Thailand’s Securities and Exchange Commission and the Stock Exchange of Thailand (SET) have opened a public hearing period on proposed changes to requirements for IPO securities issuers and other regulations relating to companies listed on the SET and the Market for Alternative Investment (MAI). The proposed changes aim to prevent the use of publicly offered securities to avoid or violate strict regulations on investment management. During the public hearing period, interested parties may submit comments on the proposed rules until August 18, 2022, with the finished regulations expected to be issued soon after. Key Proposed Changes to Rules for Securities Issuers Under the proposed rule adjustments, securities issuers (i.e., operating companies, holding companies, or foreign companies that request a public offering) must not be investment companies, except for companies or subsidiaries undertaking financial institution business (e.g., commercial banks, finance companies, credit foncier companies, securities companies, and life/non-life insurance companies). “Investment company” refers to a company that has more than 40 percent of its total assets as passive investments in securities, derivatives (excluding for hedging purposes) or digital assets. When considering whether a company that has a subsidiary is classified as an investment company, it will be determined based on the consolidated financial statement. Excluded from such classification are investments for low-risk liquidity management (i.e., bank deposits, government bonds, debt instruments backed by the Ministry of Finance, money market mutual funds, or fixed-income funds); affiliate companies that do not operate as investment companies; subsidiary companies under the same group company; and investments in business networks, synergies, or value chains. Key Proposed Changes to Rules for Listed Companies A company with the characteristics of an investment company mentioned above is not allowed to list its securities on the SET or the MAI. Companies listed on SET and MAI with more than

Thailand has issued separate regulations temporarily exempting hotel operators and factory owners from paying their annual government fee. The special allowances are meant to mitigate the COVID-19-related financial impacts that have hit the hospitality and manufacturing sectors in Thailand. The exemption for hotel business operators came on July 8, 2022, when the Ministry of the Interior promulgated the Ministerial Regulation Re: Exemption from the Government Fee for Hotel Business Operators B.E. 2565 (2022). This regulation exempts hotel business operators from paying the annual government fee, which is at the rate of THB 40 per room, from July 1, 2022, to June 30, 2024. The exemption for factory business operators was laid out in the Ministry of Industry’s July 1, 2022, Ministerial Regulation Re: Exemption from Annual Government Fee for Factory Business Operators B.E. 2565 (2022). Under this regulation, operators of type 2 factories (which must notify the Ministry of Industry before operation) and type 3 factories (which must obtain a factory operation license before operation) as designated under the Factory Act B.E. 2535 and its amendments are relieved from paying the annual government fee from June 10, 2022, to June 9, 2023. This fee varies (ranging from THB 300 to THB 43,500 per year) depending on the horsepower of machinery used in the factory. For more information on these exemptions, please contact Tilleke & Gibbins at [email protected].

Vietnam’s current Law on E-Transactions was passed in 2005 and has been effective since March 1, 2006. This law is considered a framework law, developed based on the Model Law on E-Commerce of the United Nations Commission on International Trade Law (UNCITRAL). According to the Ministry of Information and Communications (MIC), over the past 17 years, the implementation and application of e-transactions has shown significant evolution in certain areas demanding high levels of international integration, such as banking and e-commerce, but has faced difficulties in other areas due to a lack of detailed guidance. In addition, with the strong growth and breakthrough development of digital technologies such as artificial intelligence, big data, biometrics, and blockchain, and in the context of the ongoing Industrial Revolution 4.0 and the development of digital government, digital economy, and digital society, the 2005 Law on E-Transactions has revealed its shortcomings. Therefore, the government of Vietnam has entrusted the MIC to take the lead in drafting a new Law on E-Transactions, which will replace the old 2005 law in order to meet the country’s development needs. Accordingly, the MIC published a Draft Law on E-Transactions (“Draft Law”) for public consultation from May 4 to July 4, 2022. The latest accessible version of the Draft Law at the time of writing is Version 4. The effective date of the Draft Law is still not yet determined, though this law is expected to be submitted to the National Assembly for its review and comments in October 2022 and approval in May 2023. The following are some key contents of the Draft Law: 1. Scope of Application Unlike the current law, which explicitly excludes certain areas such as the issuance of certificates of land use rights and marriage certificates from the scope of application, the Draft Law attempts

On July 15, 2022, the Central Bank of Myanmar (CBM) issued Letter No. FE-1/754 instructing banks with authorized dealer (AD) status to inform the CBM of the balances in foreign-currency accounts belonging to Myanmar companies with up to 35% foreign ownership. This was to be done by 6 p.m. on the same day. In addition, AD banks were ordered to purchase the balances of the relevant foreign-currency accounts and exchange the amounts with Myanmar kyat (MMK). These amounts are to be entered into the bank-customer (bid) and non-trade inward (real time-R) lists by 6 p.m. on July 18, 2022. The letter also warned that the failure to follow this instruction would be subject to various sanctions, including warnings, restriction of foreign exchange management functions, fines, temporary or permanent suspension of banking authorizations, and cancellation of business licenses. Letter No. FE-1/754 followed a decision made by the Foreign Exchange Supervisory Committee in meeting No. 32/2002 requiring foreign-currency balances held in accounts of Myanmar companies with up to 35% foreign ownership to be converted into MMK. A list of these companies, provided by the Foreign Exchange Supervisory Committee, was included with the letter. For more details on these foreign exchange developments, or on any aspect of financial regulations in Myanmar, please contact Tilleke & Gibbins at [email protected].