On 28 October 2022, the US Commerce Department’s Bureau of Industry and Security issued a first round of FAQs regarding the advanced computing and semiconductor manufacturing Interim Final Rule, published on 13 October 2022 (87 Fed. Reg. 62,186) and amending the Export Administration Regulations. The FAQs clarify that that the new restrictions on exports and reexports to China also apply to Hong Kong.
Baker McKenzie was invited to serve as the global editor of the Chambers Advertising & Marketing 2022 Practice Guide which features 8 high-profile jurisdictions and provides the latest legal information on the impact of the COVID-19 pandemic, advertising claims and clinical studies, comparative advertising, social/digital media, influencer campaigns, consumer promotions, sports betting/gambling, and cryptocurrency and non-fungible tokens.
As an unfortunate consequence of the deterioration of the US-China relationship, more and more Chinese companies are divesting and exiting their US-based operations. In order to execute a smooth exit from US operations, Chinese companies should retain a good US financial adviser. Careful consideration should also be given to how the asset is packaged, preparing stand-alone audited financial statements, and optimizing the business for post-closing operations. Chinese companies should be prepared to use US law and engage in longer negotiations as a result. CFIUS-related requirements and risks should be understood during the early stages of the deal.
On 7 October 2022, the US Commerce Department’s Bureau of Industry and Security issued the much anticipated rules aimed at restricting China’s ability to obtain advanced computing chips, develop and maintain supercomputers, and manufacture advanced semiconductors. In addition to formalizing the licensing requirements included in the recent BIS “is informed” letters issued to certain US companies on related matters, the Rule imposes a wide range of new and enhanced restrictions targeting China’s advanced computing and semiconductor sectors.
In this issue of China Tax Update, we will discuss the major China tax developments in the second quarter of 2022, including the latest development in the “aligned arrangement” for customs valuation and transfer pricing
The newly revised Shanghai Labor Union Regulations came into effect on 1 June 2022. The recent round of revisions to the Regulations place emphasis on the democratic management of companies, though the revisions are stated in the form of general principles and provide little concrete guidance. The added provisions regarding gig workers are in line with recent national guidance over the past couple of years focusing on the rights and interests of gig workers. Companies with a labor union should pay particular attention to the obligation to notify the union of their unilateral termination of employment contracts.
On 30 August 2022, the Indonesian House of Representatives agreed to pass a law ratifying the Regional Comprehensive Economic Partnership, the largest regional free trade agreement outside the World Trade Organization — involving 10 ASEAN countries and five non-ASEAN countries, i.e., China, New Zealand, Australia, Japan and South Korea. With the passing of this law, which still requires promulgation by the President, RCEP is set to come into force for Indonesia, possibly before the end of the year.
Please join us for a weekly series, hosted by Baker McKenzie’s North America Government Enforcement partners Jeffrey Martino and Jerome Tomas. This week’s discussion will cover the Public Company Accounting Oversight Board (PCAOB) Statement of Protocol Agreement with the China Securities Regulatory Commission, and the China Ministry of Finance regarding oversight of PCAOB-registered public accounting firms in China and Hong Kong.
On 21 June 2021, the first batch of four real estate investment trust funds in the field of infrastructure were successfully listed at Shenzhen Stock Exchange. Over the past year, these products have operated smoothly, the supporting system has been continuously improved, investors have actively participated, and the market function has been gradually brought into play— realizing the phased targets of “a stable and good start”.
While Hong Kong and mainland China have had anti-discrimination laws in place that protect employees from various types of discrimination at the workplace, recent developments and increasing employee awareness of their rights have led to increased focus on this area. Whilst Singapore does not currently have any workplace discrimination laws per se, there have been some recent developments.
Join us for this webinar where our employment team from Baker McKenzie Hong Kong & China, and Baker McKenzie Wong & Leow will explore the discrimination laws and regulations in China, Hong Kong and Singapore, consequences for non-compliance, and what employers need to bear in mind regarding their human resources policies.