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Regional Round-up
Issue 1 of 2021

Your Snapshot of Key Legal Developments in Asia

Issue 1 of 2021 (Jan / Feb / Mar)

Cover Story

INDONESIA

Indonesia’s New Investment List Widens Investment Opportunity

Another follow-up to the Omnibus Law was the enactment of the highly anticipated Priority Investment List under Presidential Regulation No. 10 of 2021 to replace the Negative Investment List. The new investment list significantly widens investment opportunity in Indonesia, and is designed to boost economic growth in the country.

Compared to the previous regime, all business sectors listed in the new list are open for foreign investment unless expressly declared as closed. The number of conditionally open business fields was reduced from 350 to only 46. By way of example, investment in the telecommunications, health, and trading, all of which were previously closed or capped to a certain percentage, is now 100% open.

At the same time, the Government also showed its commitment to protect the local industry by allocating 51 business fields for micro, small, and medium enterprises (“MSMEs“) and cooperatives. Any investment in these fields must be conducted in cooperation with MSMEs or cooperatives.

Lastly, six business sectors are closed, and business sectors that are services in nature or fall under the defence and security framework can only be carried out by the central government.

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rEGIONAL ROUND-UP

2024

2023

2022

2021

Cambodia

Key Aspects of Cambodia's New Sub-Decree on National Internet Gateway

SERC Issues Prakas on Reporting Obligations and Request for Approval of Central Counterparties and Derivatives Brokers

Law on Organization and Functioning of Non-Banking Financial Services Authority

MEF Issues Prakas No. 009 on Reclassification of Taxpayers

Implementation of Online Systems for Labour and Vocational Training Related Public Services
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China

China Issues Anti-Monopoly Guidelines for Internet Platform Economy

China Expands Foreign Investment Security Review Rules

MOFCOM’s First Order of 2021 – Rules on Counteracting Unjustified Extra-territorial Application of Foreign Laws








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Indonesia

A New Age in Employment

Indonesia's New Investment List Widens Investment Opportunity

For Public Companies, New Rule on Going Private and Obligation regarding Controlling Shareholders

Bank Indonesia Introduces Rule on Payment System






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Laos

Notice from Bank of Lao PDR on the Monitoring of Use of Payment Services

Dissolution of the Ministry of Science and Technology

Registration of Taxpayer Identification Numbers for Individuals

Lao Government Issues Decision on Management and Monitoring, Treatment, Disposal of PCBs in the Transformer



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Malaysia

First Corporate Liability Charge under the Malaysian Anti-Corruption Commission Act 2009

LSS4 or LSS@MEnTARI: Results and Analysis

The Malaysiakini Decision: Apex Court’s Ruling on Liability of Online Intermediary Platforms for Third-Party Content

Amendments to the Industrial Relations Act 1967

Licensing Framework for Digital Banks
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Myanmar

Military Takeover 1 February 2021

Amendments to the Ward and Village Tract Administration Law and the Law Protecting the Privacy and Security of Citizens

Amendments to the Penal Code

Amendments to the Electronic Transactions Law




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Philippines

Major Revisions Made to the Tax Code to Provide Relief to Businesses and

Boost Investments in the Philippines Especially for Knowledge-Based Industries

Anti-Red Tape Authority Issues Guidelines for the Mandatory Onboarding to the TradeNet platform

IPOPHL Expands Enforcement Powers Against Online Counterfeiting and Piracy through its Revised Rules of Procedure

House Consolidates Bills to Amend and Modernize the Intellectual Property Code

SEC Issues Beneficial Ownership Transparency Guidelines
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Singapore

ASEAN Capital Markets Forum Launches Five-Year Action Plan

Sustainability Financing: Taxonomy Proposed for Singapore-based Financial Institutions to Identify "Green" Activities

Data Management for Businesses: Launch of ASEAN Data Management Framework and Model Clauses on Data Transfer

Multimodal Transport Act: Standardising Framework for Multimodal Transport Operators throughout ASEAN

Singapore High Court Issues Significant Judgment on Freezing Injunctions in Cross-Border Insolvency and Asset Recovery Claim

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Thailand

Labour-Related Relief Measures to Ease Impact from COVID-19 Outbreak

Tax Relief Measures in Light of COVID-19 Pandemic

Guideline on Unfair Trade Practices of Online Food Delivery Platforms

Board of Investment's Acceleration Measures for 2021









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Vietnam

Mobile Money Pilot under Decision 316/QD-TTg

Decree 152/2020/ND-CP Regulating Foreign Employees Working in Vietnam and the Recruitment and Management of Vietnamese Employees Working for Foreign Employers in Vietnam

Decree 145/2020/ND-CP Guiding the Labour Code

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Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Asia. All Rights Reserved. All trademarks are property of their respective owners.

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Asia. All Rights Reserved. All trademarks are property of their respective owners.