The Greater China IP Updates – January 2024

January 17, 2024
Taiwan Introduces Chip-driven Industrial Innovation Plan The Executive Yuan has approved a plan to spend NT 300 billion dollars in the next 10 years to fund innovations that would combine the use of generative artificial intelligence (AI) systems and chips.  The plan was briefed to Cabinet members by the National Science and Technology Council and it is expected that the plan will be enabled by cooperation between the Ministry of Economic Affairs, the Ministry of Education, the Ministry of Health and Welfare, the Ministry of Digital Affairs and the National Development Council.  It was noted that with the rise of generative AI systems, chips have driven the development of the global technology industry and have become a motivator for businesses seeking innovation.  The development of chips would be the key technology for the next industrial revolution.  The plan also lays out strategies to meet the rising challenges in developing next-generation chip technology.  The government is to allocate the abovementioned sum of money from 2024 to 2033 to develop chip technology in order to keep Taiwan at the forefront of technological developments by developing the highest level technology to design advanced chips and accelerate heterogeneous integration of chip designs and interfaces.  The funding would be used to speed up the production of non-silicon-based wafers, as well as the development of chips smaller than 1 nanometer, 3D chip stacking technology and heterogeneous integrated packaging.  The funding would also be used to develop energy-saving applications with high computing power.  Of the NT 12 billion budgeted for 2024, about NT 8 billion would be used to train and attract talent, while NT 4...

In-House Community Magazine: Jan 2024 issue including Counsel of the Year Awards results

January 16, 2024
The interactive edition of the January 2024 issue of the IHC Magazine (In-House Community Magazine) is now live. You can read it below or also download a copy on your device. As we step into the new year, it brings us immense pleasure to present to you the first edition of IHC magazine for 2024. Our team has curated an insightful blend of articles and features tailored to meet the evolving needs of in-house legal professionals like yourself. In this edition, we bring you comprehensive coverage of the prestigious 2023 IHC virtual awards ceremony that recognised the crème de la crème in the realm of in-house lawyers and teams. From ground-breaking legal strategies to innovative problem-solving, these professionals have set a benchmark for excellence, and we are thrilled to share their success stories with you. Diving into the complexities of today’s legal landscape, we also explore the intricacies of cross-border data transfers in this issue (King & Wood Mallesons). Another critical area we delve into is the delicate balance between innovation and privacy in the context of data protection (Galadari). Shifting our focus to the regulatory landscape, we unravel the intricacies of the new PRC Company Law (Chancebridge). We also cover the latest deals, partner level moves, and legal industry news including the appointment of a new managing partner in Baker McKenzie’s Vietnam office. For any feedback, Q&A opportunities, article or advert booking in our upcoming issues, please email us directly at...

Core Points of the New PRC Company Law and Compliance Transformation of Limited Liability Companies

January 12, 2024
Author: JIANG Fengwen, Zou Yongzhong, Joseph LI Beijing Chancebridge Law Office January 12th, 2024 On December 29, 2023, the latest revision of the Company Law of the People’s Republic of China, which has attracted wide attention, was finally adopted and promulgated by the Seventh Session of the Standing Committee of the National People’s Congress, with the effective date on July 1, 2024 (hereinafter referred to as the new “Company Law”). This is the sixth amendment to the current Company Act since its enactment on December 29, 1993. Previously, the Company Law underwent amendments to partial provisions in 1999 and 2004, a comprehensive revision in 2005, and two important amendments to issues related to the company’s capital system in 2013 and 2018. Usually, a draft law is submitted to the vote after deliberation at three meetings of the Standing Committee of the National People’s Congress, but this time the Standing Committee of the National People’s Congress made an exception to the Company Law, having taken nearly five years and four cumulative reviews and deliberations before being adopted by a vote, from the establishment of a drafting group for the revision of the Company Law by the Legislative Affairs Committee of the National People’s Congress in early 2019. This has demonstrated its extraordinary importance and the fact that certain provisions had been clearly contested during the review process. This Sixth Amendment is the most significant and most comprehensive amendment based on the basic framework and system of the current Company Law. In the most comprehensive and profound revision, 16 sections in the current Company Law were deleted, 228 articles were added...

Philippine Internet Transactions Act: An Overview

January 11, 2024
The rapid advancement of digitalization brought with it increased patronage for e-commerce. In April 2023, the Secretary of the Philippines’ Department of Trade and Industry (“DTI”) reported that the increase in online transactions globally resulted in 80% growth in suspected digital fraud attempts. Suffice to say that one of the pronounced effects of the rise of e-commerce is the consequent proliferation of e-commerce fraud. While the growth of e-commerce demonstrated its potential of transforming how businesses are conducted, it also highlighted the need for governments to put in place ethical, legal and regulatory frameworks to aid consumers and entrepreneurs in navigating this increasingly complex and evolving business landscape. In the Philippines, Republic Act (“R.A.”) No. 11967 or the Internet Transactions Act of 2023 (“ITA”) was recently signed into law with the objective of regulating commercial activities through the internet. The goal is to ensure that consumer rights and data privacy are protected, innovation is encouraged, fair advertising practices and competition are promoted, online transactions are secured, intellectual property rights are upheld, and product standards and safety are guaranteed. SCOPE OF THE LAW AND JURISDICTION OF REGULATORY ENTITY In terms of application, the ITA applies to all business-to-business (“B2B”) and business-to-consumer (“B2C”) internet transactions within the mandate of the DTI where at least one of the parties is situated in the Philippines. The ITA defines an “internet transaction” as the sale or lease of digital or non-digital goods and services over the internet. The ITA is extraterritorial in scope in that it encompasses all e-commerce participants including foreign retailers which avail of the Philippine market to the extent of establishing...

Celebrating Excellence in Legal Practice: Results from the In-House Community Counsel of the Year Awards 2023

January 3, 2024
In a compelling display of resilience and adaptability, legal professionals convened virtually on 24 November 2023, for the second consecutive online IHC Counsel of the Year Awards ceremony. This event not only celebrated the outstanding achievements of legal professionals in South Africa, Asia, and the Middle East, but also cast a spotlight on the dynamic evolution of legal practice across the globe. Jump to the full list of award winners Rahul Prakash from In-House Community Rahul Prakash, publisher of In-House Community, set the stage with insightful remarks on the shifting landscape of the legal profession. He noted that, with the return of travel and the introduction of a new hybrid office model, the term “legal eagle” has taken on a new meaning. Prakash also reflected on a perceptible shift in the legal landscape over the past 18 months. Over this time, lawyers have been at the forefront of monumental tasks, ranging from overseeing large multi-jurisdictional deals to orchestrating comprehensive restructurings. Their role has extended beyond traditional boundaries, encompassing innovative process changes that have reshaped the way legal services are delivered. A common trend emerging is the significant digital transformation initiatives being undertaken across industries. Against this background, the 2023 In-House Community Counsel of the Year Awards are a true reflection of excellence and innovation, covering a spectrum of categories and illustrating the diverse nature of the profession. The awards included the prestigious In-House Industry Teams of the Year, Commended External Counsel of the Year, In-House Best Practice Management Awards, Corporate Social Responsibility (CSR), Diversity & Inclusion, Innovation, In-House Teams of the Year, and In-House Counsel of the Year. The...

IHC Commended External Counsel Hong Kong, 2022-23

December 13, 2023
India Singapore UAE Vietnam Philippines China Thailand Malaysia South Korea In recognition of outstanding contributions and commendable service in external legal support, the Commended External Counsel of the Year 20233-2023 awards serves as a testament to the invaluable partnership between private practice lawyers and in-house legal teams. Selected through recommendations, votes and testimonials from the in-house counsel and other buyers of legal services in Asia and Middle East, this accolade highlights the crucial role played by these legal professionals in extending and enhancing the capabilities of in-house legal departments. Here are the Commended External Counsel 2022-2023, Hong Kong*. Rossana Chu LC Lawyers Rossana.Chu@eylaw.com.hk Rossana Chu is a Corporate Partner and has been in the corporate practice for more than 26 years. She handles engagements of different types such as M&As including takeovers and privatizations of Hong Kong listed companies, capital market transactions, corporate financing, asset management, ESG, corporate restructuring, regulatory compliance and employment issues. Rossana is an award-winning lawyer and profiled in various reputable international directories that highlight her historical achievements. Rossana is one of the two founders of the Association of Retired Elderly Limited, a non-profit-making organisation with a focus on improving the welfare of the elderly in Hong Kong. I am honoured to be recognised alongside the most senior and reputable lawyers in the legal industry. I could not have accomplished this achievement without the invaluable support of my clients and my firm. Thank you to In House Community for the award and IHC members for their nominations. Micheal Yau Eversheds Sutherland Maggie Kwok Harneys Sophia Man Baker McKenzie Vicki Liu Allen & Overy Ian Chapman Allen & Overy...