Second Major Amendment to the Personal Information Protection Act Passed by National Assembly (I)
On February 27, 2023, the National Assembly passed a bill containing a number of amendments to the Personal Information Protection Act (the Amended PIPA), Korea’s general data protection law. The Amended PIPA, which represents the second step of the Korean government’s multi-step amendment process for the PIPA following the passage of the first amendment in …
Standards of Corporate Compliance Programs Based on Recent Trends of the DOJ
Admittedly, all corporate compliance professionals, regardless of the country they practice in, might at one point find themselves having to monitor extra-territorial applicability of the United States laws and regulations, in the likely event that they are dealing with a multinational corporation. In this sense, it might be beneficial to adopt a holistic approach and …
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Hong Kong legal update on the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies promulgated by the CSRC
On 17 February 2023, the China Securities Regulatory Commission (CSRC) announced the new regulations for the filing-based administration of overseas securities offering and listing by domestic companies, which are set to take effect on 31 March 2023. The new measures comprised six documents, including the “Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic …
Quincecare duty in insolvency scenario
The recent case of Stanford International Bank Ltd (In Liquidation) (Appellant) (SIB) v. HSBC Bank PLC (Respondent) (HSBC)[1] confirms that a bank only owes its customers a Quincecare duty (i.e. an implied term and a co-extensive duty of care owed by the bank to its customer to refrain from making or executing a payment when …
Focus on “G” in ESG
In the continuing “mainstreaming” of the importance of corporate environmental, social and governance (ESG) performance, let us focus on “G” as we start the new year. Hong Kong is one of the earliest jurisdictions to have introduced ESG reporting of listed companies, and the requirements have undergone several rounds of updates since the first iteration …
Hong Kong tax update on foreign-sourced income
On 28 October 2022, Hong Kong introduced into the Legislative Council for review the Inland Revenue (Amendment) Taxation of Specified Foreign-sourced Income Bill 2022 (the Foreign-sourced Income Amendment Bill), which renders certain specified categories of foreign-sourced income subject to Hong Kong profits tax liability. With the Legislative Council’s passing on 14 December 2022, the Inland …
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HKEx proposes new listing regime for Specialist Technology Companies
Following the successful launch of the biotech listing regime, the Hong Kong Stock Exchange (HKEx) issued a Consultation Paper on New Listing Rules for Specialist Technology Companies in October 2022, which proposes to lower the bar for innovative technology enterprises with high growth potential that seek to list on the HKEx.
Hong Kong Court of Appeal confirms that “standby time” is not a “rest day” under Hong Kong law
In a recent decision of the Hong Kong Court of Appeal in Breton Jean v. 香港麗翔公務航空有限公司[1], the Court of Appeal upheld the decision of the District Court in its findings pertaining to what constitutes a “rest day” for employees.
LAW GOVERNING VIRTUAL DIGITAL ASSETS – INDIA GUIDE, 2022
The popularity of digital currency and virtual digital assets are on the rise in India. As per the United Nations Conference on Trade and Development’s report in 2022, India ranked 7th on the list of countries ranked as per digital currency adoption with 7.3% of India’s population owning digital currency in 2021. However, the regulations …
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INDIAN GREEN BOND MARKET: A STEP TOWARDS “GREEN FINANCING”IN A GROWING TAXONOMY
Over the last few years, the Indian Government has been taking measures towards environmental sustainability along with economic growth. As enumerated in Article 48-A of the Indian Constitution, preservation of the environment is enshrined in the Indian Constitution itself. The Finance Minister while tabling the Union Budget 2023-24 specified green growth as one of the …
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