Rajah & Tann Regional Round-Up: Issue 3 – Jul/Aug/Sep 2023

Regional Round-Up:
Your snapshot of key legal developments in Asia
ISSUE 3 – JUL/AUG/SEP 2023

MALAYSIA

Malaysia’s National Energy Transition Roadmap

Malaysia’s Ministry of Economy recently launched the National Energy Transition Roadmap (“NETR”) as the blueprint for Malaysia’s transition to a clean energy, low-carbon economy. The NETR highlights ten flagship catalyst projects and initiatives to be carried out. These are based on six energy transition levers: (i) energy efficiency (EE); (ii) renewable energy (“RE”); (iii) hydrogen; (iv) bioenergy; (v) green mobility; and (vi) carbon capture, utilisation and storage (CCUS).

CAMBODIA

Notification on Request for Foreign Employee Quota for 2024
New Regulations on FinTech Regulatory Sandbox in Non-Banking Financial Services Sector
Prakas on the Issuance of Fund Units of Collective Investment Scheme
Singapore and Cambodia to Collaborate on Creation of Financial Transparency Corridor to Support SMEs
Cambodia’s Law on Competition and Relevant Implementation Regulations

CHINA

China Issues Draft Regulation to Ease Cross-Border Data Transfer Burden
China Issues Third Draft of Amendments to PRC Company Law
China’s First Generative AI Provisional Measures Come Into Force



INDONESIA

Indonesia’s Carbon Exchange is Here. What Do Businesses Need to Know?
Singapore and Indonesia Sign MOU to Bolster Cross-border Electricity
Malaysia, Indonesia and Thailand Sign Memoranda of Understanding to Extend Use of Local Currencies for Bilateral Transactions
Latest Developments in the Indonesian Crypto Market: Indonesian Crypto Ecosystem Comes Full Circle
Indonesia Requires Exporters to Retain 30% of Earnings from Export of Natural Resources Domestically

LAO PDR

Notice on List of Goods Requiring Import-Export Registration
Notice on Minimum Wage Increase
Notice on Determining the Limits of Electronic Money Services



MALAYSIA

Key Highlights of Non-Infringement Decision for Delivery Hero/Foodpanda
Malaysia’s National Energy Transition Roadmap
Malaysia, Indonesia and Thailand Sign Memoranda of Understanding to Extend Use of Local Currencies for Bilateral Transactions
The AIAC’s Arbitration Rules 2023: A Summary of Key Changes
Updates on the Upcoming Draft Cybersecurity Bill

MYANMAR

DICA Announcement: Important Guidelines for MyCO System Users
Mandatory Registration for Online E-Commerce Businesses by 21 January 2024
Central Bank of Myanmar Lowers Mandatory Conversion of Export Earnings to Myanmar Kyats
Revocation for Advance Payment Requirement on Export Earnings



PHILIPPINES

Securities and Exchange Commission Amends Annex C of Rule 12 of Securities Regulation Code
Financial Sector Forum Releases Proposed Philippine Sustainable Finance Taxonomy Guidelines for Public Consultation
Mandatory Conduct of Competitive Selection Process for Procurement of Power Supply by Distribution Utilities Takes Effect
BSP Issues New Guidelines for UTIF Benchmarks
IPOPHL to Adopt Cloud Computing Strategies for IP Registration Services

SINGAPORE

Singapore and Indonesia Sign MOU to Bolster Cross-border Electricity Trade
Launch of Intangibles Disclosure Framework – Helping Enterprises Commercialise Intangibles
Singapore and Vietnam Deepen Collaboration with New Partnerships
New Mechanisms, Shortened Timelines: SIAC Consults on Draft Seventh Edition of SIAC Rules
Singapore 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

THAILAND

TCCT’s 2024 Vision: Regulating E-Commerce, Strengthening Oversight, and Legal Revisions
New Personal Income Tax Rules for Foreign Income
Personal Data Protection Committee Establishes Criteria for Appointment of Data Protection Officer
CP-Tesco Merger
Malaysia, Indonesia and Thailand Sign Memoranda of Understanding to Extend Use of Local Currencies for Bilateral Transactions

VIETNAM

New Work Permit Rules under Decree 70/2023/ND-CP
Singapore and Vietnam Deepen Collaboration with New Partnerships
New Law on Electronic Transactions
New Regulations on Foreign Lending under Circular 08/2023/TT-NHNN
New Law on Consumer Rights Protection

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