The Treasury Laws Amendment (More Competition, Better Prices) Act 2022 received royal assent on 9 November and is now in force. Maximum penalties for contraventions of the CCA and ACL have significantly increased, effective immediately, exposing business to very substantial risk. The need for robust policies, systems and training to ensure compliance with the legislation has never been more important.
With the enactment of the new Cinema Law 2022, the Ministry of Culture, Sports and Tourism (MOCST) is developing a draft decree guiding the Cinema Law. After a one-month public consultation period, the MOCST made substantial updates to the Draft Decree and submitted the latest version to the Ministry of Justice for appraisal. The content of the latest version reflects the majority of the comments and recommendations suggested by industry stakeholders, evidencing how effective and influential policy advocacy can be.
On 1 January 2023, the California Consumer Privacy Act as revised by the California Privacy Rights Act will take effect fully in the job applicant and employment context.
And with respect to job applicants and personnel, businesses subject to the California Consumer Privacy Act will be required to (i) issue further revised privacy notices, (ii) be ready to respond to data subject requests, (iii) have determined if they sell or share for cross context behavioral advertising personal information about them, and (iv) have determined if they use or disclose sensitive personal information about them outside of specific purposes. If employers sell, share for cross-context behavioral advertising, or use or disclose sensitive personal information outside of limited purposes, numerous additional compliance obligations apply.
On 26 October 2022, the SEC adopted final incentive compensation clawback rules requiring US-listed issuers to: (i) develop and implement a policy for the recovery of incentive-based compensation that is erroneously “received” by current and former executive officers during the three completed fiscal years immediately preceding the date that the issuer is required to prepare an accounting restatement, and (ii) file that policy as an annual report exhibit and satisfy related disclosure obligations in accordance with SEC rules.
The EU legislators aim to promote more transparent and predictable employment, while ensuring labor market adaptability. To reach this goal, the EU directive on transparent and predictable working conditions and its implementation law impose certain information obligations on employers, and also lay down new minimum standards regarding working conditions that have to be guaranteed. In the case of noncompliance, sanctions (up to level 3) can be imposed.
We’re pleased to present the eighth edition of Ukrainian Laws in Wartime: Guide for International and Domestic Businesses, a brief overview of the key features of wartime legislation.
This issue contains updated responses to the most common questions raised and considered by international and Ukrainian businesses.
On 25 May 2018, the Council of the European Union adopted a directive on the mandatory disclosure and exchange of cross-border tax arrangements. This is the sixth update of the Directive on Administrative Cooperation, therefore referred to as ‘DAC6’ and the disclosure regime is now live.
Under the new rules, intermediaries such as lawyers, tax advisors, and accountants that design, promote or implement certain ‘arrangements’, or that provide advice in relation to such arrangements, are required to report them to tax authorities.
Directors of Australian companies face significant personal monetary – and potential criminal and adverse professional – consequences if they allow the company to trade whilst insolvent.
Australian insolvent trading laws are harsher, and more frequently utilized to prosecute directors personally, than in many other jurisdictions including in the US and the UK.
The Ministry of Communications and Information tabled the Online Safety (Miscellaneous Amendments) Bill for its first reading in Parliament on 3 October 2022, setting out proposed regulations of providers of online communication services with significant reach or impact accessible by any Singapore end-user, as well as measures to prevent access to egregious content. The aim of the Bill is to enhance online user safety, particularly for children, and to curb the spread of harmful content on OCS. Designated providers of such OCS will have to comply with Codes of Practice issued by the Info-communications Media Development Authority to enhance online safety for Singapore end-users and curb the spread of harmful content on their service.
On 29 September 2022, FinCEN released the final regulations regarding Beneficial Ownership Information Reporting Requirements which implement the beneficial ownership information reporting provisions of the Corporate Transparency Act.