China: China update: Relaxation of legislation and policies
The Chinese authorities have recently issued a series of relaxation legislation and policies to further encourage the development of the Chinese asset management sector.
Welcome to Issue 13 of our Asia Pacific Insights into business ethics and anti-corruption matters. In this edition, we explore the changing landscape of cybersecurity, the upcoming Australian modern slavery legislation, US sanctions and the impact on Asia. We hope our articles would be useful to your work.
Rapid technological advancements pose profound challenges to the cyber-security landscape and personal data protection. As many countries take steps to address these critical issues, Singapore is seeking to introduce new laws through its Cybersecurity Bill and make amendments to the Personal Data Protection Act in a bid to keep pace with the changing digital landscape and take the lead in becoming a Smart Nation. Stella Cramer, Magdalene Lie, Jeremy Lua and I review these upcoming legal changes.
In another sign of convergence between Australia and the UK, the Australian Government has announced that it will introduce legislation to tackle modern slavery. Abigail McGregor, JP Wood and Greg Vickery examine the similarities and differences between the UK Modern Slavery Act and the upcoming Australian regime, and consider the steps that Australian businesses can take to prepare for the new law.
Sanctions continue to be a hot topic under the new US Trump Administration. My US-based colleagues Steve McNabb and and Kim Caine take a look at the stiff sanctions imposed on Russia, Iran and North Korea. The broad reach of US sanctions laws has extended to Asia, including Singapore. Steve, Kim and Vijay Rao team up with Singapore-based US counsel Paul Sumilas to review the case of a Singapore company that got entangled in the web of US sanctions on Iran.
If you would like to discuss the matters raised in any of these articles or on other business ethics issues, please feel free to contact us.
On July 16, 2020, the Court of Justice of the European Union (CJEU) published its decision in the landmark case Data Protection Commissioner v Facebook Ireland Ltd, Maximilian Schrems and intervening parties, Case C-311/18 (known as the Schrems II case).
The COVID-19 outbreak has posed an unprecedented challenge – not just for individuals and governments, but also corporates seeking to navigate unchartered waters in the widespread disruption caused by the global pandemic.