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【ジャカルタ】New Bank Indonesia Regulation on Report of Foreign Exchange Activities Requires Additional Information on Risk Participation Transactions
Bank Indonesia recently issued Bank Indonesia Regulation No. 21/2/PBI/2019 on Reports of Foreign Exchange Activities dated 7 January 2019 ("Regulation 21/2"), which becomes effective this month. Regulation 21/2 requires parties involved in risk participation transactions ("RPTs") to disclose information on RPTs as part of their foreign exchange activities reports. RPTs refer to transactions which transfer the risk of credit or other facilities from one party to another based on a risk participation agreement. Regulation 21/2 is issued to improve Bank Indonesia's data on foreign exchange activities. Before this regulation, information on RPTs was not reported. The issuance of this regulation is also in line with the issuance of Bank Indonesia Regulation No. 21/1/PBI/2019 on Offshore Loans and Other Bank Obligations in Foreign Currencies dated 7 January 2019.
【香港】Convictions in less than a year after the Significant Controllers Register law came into force
On 7 January 2019, the Companies Registry published highlights of several prosecution cases regarding the convictions in November 2018 of twelve Hong Kong companies for having failed to keep and maintain their significant controllers registers ("SCR") in accordance with the Companies Ordinance (Cap 622) (the "CO"). All the companies convicted were fined. Details of the prosecutions and convictions can be found at:
【中国】China's draft IIT implementing regulations and measures present tax planning opportunities and challenges
On 20 October 2018, the Ministry of Finance and the State of Administration of Taxation (SAT) deliberated on a draft to amend the Implementing Regulations for the Individual Income Tax Law ("Draft Implementing Regulations") and the draft Interim Measures on the Additional Special Deduction Items for the Individual Income Tax ("Draft Special Deduction Measures"). Both drafts will take effect on 1 January 2019 to implement the new Individual Income Tax (IIT) Law1.
【ベトナム】 Vietnam's Decision No. 38 Offers Regulatory Relief from Standard Contracts and General Trading Conditions Requirements for Onshore Banks; No Reprieve for Life Insurers
Vietnam previously imposed a registration requirement for "standard contracts and general trading conditions" of certain services offered by both onshore banks and life insurers through Decision No. 351 in relation to the Law on Consumer Protection.
【ジャカルタ】BKPM and some sectoral ministries have issued regulations to conform with the OSS system
This is our fifth update of the OSS system. The previous updates can be found in our website here.
In our previous update, we mentioned that Indonesian agencies (including the Capital Investment Coordinating Board ("BKPM")) need to issue technical guidance on using the OSS system, and amend their existing regulations/decrees etc. to conform with the OSS regulation. Now BKPM and some (not yet all) Indonesian sectoral ministries have issued their sectoral regulations. The following are some of the regulations issued:
(b) よくある質問（FAQ） - 2018年売上税
(d) よくある質問（FAQ） - 2018年サービス税
【中国】China to Amend Its Individual Income Tax Law
On 19 June 2018, the Standing Committee of the National People's Congress (NPC) deliberated on a new draft bill to amend the Individual Income Tax Law. The public comment period for the draft bill will be open until 28 July 2018. Once adopted, the draft bill is expected to take effect from 1 January 2019.
【ベトナム】Customs control changes under recent government decrees
The Government recently introduced a number of changes to customs control procedures under Decree 59/2018/ND-CP ("Decree No. 59") and Decree 69/2018/ND-CP ("Decree No. 69"). We highlight some notable amendments in accordance with these decrees below.
【マレーシア】Reduction of GST rate from 6% to 0% effective from 1 June 2018
Announcement by the Malaysian Ministry of Finance ("MOF")
In line with the new Malaysian Government's pledge to abolish the GST regime within 100 days of coming into power, the MOF has issued a statement dated 16 May 2018 to reduce the current GST rate from 6% to 0%, effective from 1 June 2018 onwards ("MOF Statement").
【香港】Fund Managers: Are you prepared for Hong Kong’s new fund management regulations?
The Securities and Futures Commission ("SFC") published its Consultation Conclusions on Proposals to Enhance Asset Management Regulation and Point-of-sale Transparency and Further Consultation on Proposed Disclosure Requirements Applicable to Discretionary Accounts ("Conclusions") in November last year, which adopted important proposals to strengthen Hong Kong’s fund manager supervisory regime. The amended Fund Manager Code of Conduct ("FMCC") will come into effect on 17 November 2018. Fund managers should carefully consider how these changes will impact the way they operate their businesses, and how they interact with clients, investors, and third party service providers, and implement the necessary measures now to ensure compliance by November 2018.
【中国】China’s new era of graft-busting promises a tougher regime ahead
On 20 March 2018, China's National People's Congress ("NPC") passed the Supervision Law detailing the powers and responsibilities of the National Supervision Commission (the "New Commission"). The New Commission is China's highest anti-graft agency and was established at the first session of the 13th NPC.
【ベトナム】Updates to the Draft Cybersecurity Law: More definitions provided, but certain requirements on service providers still remain
The latest draft of the Law on Cybersecurity ("Draft Law"), submitted on 10 January 2018 for discussion at the 20th meeting of the Standing Committee of the National Assembly, among other things, provides more clarity on certain key terms and circumstances that trigger regulation of an offshore service provider.
【マレーシア】Case Law Update: Malaysian Court of Appeal upholds Re Pianotist Objective Test of Confusing Similarity in Trade Marks
The recent Court of Appeal decision of Merck Kgaa v. Leno Marketing (M) Sdn Bhd; Registrar Of Trade Marks (Interested Party)  1 LNS 1006 considered the registrability of similar trade marks under the Trade Mark Act 1976 ("TMA") and upheld the Re Pianotist test of confusing similarity, which is an objective test premised on the observations of an ordinary person. The Court of Appeal also noted the consistent decisions of the Trademark Registrar and High Court, both of whom can constitute 'ordinary persons' in the objective Re Pianotist test.
【ジャカルタ】Introducing Data Categorization and Leniency for Electronic System Operators Providing Public Services
The Government (through the Ministry of Communication and Informatics ("MOCI")) has issued a draft amendment to Government Regulation No. 82 of 2012 ("GR 82") on the Implementation of Electronic Systems and Transactions ("Draft Amendment") for public comment and feedback. GR 82 is an implementing regulation of Law No. 11 of 2008 as amended by Law No. 19 of 2016 on Electronic Information and Transactions ("EIT Law").
【シンガポール】Singapore's new Cybersecurity Act – a relief and leading the way for others?
On 5 February 2018, the Cybersecurity Bill was passed by Parliament. A draft version of this bill ("Draft Bill") had previously been issued for public consultation by the Ministry of Communications and Information ("MCI") and the Cyber Security Agency of Singapore ("CSA") on 10 July 2017. The Draft Bill was subsequently revised to take into account feedback gathered during this consultation exercise. For an overview of the key requirements of the Draft Bill, please refer to our earlier update. This update focuses on the amendments that have since found their way into the Cybersecurity Act as passed by Parliament.
【中国】Latest Progress of China’s Formulation of Standards for Intelligent and Connected Vehicles
On 29 December 2017, the Ministry of Industry and Information Technology(“MIIT”) and the Standardization Administration of China (“SAC”) jointlyissued the National Guidelines for Developing the Standards System of theTelematics Industry (Intelligent and Connected Vehicles) (国家车联网产业标准体系建设指南 (智能网联汽车), the “ICV Guidelines”).
【ベトナム】New Decree on Trading Rights/Distribution Rights, and Trade-related Activities
Issued and effective on 15 January 2018, Decree No. 09/2018/ND-CP ("Decree No. 09") superseded Decree No. 23/2007/ND-CP detailing the Commercial Law on international goods sale and purchase and related activities of foreign invested enterprises ("Decree No. 23").
Decree No. 09 continues to maintain administrative burdens on foreigninvested enterprises when operating in the international trade in goods and trade-related activities, but does provide clarity on business license requirements, regulatory time frame and relevant authorities.
There are a number of salient amendments as follows:
マレーシアにおけるヘルスケア業界の最新情報をお届けします。 今回は、薬事法案（Pharmacy Bill）、2017年食品（改正）規則（No. 4）、民間高齢者ヘルスケア施設・サービス法案、および2012年医療機器法に基づく非矯正コンタクトレンズに係る新規則を取り上げながら、業界の重要な出来事について概説します。
【香港】Codification of Transfer Pricing Rules into Hong Kong Tax Law
On 29 December 2017, the Hong Kong Government gazetted the Inland Revenue (Amendment) (No.6) Bill 2017 ("Bill"), proposing the codification of transfer pricing principles into law.