Attorneys from Tilleke & Gibbins have prepared the Laos, Myanmar, and Thailand sections of the recently released Global Merger Notification Guide from Lex Mundi. The guide provides answers to key questions related to the merger notification requirements in jurisdictions of Lex Mundi member firms in 57 jurisdictions around the world. Each country-specific section contains in-depth information on the jurisdiction’s legal framework governing merger notifications, addressing the following questions and topics: Regulatory agency for merger notifications Transactions subject to national rules Timeline for filing merger notifications Merger review process Sanctions for not fulfilling merger notification requirements Remedial options for addressing the regulator’s competition concerns Current regulatory outlook and other notable information The guide draws on the expertise of Lex Mundi member firms from around the world. Its innovative format allows users to compare current information from multiple jurisdictions in a side-by-side, customizable report. To browse the contributions, generate country-specific reports, and compare regulatory guidance on merger notification requirements across multiple jurisdictions, please visit the Lex Mundi website.

Michael Ramirez, a counsel in Tilleke & Gibbins’ dispute resolution department, has contributed an article to a series on contractual terms in Asia from the Asian Business Law Institute. Previous articles in the series have looked at administrative and tax requirements and contract breach and remedy under Thai law. The article gives an overview of how extracontractual liabilities are treated under Thai law. It addresses issues related to contract negotiations, no-reliance clauses, entire agreement clauses, and concurrent liability. ABLI, which is based in Singapore, conducts legal research and dissemination in order to provide knowledge, guidance, and recommendations surrounding development of legal systems in Asia. The full article on extracontractual liabilities is available as a PDF through the button below.

On August 23, 2023, the State Bank of Vietnam (SBV) issued Circular No. 10/2023/TT-NHNN (“Circular 10”), suspending the implementation of certain provisions of Circular No. 06/2023/TT-NHNN (“Circular 06”) concerning the offering of onshore loans to customers by credit institutions, including commercial banks and foreign bank branches. (See our previous coverage of Circular 06 here.) Both Circular 06 and Circular 10 will take effect on September 1, 2023. Circular 10 re-allows three categories of loans that credit institutions were not allowed to provide under Circular 06, including: Loans for making or acquiring capital contributions or shares in other companies which have not yet been listed on the securities market or registered for trading on the unlisted public company market (UPCoM) system. Loans for paying capital contributions under capital contribution contracts, investment cooperation contracts, or business cooperation contracts for implementation of investment projects that fail to satisfy conditions for being put into business operation. Loans for financial reimbursement. This change is a result of the working session between Deputy Prime Minister Le Minh Khai and the Governor of the State Bank of Vietnam to consider loosening restrictions for loans to borrowers after the issuance of Circular No. 06/2023/TT-NHNN.

On August 21, 2023, the Central Bank of Myanmar (CBM) issued a public notice in local newspapers reiterating the rights and obligations associated with holding and exchanging foreign currency. The notice emphasized that foreign exchange-dealing license holders can perform foreign currency exchange business in the country with both cash and travelers’ checks. The permissible foreign currencies for sale at money changers include US dollars (USD), euros, Singapore dollars (SGD), Thai baht (THB), Malaysian ringgit, Chinese yuan, and Japanese yen. The CBM has regularly warned the public that internal residents can only possess amounts of foreign currency equivalent to USD 10,000 for up to six months from the date of receipt. Under the Foreign Exchange Management Law, internal residents are: individuals who have resided in or have had their main establishment in Myanmar for a period of at least 183 days during the preceding twelve-month period, with the exception of diplomatic personnel from foreign countries and foreign civil servants who carry out similar assignments; companies, organizations, and offices formed under any domestic law and companies, organizations, offices, and branches formed legally in Myanmar under any foreign law; and diplomatic or other personnel appointed by Myanmar in foreign countries. If foreign currency is not used within six months, it must be sold to and exchanged by licensed foreign currency exchangers at the official exchange rate (currently 1 USD to 2100 MMK) or deposited in a bank account. Anyone who possesses foreign currencies without permission or without the necessary license will be subject to penalties under the Foreign Exchange Management Law. For more details on foreign currency exchange in Myanmar, or on any aspect of the country’s financial regulations, please contact Tilleke & Gibbins at [email protected].