South-East Asia (SEA)

Rather than being seen solely as a burden, climate-related disclosures may represent an opportunity for proactive companies to secure a competitive advantage, say Rachel Eng and Pei Yin Yap of Eng and Co.

Eddie Chan and Helen Hai-Ning Huang of Lee and Li report that Taiwan has made great strides with recent ESG policy initiatives, but add that further measures are needed to deter greenwashing

Jonathan P Serrano, Roberto T Santiago, Jr., and Crisela L Bernardino, PunoLaw

Siregran Sakuliampaiboon and Phanpicha Nityo, Weerawong C&P

Yvonne Hsieh, Patricia Lin, Cheng-Chieh Huang, and Derrick Yang, Lee and Li

Benedict Teo, Tham Feei Sy and Yvette Fong of Drew & Napier draw on case law from Singapore and the UK in analysing the main legal difficulties for cryptocurrency stakeholders

Yvonne Hsieh, Eddie Chan, Patricia Lin and James Huang, Lee and Li

Vipavee Kaosala, Siregran Sakuliampaiboon and Punyisa Intarapracha, Weerawong, Chinnavat & Partners

Danar Sunartoputra, Gregorius Pradana, and Putu Putra of Melli Darsa & Co., Indonesian member law firm of PwC global network, analyse the hurdles to allowing special purpose acquisition companies (SPACs) in Indonesia as an alternative to traditional initial public offerings (IPOs), and highlight the need for a regulatory alignment

Rainer Faustine Jonathan and Setyaning Kartika Rini of Walalangi & Partners consider the lasting effect of the COVID-19 pandemic on workplace practices, including work-from-home policies and permissible reasons for employment termination

Miriam Andreta and Raditya Pratamandika Putra of Walalangi & Partners discuss the growth of digital banking in Indonesia

Phong Tran is a founding partner at VILAF

Hans Adiputra Kurniawan of Walalangi & Partners explains why Indonesia’s multiple voting shares system is a breakthrough to boost company listing

Boey Swee Siang, Selina Toh, Suchitra Kumar, and Emerick Tan of RPC Premier Law examine how Singapore’s recently revised insolvency laws will support post-pandemic recovery

Danar Sunartoputra, Puji Atma, and Gery Fathurrachman of Melli Darsa & Co., Indonesian member law firm of PwC global network assess the corporate landscape in Indonesia, more than two years after the start of the Covid-19 pandemic

Luky I Walalangi and Rendi Prahara Septiawedi of Walalangi & Partners discuss the challenges and opportunities faced by Indonesia’s carbon market

Jeanne Elisabeth Donauw and Andhika Indrapraja of Walalangi & Partners discuss the rise of DFI companies, and the implications for registration and reporting as the regulating authorities seek to protect consumer data

Fifiek Mulyana and Maurice Shawndefar of PwC Indonesia analyse the impact of the Indonesian Green Taxonomy and discuss how companies can respond to this regulatory change

Rachel Eng and Pei Yin Yap of Eng and Co discuss the different business areas impacted by ESG concerns that should be addressed by directors in discharging their fiduciary duties

With regulations on ESG disclosure increasing, Joseph Chun, Andrea Ng and Kwah Chee Hian of Shook Lin & Bok discuss the impact on asset managers, the prospect of enhanced disclosures for ESG retail funds and the development of a green taxonomy in Singapore

Truong Nhat Quang, Nguyen Van Hai, Duong Nguyen and Dinh Hai Long of YKVN discuss recent initiatives to promote ESG best practices in Vietnam, including legislative and policy initiatives, the development of a new index and the launch of green bonds

IFLR talks to Jerry Koh, Managing Partner of award-winning law firm, Allen & Gledhill LLP

Vipavee Kaosala, Siregran Sakuliampaiboon and Akeviboon Rungreungthanya, Weerawong Chinnavat & Partners

Elmer B Serrano, Serrano Law

Yvonne Hsieh, Eddie Chan, Patricia Lin and Cheng-Chieh Huang, Lee and Li, Attorneys-at-Law

Truong Nhat Quang, Le Thi Loc and Nguyen Ngoc Bich Tram, YKVN

Elmer B Serrano of Martinez Vergara Gonzalez & Serrano shares his expertise and explains why the Philippines’ value proposition remains sound

Janice Lin of Tsar & Tsai provides an expert’s view on changes impacting Taiwan’s legal market particularly in relation to the renewable energy sector

Pragmatic fund structures and attractive tax and set-up incentives are convincing an increasing number of private capital fund managers to domicile in Asia

The Asia-Pacific region is well placed to become a leader in decentralised finance – a trend that could help its diverse communities

Melli Darsa and Maurice Shawndefar of PwC Indonesia explain the importance of international collaboration on ESG framework standardisation, and evaluate Indonesia’s recent regulations on sustainability

Rachel Eng and Pei Yin Yap of Eng & Co evaluate the legal and practical considerations for companies acquiring carbon credits to offset emissions

In an interview with IFLR for the Asia Future Leaders series, Jirapat Thammavaranucupt of Weerawong Chinnavat & Partners provides an insight into his career and shares his thoughts on dealmaking during the pandemic

Joseph Chun, Tan Wei Shyan and Joseph Tay of Shook Lin & Bok explain the commercial and legal controls in place for Singapore’s businesses as they make more ESG disclosures and claims

Krishna Ramachandra of Duane Morris & Selvam provides an insight on the rapid proliferation of digital currencies and a snapshot of things to come – beyond cryptocurrencies and blockchain

Joshua Tan Heok Ping, Mary-Lisa Chua and Lim Wei Jie of JT Legal discuss the ever-changing playing field of fintech and government initiatives in place to support this industry

IFLR is delighted to announce all the winning deals, teams, firms and individuals of the 2021 Asia-Pacific awards

Truong Nhat Quang, Le Thi Loc and Nguyen Ngoc Bich Tram, YKVN

Melissa Butarbutar, Rambun Tjajo and Kevin Yehezkiel, Tjajo & Partners

Yvonne Hsieh, Eddie Chan, Patricia Lin and Cheng-Chieh Huang, Lee and Li, Attorneys-at-Law

As a Vietnam prepares to enact a series of new laws in January 2021, Duyen Ha Vo of VILAF examines the market, its development and its prospects for lawyers

Janice Lin of Tsar & Tsai discusses the future of renewables in Taiwan and the broader changes impact Taiwan’s legal market

Everything you need to know about cross-border financing in Thailand, including market trends, developments and practical tips, by Sunyaluck Chaikajornwat, Natthida Pranutnorapal and Jirapat Thammavaranucupt of Weerawong C&P

Lawyers and their companies need to challenge the status quo, says Elmer B Serrano, founder and senior partner of Martinez Vergara Gonzalez & Serrano

On March 24, the Vietnamese government issued Decree 35/2020/ND-CP (Decree 35), which took effect on May 15 and contains detailed guidelines on the implementation of the Law on Competition No. 23/2018/QH14 (2018 Law on Competition). This article gives a brief overview of some key features of merger filings addressed in Decree 35, as well as some practical observations.

Baker McKenzie and Cyril Amarchand Mangaldas lawyers discuss dispute resolution and investment strategies amid protectionist regimes for businesses post Covid-19

As Covid-19 continues to wreak havoc around the globe, its devastating impact on Thailand's economy is becoming increasingly apparent. With its borders closed to international travelers for the foreseeable future, Thailand's tourism industry, whose revenues account for more than 15% of the country's total GDP, has been largely decimated. Businesses heavily reliant on tourism have closed their doors in the thousands – and many companies who were already experiencing financial difficulties pre-Covid-19 have now been pushed over the edge into insolvency.

The Singapore Court of Appeal considers the treatment of a winding-up application where the parties have agreed to refer disputes to arbitration

Due to the global crisis caused by the Covid-19 pandemic, the Thai government has implemented a number of important initiatives aimed at supporting the Thai economy and affected industries.

As Covid-19 continues to spread and cripple thousands of businesses in Thailand, both employers and employees alike are facing unprecedented challenges. To help them during this difficult time, the Thai Ministry of Labour has announced a number of compensation benefits schemes for employers and employees registered with the Social Security Fund (SSF) who are affected by the Covid-19 pandemic.

The Vietnamese Competition Law was issued in 2018 and took effect on July 1 2019, with the expectation that it would provide healthy and fair competition conditions to businesses in Vietnam by expanding governance out of the territory, and more severe provisions on the prohibited restricted agreements and unfair competition practices.

Yvonne Hsieh, Eddie Chan, Patricia Lin and James Huang, Lee and Li, Attorneys-at-Law

A number of high profile listings including Facebook, Snap, Alibaba and LinkedIn have thrust dual class shares back into the spotlight. Baker McKenzie lawyers consider the model in various jurisdictions

On November 26 2019, the National Assembly approved the Law on Securities 54/2019/QH14 (Securities Law 2019). This Law will replace the Law on Securities 70/2006/QH11, as amended in 2010, (Securities Law 2006) and will be effective from January 1 2021. In an attempt to improve the securities market, the Securities Law 2019 introduces, among other amendments, notable changes in relation to certain requirements for private placements of shares in public companies (Private Placement).

Baker McKenzie lawyers from London, New York and Hong Kong SAR consider the impact of Covid-19 on markets and outline the moves companies and exchanges have already made

On November 20 2019, the Vietnam National Assembly adopted a new Labour Code, which will come into effect on January 1 2021.

The foreign ownership cap in public companies is regulated mainly by the Law on Securities (LOS), the Law on Investment (LOI), and their implementing regulations. In an effort to innovate the investment environment, draft amendments of the aforementioned laws have been proposed to the National Assembly for discussion in order to, among other things, address foreign ownership issues in public companies, including those discussed herein.

On September 19 2019, the Ministry of Industry and Trade (MOIT) officially submitted its final draft decision to the Prime Minister in order to promulgate a new decision on incentives for investors in solar power projects in Vietnam (Draft Decision). Two substantial incentives in the Draft Decision include (i) new feed-in tariffs (FIT) and (ii) detailed regulations on rooftop solar power projects.

On June 26 2019 the State Bank of Vietnam issued Circular 06/2019/TT-NHNN on foreign exchange control of foreign direct investment (FDI) activities in Vietnam (Circular 06). It replaced Circular 19/2014/TT-NHNN (Circular 19) and amended certain articles in Circular 05/2014/TT-NHNN on the opening and use of foreign indirect investment capital accounts, and in Circular 16/2014/TT-NHNN on the use of foreign currency and Vietnamese Dong (VND) accounts for residents and non-residents. The issuance of Circular 06 has led to some important regulatory changes relating to the foreign exchange control of FDI activities in Vietnam.

The Competition Law 23/2018/QH14 (Competition Law 2018) in Vietnam took effect on July 1 2019 and replaced the old Competition Law 27/2004/QH11 (Competition Law 2004). The new law contains substantial changes to the old law, and such changes may have an impact on foreign investors' business practices in Vietnam. In this article, we explain one of those changes using the following hypothetical case:

The Integrated Bar of the Philippines (IBP), the official organisation of all Philippine lawyers, has recently launched the Philippine International Centre for Conflict Resolution (PICCR). The PICCR is a non-stock, non-profit arbitral institution that will provide commercial arbitration and other alternative dispute resolution (ADR) services and facilities for parties to disputes. The PICCR was established in the IBP's objective of making arbitration more accessible and a mainstream option for dispute resolution in the Philippines.

Thailand is advancing its economic development agenda with new regulations aimed at expanding the range of fundraising options available to startups and small and medium-sized enterprises (SMEs). In May 2019, the Thai Securities and Exchange Commission (SEC) introduced an updated framework for debt crowdfunding based on public consultations that took place at the beginning of the year.

A draft law amending some articles of the Law on Investment 2014 and the Law on Enterprises 2014 (the Business Laws) has been in the making since mid-2018. The draft law is scheduled to be presented to the National Assembly in its eighth meeting session for review and feedback. Following that, it will be further updated for promulgation in the National Assembly's ninth meeting session which will be held in mid-2020.

Market players will have to keep abreast of changes as the country ushers in a flurry of corporate legal updates. Francisco Lim, senior partner of ACCRA Law, reviews the developments.

For the first time in Vietnam, a unified governmental regulation on internal audit has been promulgated through Decree 05/2019/ND-CP dated January 22 2019 (Decree 05) which came into effect on April 1 2019. Previously, only a few entities, such as credit institutions and the State Bank of Vietnam, were required to conduct an internal audit under different legal regulations. Decree 05 has added new types of entities which are required to conduct an internal audit by April 1 2021 at the latest.

Public apostilled documents executed outside the Philippines no longer need to be authenticated by the Philippine Department of Foreign Affairs (DFA) in order for those documents to be considered authentic in the Philippines. This is because on May 14 2019, the Philippines became a party to the 1961 Convention Abolishing the Requirement of Legalisation for Foreign Public Documents, or the Apostille Convention.

Vietnamese project financing is maturing, backed by a series of renewable energy initiatives, a new (pending) PPP regime and the financial closure of a string of benchmark BOT projects. Mark Anthony Fraser and Stefano Pellegrino of Frasers Law Company take a look

Margaret Huang and Victor Chang, LCS & Partners

The Philippines has enacted Republic Act No 11232, or 'An Act Providing for the Revised Corporation Code of the Philippines' (RA No 11232). It repealed the country's almost-four-decade-old Corporation Code (Batas Pambansa Bilang 68). According to proponents of RA No 11232, it is intended to improve the ease of doing business in the Philippines.

Urszula McCormack of King & Wood Mallesons introduces the 2019 Asia-Pacific Fintech Special Focus with a region-wide look at trends

The draft of the new regulation on the foreign ownership cap in Vietnamese public companies has been published in the second draft of the new Law on Securities (Draft Law). The latter is expected to replace the Law on Securities 70/2006/QH11 dated June 29 2006 and Law 62/2010/QH12 dated November 24 2010 amending and supplementing a number of articles of the Law on Securities (collectively, the Existing Law).

Kudun Sukhumananda and Kom Vachiravarakarn, Kudun & Partners

Vo Ha Duyen, VILAF (Vietnam International Law Firm)

Yvonne Hsieh, Eddie Chan, Patricia Lin and James Huang, Lee and Li Attorneys-at-law

Luky Walalangi, Miriam Andreta and Renansyah Jenie, Walalangi & Partners (in association with Nishimura & Asahi)

According to the implementation plan released in November 2018, terms of reference (TORs) have been issued for six projects, and 'contract awarded' notices are tentatively scheduled for February 2019.

By Luky Walalangi and Miriam Andreta, partners, and Sinta Dwi Cestakarani, associate, Walalangi & Partners

A subject of interest for chambers of commerce in Thailand at the moment is the regulatory guillotine project.

The eastern seaboard of Thailand has attracted substantial investment during the past 30 years, including into the petrochemicals, auto assembly and high-tech business sectors. The area is served by three airports and two deep-water ports. Both Thai and foreign companies have obtained investment incentives from the board of investment (BOI) under the Investment Promotion Act (1977).

Jake Robson and Nick Davies from the Singapore office of Morrison & Foerster LLP, highlight how joint ventures or strategic M&A can often be the most effective way to roll out and scale up a fintech product offering in multiple jurisdictions in southeast Asia

Maria Sagrado and Yanuar Pribadhie, of Makarim & Taira S., discuss the country’s central bank’s regulatory sandbox initiative for fintech players

Thailand has the highest solar and wind power output in ASEAN. The Thai regulators adopted an adder tariff policy, and subsequently a feed-in tariff policy, which provided incentives for renewable projects.

Kuohua Fan and Pochun Lin, Zoomlaw Attorneys-at-law

Luky Walalangi, Miriam Andreta and Fiesta Victoria, Walalangi & Partners

Ken-Ying Tseng, Robin Chang, Lihuei Mao and Patricia Lin, Lee and Li

Kudun Sukhumananda and Kom Vachiravarakarn, Kudun and Partners

Margaret Huang and Victor Chang, LCS & Partners