Firms Of The Year Results 2023 Vietnam

May 3, 2024
In-House Community Firms of the Year 2023 – Top Law Firms in Vietnam Winners in ⭐bold Honourable mentions in italics Alternative Investment Funds (Including Private Equity)   ⭐ Freshfields ⭐ Milbank ⭐ YKVN Allen & Overy Banking And Finance   ⭐ Allen & Overy ⭐ LNT & Partners ⭐ Russin & Vecchi ⭐ VILAF ⭐ YKVN Baker McKenzie DFDL Frasers Law Company Compliance And Regulatory   ⭐ DFDL ⭐ Tilleke & Gibbins ⭐ VILAF Baker McKenzie Russin & Vecchi Antitrust/ Competition   ⭐ LNT & Partners ⭐ Rajah & Tann LCT Lawyers ⭐ VILAF Baker McKenzie Capital Markets   ⭐ Allen & Overy ⭐ VILAF ⭐ YKVN Allens Baker McKenzie Corporate And M&A   ⭐ Baker McKenzie ⭐ Frasers Law Company ⭐ LNT & Partners ⭐ Tilleke & Gibbins ⭐ VILAF ⭐ YKVN Allen & Overy   Employment   ⭐ Phuoc & Partners ⭐ Rajah & Tann LCT Lawyers ⭐ Tilleke & Gibbins ⭐ VILAF Frasers Law Company LNT & Partners Litigation And Dispute Resolution   ⭐ Le & Tran ⭐ LNT & Partners ⭐ Rajah & Tann LCT Lawyers ⭐ VILAF ⭐ YKVN ATS Law Firm Baker McKenzie Most Responsive International Law Firm – Vietnam   ⭐ Allen & Overy ⭐ Baker McKenzie ⭐ Tilleke & Gibbins Energy And Projects   ⭐ DFDL ⭐ Frasers Law Company ⭐ Hogan Lovells ⭐ Lexcomm Vietnam ⭐ VILAF Allen & Overy EPLegal Freshfields Bruckhaus Deringer Real Estate/ Construction   ⭐ Baker McKenzie ⭐ GV Lawyers ⭐ Rajah & Tann LCT Lawyers ⭐ VILAF Allen & Overy LNT & Partners Most Responsive Domestic Law Firm – Vietnam   ⭐ Frasers Law Company ⭐ LNT &...

Hong Kong SFC Fines Fund Managers for Internal Control Failures and Other Breaches

April 29, 2024
Key Takeaways: The Hong Kong Securities and Futures Commission recently took disciplinary action against two fund managers for failures and breaches relating to fund management activities. Noncompliance by the fund managers included internal control and risk management inadequacies, which resulted in failure to identify, prevent, manage and/or monitor conflicts of interest and failure to comply with investment strategy, objectives and restrictions, among other things. Intermediaries’ misconduct and, in particular, internal control failures, very much remain an enforcement priority of the regulator. Licensed intermediaries, especially holders of type 9 (asset management) licenses, should therefore ensure that effective internal controls and risk management procedures are not just in place but also properly implemented, monitored and adhered to. Directors and senior management of asset managers should adopt a proactive and inquisitive approach in identifying and addressing actual or potential noncompliance. In the past three months, the SFC has pursued disciplinary proceedings against two fund managers for failures and breaches relating to fund management activities. Licensed intermediaries, and especially holders of type 9 (asset management) licenses and their senior management, should ensure that effective internal controls are in place to properly manage the risks arising from fund management activities. PICC Asset Management (Hong Kong) Company Limited. On 5 February 2024, the Securities and Futures Commission (“SFC”) reprimanded and fined PICC Asset Management (Hong Kong) Company Limited (“PICC”) HK$2.8 million over its failure to discharge its duties as the manager of a Cayman-incorporated fund. The SFC found that PICC failed to properly manage the fund in accordance with its investment strategy, objectives and investment restrictions. Contrary to the fund’s stated objective of capital preservation...

Hong Kong Financial Regulatory Review 2023

April 29, 2024
Key Takeaways: As Hong Kong gradually emerged from the effects of Covid-19 over the past year, the financial regulators, in particular the Securities and Futures Commission (the “SFC”), have also become increasingly active. In recent months, there has been an uptick in the number of investigations initiated by the SFC. Insider dealing, internal control failures and corporate misconduct remain high on the SFC’s list of enforcement priorities, whilst it continued to step up its efforts to crack down on ramp-and-dump syndicates. To this end, the SFC has worked closely with other regulators in Hong Kong, Mainland China and overseas to conduct joint operations, training and other activities, and is expected to continue doing so going forward. All in all, although enforcement by the SFC still has some way to go before it reaches pre-Covid levels, the trend is certainly an upward one. Significant regulatory developments were also seen in the emerging areas of ESG and virtual assets, and initiatives to reform or refine long standing regulations and practices relating to insider dealing and market soundings were introduced. Further, a recent Court of Appeal decision on letters of no consent also has significant implications from an enforcement perspective. In this review, we delve into some of these key financial regulatory developments in 2023 and highlight potential implications that are vital to managing risks and meeting regulatory expectations. As Hong Kong emerged from the Covid-19 slumber over the past year, the financial regulators, in particular the Securities and Futures Commission (the “SFC”), have also become increasingly active. In 2023, the SFC initiated and concluded more than 10 consultations; conducted several high-profile...

Vietnam’s Land Law Overhaul: Transforming Land Acquisition for Project Development

April 25, 2024
DUYEN HA VO Vietnam’s land acquisition landscape is poised for a transformation with the upcoming enforcement of the recently approved Land Law, scheduled to take effect on January 1, 2025. This article explores the potential implications of these changes on the land acquisitions of developers engaged in real estate, energy, and infrastructure projects. The new Land Law extends and further intricately categorises the list of “projects eligible as socio-economic development based on national and public benefit considerations” (Land Revocation Eligibility Projects). The implications of the Land Revocation Eligibility Projects list can be summarised as follows: a. Proposals for such a project enable the State to reclaim land from existing occupants to allocate or lease to the investor. b. Investor selection for these projects must undergo tendering requirements in certain cases. c. It is permissible to propose such a project on land acquired through a private agreement with existing land users, subject to approval from the provincial People’s Committee. Examples of new items added to this list are medical facilities, educational and training facilities, projects of renovation and rebuilding of apartment buildings and sea reclamation projects. Examples of projects not considered “Land Revocation Eligibility Projects” are hotel projects, housing development projects and commercial complex projects. Another revolutionary change introduced in the Land Law is the introduction of a regime for “private agreement” on land acquisition for project development, which may apply in cases that land is not under control by any State agency. This private agreement scheme is applicable regardless of whether the proposed project is a Land Revocation Eligibility Project or otherwise, provided that: a. for a commercial housing...

Investment Opportunities in the Philippines

April 25, 2024
MA. CARLA P. MAPALO, AMBER SHAWN A. GAGAJENA, MA. ANDREA V. NAGUIT The Philippines has exhibited a strong and positive momentum in 2023 with the implementation of key legislative and regulatory measures in a bid to steer the economy to stability. These measures, primarily aimed at attracting foreign direct investments, played a pivotal role in engendering investor confidence by eliminating bureaucratic hurdles and streamlining regulatory complexities. Foreign Players in the Retail Trade Industry At the behest of the Philippine government, Republic Act (“RA”) No. 11595 was passed, which amended the Retail Trade Liberalisation Act (“RTLA”) and relaxed the basic requirements for a foreign retailer to engage in retail business in the Philippines. A foreign retailer refers to a foreign national, partnership, association, or corporation of which more than 40% of the capital stock outstanding and entitled to vote is owned and held by a foreign national, engaged in retail trade. Prior to the amendment of the RTLA, a foreign retailer may only engage in retail business if it has a minimum paid up capital of USD 2,500,000.00. With the amendment, the prescribed minimum paid up capital for retail trade enterprises with foreign equity has been lowered to PHP25,000,000.00 (approximately USD 500,000.00). For foreign retailers with more than one physical store, the amendment decreased the minimum investment per store from USD 250,000.00 to USD200,000.00. The amendment also removed certain pre-qualification requirements which foreign retailers must secure from the Board of Investments. Similarly, under the Foreign Investments Act (“FIA”), micro and small domestic market enterprises with paid-in equity capital of less than USD 200,000 are generally reserved for Filipinos and corporations...

The Greater China IP Updates – April 2024

April 19, 2024
Science and Technology Advisory Board Meets in Taiwan After a 12-year hiatus, a meeting of a high-level science and technology advisory board was held in Taipei in early December, 2023.  The Executive Yuan Science and Technology Advisory Board Meeting was held over three days, convening top scientists and industry leaders to offer advice on a path forward for Taiwan’s technology development over the next ten years.  The conference will focus on two main themes.  One is green technologies amid the global effort to move toward carbon neutrality, and the other is the possible mutual enhancement between artificial intelligence (AI) and the semiconductor industry.  The advisers consist of leading figures from academia and the private sectors who have in-depth knowledge of Taiwan’s industries and supply chains and how they are being affected by various geopolitical strains.  It is expected that the meeting will come up with both mid-term and long-term development strategies to guide Taiwan on the path to maintain its top-notch technical capabilities.  President Tsai, who will leave office in May 2024, gave a speech announcing that the country will invest NT300 billion in a chip-driven industrial innovation plan that will look at ways to combine generative AI with Taiwan’s semiconductor development.  Also, for the development of green technologies, the government will mobilize the resources of different ministries, academia, industry, and civil groups to push for technologies that can help Taiwan achieve net-zero emissions by 2050.  The Executive Yuan Science and Technology Advisory Board meeting was first convened in 1980 and was held 31 times up to 2011.  The revived grouping is expected to meet annually in the future....