Asia Pacific

Additional Disclosures and Reporting in the Financial Statement and Board’s Report

The Ministry of Corporate Affairs (“MCA”) through a gazette notification dated March 24, 2021 (“Notification”) amended the Schedule III of the Companies Act, 2013 (“Act”); Companies (Accounts) Rules, 2014 (“Account Rules”); and Companies (Audit and Auditors) Rules, 2014 (“Audit Rules”), (collectively referred to as “Amendments”) wherein the statutory auditor and the Board of Director (“Board”) of the company is required to make new disclosures and reporting while preparing the financial statement along with audit report and Board’s report respectively from the financial year 2021-22 and onwards.

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Llinks Client Alert – Cybersecurity, Data & Privacy(March 2021)

Legislation
On February 20, 2021, the State Administration for Market Regulation (“SAMR”) and the Standardization Administration issued GB 40050-2021 Security General Requirements on Critical Network Equipment (“Standard”), which is expected to take effect on August 1, 2021. The Standard consists of two parts: security function requirements and security safeguard requirements. Security function requirements include equipment identification security, redundant backup recovery and abnormal detection, vulnerability and malicious program precaution, pre-installed software startup and update security, user identification and authentication, access control security, log audit security, telecommunication security, data security and password requirements. Security safeguard requirements are related to design and development, production and delivery, operation and maintenance stages. Read more…

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Serial Article III: Practical Guidance on Chinese Company Chops and Legal Representatives’ Signatures – Case Study

In 2020 several chop-hostage crises afflicted high profile companies in China which created corporate drama news headlines on a number of occasions. Read more…

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Serial Article II: Practical Guidance on Chinese Company Chops and Legal Representatives’ Signatures – Safeguarding and Verifying Chops

Needless to say, it is important to make sure that a chop or signature is genuine. But in reality, it is impractical, if not impossible at all, to expect checks to be conducted at the forensic, or quasi-forensic level. Read more…

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A Practical Discussion on Scope of HGR Administration

With the development of bio-pharmaceutical technology, human genetic resource has increasingly been an area which attracts great attentions and heavy investment.  In response, the government has been strengthening the administration on researches by using human genetic resources (HGR).  The Ministry of Science and Technology issued the Administrative Regulation of Human Genetic Recourses (the HGR Regulation) which became effective on 1 July 2019 to replace the Provisional Measure for HGR Administration (the HGR Measure) effective on 10 June 1998; and the Standing Committee of the National Peoples Congress promulgated the PRC Biological Safety Law (the Biological Safety Law) which will become effective on 15 April 2021. Read more…

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IBC Moratorium to Apply to Cheque Bouncing Cases

The Hon’ble Supreme Court of India on March 1, 2021 held that the criminal proceedings against cheque bouncing under Section 138 of the Negotiable Instrument Act, 1881 (‘NI Act’) shall remain stayed against the company during the period of moratorium applicable to insolvency proceedings of any company. The proceedings would however continue against the directors and other officials of the company who are made accused in cheque bouncing proceedings.

 

Section 14 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) specifies that when an order declaring moratorium is passed, the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, or arbitration panel would be prohibited.

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Llinks Client Alert – Antitrust and Competition (February 2021)

I. Legislation
1. The Anti-Monopoly Commission of the State Council issues the Anti-monopoly Guidelines on Platform Economy, in order to prevent monopolistic activities in the field of platform economy and protect fair market competition. Based on the Anti-Monopoly Law, the Guidelines consist of six chapters and twenty-four articles, including general provisions, monopoly agreements, abuse of market dominance, concentration of undertakings, abuse of administrative power to exclude restrictions on competition, and supplementary provisions. Read more…

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Unconditional Stay on Arbitral Awards

Unconditional stay on enforcement of arbitral awards has yet again become a reality in India.

A.  Background

Indian arbitration law, contained in the Arbitration and Conciliation Act, 1996 (the “Act”), provided for an automatic stay on enforcement of the arbitral award once a challenge against the award was entertained by the Court under Section 34 of the Act.

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Guidelines issued for Intermediary and Digital Media

The Ministry of Electronics and Information Technology (“Ministry”) on 25th February 2021 notified the Information Technology (Guideline for Intermediaries and Digital Media Ethics Code) Rules, 2021 (“Rules”) to regulate digital media, social media companies and over the top (“OTT”) platforms. The Rules also provides provisions pertaining to publishers of news through digital media (“Digital News”).

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Llinks Client Alert – Cybersecurity, Data & Privacy(February 2021)

Llinks would like to share our views on the most recent hot topics and legal updates on the Cybersecurity, Data & Privacy with “ Llinks Client Alert – Cybersecurity, Data & Privacy(February 2021)Read more…

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