Publication
Vietnam: Competition Law Fact Sheet
Overview of the main provisions of the Competition Law, and discussion of the enforcement regime and recent enforcement trends.
Global | Publication | June 2023
In our previous publication in April 2023, we reported on the recent regulatory changes impacting shipping JOLCOs. As a result of those changes, a newbuild vessel to be owned through a silent partnership (tokumei kumiai or TK) structure may no longer be eligible for accelerated tax benefits (i.e. “special depreciation”) unless that vessel is certified as an "advanced vessel" complying with specific environmental and IT performance requirements, as more particularly set out in our original article.
Although the new regulations do make it more difficult to benefit from special depreciation, market response to those regulations seems to have been positive, with investors and arrangers proactively looking to adapt to this reform and actively engaging in dialogue to consider the necessary environmental and technological implications for their JOLCO transactions. Perhaps this should come as no surprise, particularly given the increased focus on sustainability and the reduction in carbon intensity of the shipping industry as a whole. If these conversations keep taking place and there is an open dialogue between shipbuilders, shipowners and financiers, it may well be the case that JOLCOs under the new regime will remain attractive financing structures for more technologically and environmentally advanced vessels, which would be positive news for shipowners looking to finance the transition to a greener shipping industry.
As to the more regulatory aspects of the new regulations, the amendments function as a part of, and in conjunction with, revisions made to the Maritime Transportation Act of Japan (Act No. 187 of 1949, as amended) (the Act) by a new act promulgated on 12 May 2023 (“Act on Partial Revisions to the Maritime Transportation Act”, Act No. 24 of 2023). In addition, The Ministry of Land, Infrastructure, Transport and Tourism announced that a Cabinet Order was to be promulgated on 2 June 2023, thereby fixing the formal enforcement date for the part of the revisions relevant to the certification of “advanced vessels” to be 1 July 2023. This has the following practical implications in the context of newbuild JOLCOs:
Co-authored by Saori Takahashi.
Publication
Overview of the main provisions of the Competition Law, and discussion of the enforcement regime and recent enforcement trends.
Publication
Artificial intelligence (AI) raises many intellectual property (IP) issues.
Publication
The European Court of Human Rights (ECtHR or the Court) recently ruled in Verein KlimaSeniorinnen Schweiz & Ors v. Switzerland (Application No. 53600/20) that Switzerland had breached the European Convention of Human Rights (the Convention) by not taking sufficient action against climate change. In particular, it found a breach of the right to respect for private and family life contained in Article 8 of the Convention, based on Switzerland’s failure to mitigate the impact of climate change on the lives, health, well-being and quality of life of its citizens. It also ruled that Switzerland had breached the right to a fair trial in terms of Article 6, in that the domestic courts failed to examine the merits of the applicants’ complaints, including the scientific evidence. In this article we consider the key features of this landmark judgment, which has wide ramifications for Member States of the Convention.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023