
On 31 July 2023, the Monetary Authority of Singapore ("MAS") launched a public consultation on a revised framework to manage money laundering ("ML") risks in Singapore's Single Family Office ("SFO") sector. As a regulator, one of MAS' functions is to ensure that Singapore financial institutions ("FIs") address ML risks that their customers, including SFOs, may bring to Singapore. In light of the increasing number of SFOs being set up in Singapore, MAS therefore intends to take additional measures to strengthen surveillance and defence against ML risks in the SFO sector. Currently, SFOs can either rely on existing class exemptions from licensing requirements under the Securities and Futures Act 2001 ("SFA") or apply to MAS for case-by-case exemptions. The proposed revised framework will:- introduce a harmonised class exemption from licensing under the SFA that will eliminate case-by-case exemptions;
- introduce new notification and annual reporting requirements to better monitor SFOs operating in Singapore; and
- allow for a transitional period of six months.
English High Court Finds Director of Holding Company Had Been De Facto Director of Subsidiary Company
Singapore laws recognise that an individual who is not formally appointed as a director of a company owes fiduciary duties to the company if he/she is considered a de facto director. This happens when that person undertakes the functions in relation to a company which can only be properly discharged by a director of the company. It is ultimately a question of fact whether a person is a de facto director of a company.In the recent English High Court decision of Aston Risk Management v Jones and others [2023] EWHC 603 (Ch) ("Aston"), a director of a holding company was found to be a de facto director of its subsidiary and have the legal duties and liabilities of a director. In this instance, the de facto director held himself out as a director and was heavily involved in the day-to-day running of the subsidiary.
The Singapore courts have yet to have the opportunity to consider the circumstances where a director of a holding company may be a de facto director of its subsidiary. As the definition of "director" in the Singapore Companies Act 1967 is similar to the UK Companies Act 2006 in this regard, Aston provides useful guidance on this topic.
In this Update, taking reference from the principles expounded in Aston, we highlight the pitfalls that a director of a holding company should avoid so as not to be regarded as a de facto director of a subsidiary. 11 Aug 2023 | Singapore
Regional Trade Mid-Year Highlights 2023
2023 has been an odd year where seemingly global trade appears to have slowed down somewhat. Yet, trade regulations have continued to see modifications, enhancements and enforcement. We discuss some of the key developments across Southeast Asia, including investigations and sunset review relating to anti-dumping and safeguard measures, developments relating to export/import, free trade agreements, as well as sanctions in this Update that spans the 1st half of 2023.
Some of the key developments highlighted in this Update include those on anti-dumping and safeguard duties in Indonesia, the Philippines, Thailand, and Vietnam, various regulatory changes that may affect the ease of import and export of goods, particularly with new procedural requirements being introduced in Thailand and Myanmar, and new rules of origin for imports and exports in Cambodia and Vietnam. Perhaps of somewhat serious consequence is a new rule introduced by Indonesia mandating exporters of natural resources to place their foreign exchange export proceeds from the natural resources into a special account for such proceeds within three months of receipt and thereafter to maintain at least 30% thereof for a further period of three months from the date of initial deposit.
Regulatory requirements and enforcement aside, there continues to be numerous developments in the negotiation and conclusion of various free trade agreements ("FTAs"), such as the Regional Comprehensive Economic Partnership (RCEP) Agreement being ratified by Indonesia and the Philippines, and various countries like Indonesia, the Philippines, Thailand, and Vietnam being actively involved in negotiating FTAs. In Singapore specifically, there has also been a surge in new digital trade agreements, and economic agreements relating to the green economy. The ASEAN Trade in Goods Agreement (ATIGA) is also being reviewed by member states to upgrade it for continued relevance amidst emerging global trends.
On sanctions, Singapore continues to ban exportation of, transhipment in, or transit through, Singapore of specified dual use goods which destination is or is intended to be Russia. Also, the US has imposed additional sanctions onto certain entities in Myanmar, as well as sanctions on certain individuals in Cambodia.
Moving forward into the remaining part of 2023, we expect to see further significant developments that would affect cross border trade. These would include specific licensing or other regulatory requirements depending on the specific type of products or services involved, which we have not touched on in this Update. Our team is always ready to assist with any case or query that you may have, or even to just have a chat.
10 Aug 2023 | CambodiaRegional Trade Mid-Year Highlights 2023
2023 has been an odd year where seemingly global trade appears to have slowed down somewhat. Yet, trade regulations have continued to see modifications, enhancements and enforcement. We discuss some of the key developments across Southeast Asia, including investigations and sunset review relating to anti-dumping and safeguard measures, developments relating to export/import, free trade agreements, as well as sanctions in this Update that spans the 1st half of 2023.
Some of the key developments highlighted in this Update include those on anti-dumping and safeguard duties in Indonesia, the Philippines, Thailand, and Vietnam, various regulatory changes that may affect the ease of import and export of goods, particularly with new procedural requirements being introduced in Thailand and Myanmar, and new rules of origin for imports and exports in Cambodia and Vietnam. Perhaps of somewhat serious consequence is a new rule introduced by Indonesia mandating exporters of natural resources to place their foreign exchange export proceeds from the natural resources into a special account for such proceeds within three months of receipt and thereafter to maintain at least 30% thereof for a further period of three months from the date of initial deposit.
Regulatory requirements and enforcement aside, there continues to be numerous developments in the negotiation and conclusion of various free trade agreements ("FTAs"), such as the Regional Comprehensive Economic Partnership (RCEP) Agreement being ratified by Indonesia and the Philippines, and various countries like Indonesia, the Philippines, Thailand, and Vietnam being actively involved in negotiating FTAs. In Singapore specifically, there has also been a surge in new digital trade agreements, and economic agreements relating to the green economy. The ASEAN Trade in Goods Agreement (ATIGA) is also being reviewed by member states to upgrade it for continued relevance amidst emerging global trends.
On sanctions, Singapore continues to ban exportation of, transhipment in, or transit through, Singapore of specified dual use goods which destination is or is intended to be Russia. Also, the US has imposed additional sanctions onto certain entities in Myanmar, as well as sanctions on certain individuals in Cambodia.
Moving forward into the remaining part of 2023, we expect to see further significant developments that would affect cross border trade. These would include specific licensing or other regulatory requirements depending on the specific type of products or services involved, which we have not touched on in this Update. Our team is always ready to assist with any case or query that you may have, or even to just have a chat.
10 Aug 2023 | MyanmarNew Penal Code Offence to Deal with Technologically Enabled and Complex Fraudulent Schemes for Contracts for Goods and Services
Recent years have seen the emergence of novel and complex fraudulent schemes that may not be captured by the existing cheating offences in the Penal Code, such as where a wrongful gain or loss was intended but a victim is not easily identified. A significant example is the manipulation of the London Interbank Offered Rate ("LIBOR") in the UK via fraudulent representations made by banks. As LIBOR is often used as a benchmark for financial products, it had far-reaching consequences on financial markets and products. However, it was difficult to identify any specific person who suffered loss or show that the victims relied upon the fraudulent representations.To address this loophole, the Criminal Law Reform Act ("CLRA") introduced sections 424A and 424B of the Penal Code. The new sections focus on the culpability of the offender instead of the effect on the victim – unlike existing cheating offences, they do not require the prosecution to establish that a victim has been deceived. Section 424A deals with fraud that is not directly connected with a written or oral contract for the supply of goods or services, while section 424B deals with fraud in connection with contracts for goods and services.
Section 424A had earlier come into effect on 1 January 2020. However, the commencement of section 424B was delayed to allow for the development of a mechanism to enable private individuals to obtain recourse for common and smaller losses, such as transactions on e-commerce platforms.
On 27 July 2023, the Ministry of Home Affairs ("MHA") announced that section 424B would come into effect on 28 July 2023. 10 Aug 2023 | Singapore
Regional Trade Mid-Year Highlights 2023
2023 has been an odd year where seemingly global trade appears to have slowed down somewhat. Yet, trade regulations have continued to see modifications, enhancements and enforcement. We discuss some of the key developments across Southeast Asia, including investigations and sunset review relating to anti-dumping and safeguard measures, developments relating to export/import, free trade agreements, as well as sanctions in this Update that spans the 1st half of 2023.
Some of the key developments highlighted in this Update include those on anti-dumping and safeguard duties in Indonesia, the Philippines, Thailand, and Vietnam, various regulatory changes that may affect the ease of import and export of goods, particularly with new procedural requirements being introduced in Thailand and Myanmar, and new rules of origin for imports and exports in Cambodia and Vietnam. Perhaps of somewhat serious consequence is a new rule introduced by Indonesia mandating exporters of natural resources to place their foreign exchange export proceeds from the natural resources into a special account for such proceeds within three months of receipt and thereafter to maintain at least 30% thereof for a further period of three months from the date of initial deposit.
Regulatory requirements and enforcement aside, there continues to be numerous developments in the negotiation and conclusion of various free trade agreements ("FTAs"), such as the Regional Comprehensive Economic Partnership (RCEP) Agreement being ratified by Indonesia and the Philippines, and various countries like Indonesia, the Philippines, Thailand, and Vietnam being actively involved in negotiating FTAs. In Singapore specifically, there has also been a surge in new digital trade agreements, and economic agreements relating to the green economy. The ASEAN Trade in Goods Agreement (ATIGA) is also being reviewed by member states to upgrade it for continued relevance amidst emerging global trends.
On sanctions, Singapore continues to ban exportation of, transhipment in, or transit through, Singapore of specified dual use goods which destination is or is intended to be Russia. Also, the US has imposed additional sanctions onto certain entities in Myanmar, as well as sanctions on certain individuals in Cambodia.
Moving forward into the remaining part of 2023, we expect to see further significant developments that would affect cross border trade. These would include specific licensing or other regulatory requirements depending on the specific type of products or services involved, which we have not touched on in this Update. Our team is always ready to assist with any case or query that you may have, or even to just have a chat.
10 Aug 2023 | ThailandRegional Trade Mid-Year Highlights 2023
2023 has been an odd year where seemingly global trade appears to have slowed down somewhat. Yet, trade regulations have continued to see modifications, enhancements and enforcement. We discuss some of the key developments across Southeast Asia, including investigations and sunset review relating to anti-dumping and safeguard measures, developments relating to export/import, free trade agreements, as well as sanctions in this Update that spans the 1st half of 2023. Some of the key developments highlighted in this Update include those on anti-dumping and safeguard duties in Indonesia, the Philippines, Thailand, and Vietnam, various regulatory changes that may affect the ease of import and export of goods, particularly with new procedural requirements being introduced in Thailand and Myanmar, and new rules of origin for imports and exports in Cambodia and Vietnam. Perhaps of somewhat serious consequence is a new rule introduced by Indonesia mandating exporters of natural resources to place their foreign exchange export proceeds from the natural resources into a special account for such proceeds within three months of receipt and thereafter to maintain at least 30% thereof for a further period of three months from the date of initial deposit. Regulatory requirements and enforcement aside, there continues to be numerous developments in the negotiation and conclusion of various free trade agreements ("FTAs"), such as the Regional Comprehensive Economic Partnership (RCEP) Agreement being ratified by Indonesia and the Philippines, and various countries like Indonesia, the Philippines, Thailand, and Vietnam being actively involved in negotiating FTAs. In Singapore specifically, there has also been a surge in new digital trade agreements, and economic agreements relating to the green economy. The ASEAN Trade in Goods Agreement (ATIGA) is also being reviewed by member states to upgrade it for continued relevance amidst emerging global trends. On sanctions, Singapore continues to ban exportation of, transhipment in, or transit through, Singapore of specified dual use goods which destination is or is intended to be Russia. Also, the US has imposed additional sanctions onto certain entities in Myanmar, as well as sanctions on certain individuals in Cambodia. Moving forward into the remaining part of 2023, we expect to see further significant developments that would affect cross border trade. These would include specific licensing or other regulatory requirements depending on the specific type of products or services involved, which we have not touched on in this Update. Our team is always ready to assist with any case or query that you may have, or even to just have a chat. 08 Aug 2023 | SingaporePrakas on the Issuance of Fund Units of Collective Investment Scheme
On 20 July 2023, the Non-Banking Financial Services Authority issued Prakas No. 035 on the Issuance of Fund Units of Collective Investment Scheme ("Prakas"). This Prakas is a long-awaited legal instrument under the purview of the Securities and Exchange Regulator of Cambodia to basically kick-off the collective investment scheme ("CIS") market in Cambodia.
This Prakas sets out the conditions and requirements as well as the procedure with respect to the issuance of fund units of CIS, and the operation of such funds thereafter in order to ensure accountability and transparency under the applicable laws and regulations. This Update highlights the key provisions in the Prakas.
07 Aug 2023 | CambodiaOnline Safety Code for Designated Social Media Services Comes into Effect
The Infocomm Media Development Authority has issued the Code of Practice for Online Safety ("Code"), which took effect from 18 July 2023. The Code sets out obligations that designated Social Media Services have to meet to enhance online user safety, particularly for children, and curb the spread of harmful content on their service. This Update provides a summary of the key requirements under the Code and the consequences and procedures upon any breach of the Code. 07 Aug 2023 | SingaporeData Protection in the Use of AI Systems – PDPC Proposes Guidelines on Use of Personal Data in AI Recommendation and Decision Systems
The Personal Data Protection Commission has launched a public consultation seeking views on the Proposed Advisory Guidelines on Use of Personal Data in AI Recommendation and Decision Systems ("Guidelines"). The purpose of these Guidelines is to clarify how the Personal Data Protection Act applies to the collection and use of personal data by organisations to develop and deploy systems that embed machine learning models which are used to make decisions autonomously or to assist a human decision-maker through recommendations and predictions.Businesses utilising AI Systems may wish to digest the practices proposed in the Guidelines regarding the use of personal data, and to provide feedback on the Guidelines where relevant. This Update highlights key elements of the Guidelines. 04 Aug 2023 | Singapore
Indonesia Requires Exporters to Retain 30% of Their Earnings from Export of Natural Resources Domestically
Starting from 1 August 2023, exporters of natural resources products, namely those generated from mining, plantation, forestry, and fishery businesses, must place at least 30% of the proceeds generated by them from the export of natural resources products (these proceeds are referred to as DHE SDA or Devisa Hasil Ekspor dari Barang Ekspor Sumber Daya Alam) in the country’s financial system. This requirement is introduced under Government Regulation No. 36 of 2023 on Export Proceeds from Natural Resources Business Activities, Management, and/or Processing ("Regulation").
Despite Indonesia seeing an increased growth of the export of natural resources products, this growth has not been accompanied by a growth in DHE (devisa hasil ekspor or foreign exchange proceeds from export). This is because exporters often choose to keep their DHE offshore, citing a more competitive interest rate and convenience in operation as their reasons in doing so. As a result, Indonesia’s rapid growth in exports is not reflected with proportional growth of DHE placed in domestic storages which may adversely affect the nation’s profitability.
03 Aug 2023 | IndonesiaRegional Competition Bites Q2 2023
The Regional Competition Bites Q2 2023 - we here share various legislative and regulatory developments across Southeast Asia. Numerous developments have occurred on the merger front in a number of countries, as well as on the behavioural and investigation side.
On merger control, Cambodia has issued various new regulations which sets out applicable penalties for violating the Law on Competition and also introduces a post-merger notification regime. This follows Cambodia’s recent establishment of its merger control framework, which will come into effect in Cambodia in September 2023.The Philippines has also issued non-horizontal merger review guidelines, with draft guidelines in progress for the motu proprio review of mergers in digital markets. Thailand has issued fines against real estate developers for the late filing of merger notifications.
Mergers aside, the Indonesia Competition Commission has introduced a series of new guidelines on bid-rigging, relevant market definition, and assessment of negative impact, and a Checklist of Competition policies for the government to ensure that its policies align with fair business competition principles. Vietnam is also reviewing its draft Consumer Protection Law and has approved a plan that aims to strengthen anti-counterfeiting measures and protect consumers in online transactions.
In Singapore, sustainability remains a focus, and the regulator has just launched a public consultation on proposed guidance for evaluating environmental sustainability collaborations among competitors soon.
Regional Competition Bites Q2 2023
The Regional Competition Bites Q2 2023 - we here share various legislative and regulatory developments across Southeast Asia. Numerous developments have occurred on the merger front in a number of countries, as well as on the behavioural and investigation side.
On merger control, Cambodia has issued various new regulations which sets out applicable penalties for violating the Law on Competition and also introduces a post-merger notification regime. This follows Cambodia’s recent establishment of its merger control framework, which will come into effect in Cambodia in September 2023.The Philippines has also issued non-horizontal merger review guidelines, with draft guidelines in progress for the motu proprio review of mergers in digital markets. Thailand has issued fines against real estate developers for the late filing of merger notifications.
Mergers aside, the Indonesia Competition Commission has introduced a series of new guidelines on bid-rigging, relevant market definition, and assessment of negative impact, and a Checklist of Competition policies for the government to ensure that its policies align with fair business competition principles. Vietnam is also reviewing its draft Consumer Protection Law and has approved a plan that aims to strengthen anti-counterfeiting measures and protect consumers in online transactions.
In Singapore, sustainability remains a focus, and the regulator has just launched a public consultation on proposed guidance for evaluating environmental sustainability collaborations among competitors soon.
01 Aug 2023 | IndonesiaRegional Competition Bites Q2 2023
The Regional Competition Bites Q2 2023 - we here share various legislative and regulatory developments across Southeast Asia. Numerous developments have occurred on the merger front in a number of countries, as well as on the behavioural and investigation side.
On merger control, Cambodia has issued various new regulations which sets out applicable penalties for violating the Law on Competition and also introduces a post-merger notification regime. This follows Cambodia’s recent establishment of its merger control framework, which will come into effect in Cambodia in September 2023.The Philippines has also issued non-horizontal merger review guidelines, with draft guidelines in progress for the motu proprio review of mergers in digital markets. Thailand has issued fines against real estate developers for the late filing of merger notifications.
Mergers aside, the Indonesia Competition Commission has introduced a series of new guidelines on bid-rigging, relevant market definition, and assessment of negative impact, and a Checklist of Competition policies for the government to ensure that its policies align with fair business competition principles. Vietnam is also reviewing its draft Consumer Protection Law and has approved a plan that aims to strengthen anti-counterfeiting measures and protect consumers in online transactions.
In Singapore, sustainability remains a focus, and the regulator has just launched a public consultation on proposed guidance for evaluating environmental sustainability collaborations among competitors soon.
01 Aug 2023 | PhilippinesRegional Competition Bites Q2 2023
The Regional Competition Bites Q2 2023 - we here share various legislative and regulatory developments across Southeast Asia. Numerous developments have occurred on the merger front in a number of countries, as well as on the behavioural and investigation side.On merger control, Cambodia has issued various new regulations which sets out applicable penalties for violating the Law on Competition and also introduces a post-merger notification regime. This follows Cambodia’s recent establishment of its merger control framework, which will come into effect in Cambodia in September 2023.The Philippines has also issued non-horizontal merger review guidelines, with draft guidelines in progress for the motu proprio review of mergers in digital markets. Thailand has issued fines against real estate developers for the late filing of merger notifications.
Mergers aside, the Indonesia Competition Commission has introduced a series of new guidelines on bid-rigging, relevant market definition, and assessment of negative impact, and a Checklist of Competition policies for the government to ensure that its policies align with fair business competition principles. Vietnam is also reviewing its draft Consumer Protection Law and has approved a plan that aims to strengthen anti-counterfeiting measures and protect consumers in online transactions.
In Singapore, sustainability remains a focus, and the regulator has just launched a public consultation on proposed guidance for evaluating environmental sustainability collaborations among competitors soon. 01 Aug 2023 | Singapore
Regional Competition Bites Q2 2023
The Regional Competition Bites Q2 2023 - we here share various legislative and regulatory developments across Southeast Asia. Numerous developments have occurred on the merger front in a number of countries, as well as on the behavioural and investigation side.
On merger control, Cambodia has issued various new regulations which sets out applicable penalties for violating the Law on Competition and also introduces a post-merger notification regime. This follows Cambodia’s recent establishment of its merger control framework, which will come into effect in Cambodia in September 2023.The Philippines has also issued non-horizontal merger review guidelines, with draft guidelines in progress for the motu proprio review of mergers in digital markets. Thailand has issued fines against real estate developers for the late filing of merger notifications.
Mergers aside, the Indonesia Competition Commission has introduced a series of new guidelines on bid-rigging, relevant market definition, and assessment of negative impact, and a Checklist of Competition policies for the government to ensure that its policies align with fair business competition principles. Vietnam is also reviewing its draft Consumer Protection Law and has approved a plan that aims to strengthen anti-counterfeiting measures and protect consumers in online transactions.
In Singapore, sustainability remains a focus, and the regulator has just launched a public consultation on proposed guidance for evaluating environmental sustainability collaborations among competitors soon.
01 Aug 2023 | ThailandRegional Competition Bites Q2 2023
The Regional Competition Bites Q2 2023 - we here share various legislative and regulatory developments across Southeast Asia. Numerous developments have occurred on the merger front in a number of countries, as well as on the behavioural and investigation side.
On merger control, Cambodia has issued various new regulations which sets out applicable penalties for violating the Law on Competition and also introduces a post-merger notification regime. This follows Cambodia’s recent establishment of its merger control framework, which will come into effect in Cambodia in September 2023.The Philippines has also issued non-horizontal merger review guidelines, with draft guidelines in progress for the motu proprio review of mergers in digital markets. Thailand has issued fines against real estate developers for the late filing of merger notifications.
Mergers aside, the Indonesia Competition Commission has introduced a series of new guidelines on bid-rigging, relevant market definition, and assessment of negative impact, and a Checklist of Competition policies for the government to ensure that its policies align with fair business competition principles. Vietnam is also reviewing its draft Consumer Protection Law and has approved a plan that aims to strengthen anti-counterfeiting measures and protect consumers in online transactions.
In Singapore, sustainability remains a focus, and the regulator has just launched a public consultation on proposed guidance for evaluating environmental sustainability collaborations among competitors soon.
01 Aug 2023 | Vietnam