In the context of low investor confidence in the bond market due to recent negative news and the difficulties in cash flow of bond issuers, especially those in the real estate and banking sectors, the government of Vietnam has taken action to address legal bottlenecks in order for the bond market to recover and develop sustainably. In contrast to the gentle hand offered to bond issuers shouldering the debts of corporate bonds, a more stringent approach is being applied to bond purchases by banks. This is being done to mitigate the negative impact of the bond market on Vietnam’s banking health. New Decree Loosens Requirements for Bond Issuers On March 5, 2023, the government promulgated Decree No. 08/2023/ND-CP (“Decree 08”), which took effect immediately, loosening requirements for bond issuers. The key changes under Decree 08 include the following: 1. Ability to negotiate repayment of bonds with in-kind payment: For corporate bonds in the domestic market, Decree 08 allows the bond issuer to negotiate with bondholders to make payment in assets other than cash if the bond issuer is unable to make full and timely payments of bond principal and coupon in VND according to the announced bond issuance plan. There are certain conditions which must be satisfied, such as bondholders’ consent, disclosure of the changes, and legal status of the assets used for payment (e.g., title, encumbrances, and material agreements involving the assets). 2. Ability to change terms and conditions of bonds: Previously, while, bond issuers were able to change the terms (such as extension of the term or use purpose of the bond proceeds) for corporate bonds issued after September 16, 2022, they were not allowed to do so for older corporate bonds. Now, Decree 08 allows the bond issuers to change the terms and conditions of the older bonds, subject to

In 2018, following enactment of the Myanmar Companies Law (MCL), the Directorate of Investment and Company Administration (DICA) launched Myanmar Companies Online (MyCO), an official online platform for corporate registration. The MCL required companies to re-register in MyCO, but some companies did not complete this step within the date provided by the law. In addition, the MCL introduced a requirement for companies to file an annual return through MyCO. Some companies have also failed to do this, which can eventually lead to DICA automatically striking the company’s name from the register. If a company has not re-registered, it must follow specific administrative procedures to “activate” the company in MyCO. There are also administrative procedures allowing for restoration of companies that have been struck from the DICA register. This article considers the ramifications of each of these scenarios and outlines potential next steps for companies facing these challenges. Activating a Company Not Yet Re-registered Prior to enactment of the MCL, all companies were formed under the Myanmar Companies Act 1914, which was the primary law governing registration and operation of companies in the country. Once the MCL was passed, companies were required to re-register online via MyCO by January 31, 2019. For companies that did not re-register on MyCO, the company’s name, old registration number, and registration date under the Myanmar Companies Act 1914 was recorded in MyCO, and the status of the company was set as “Not Yet Re-registered.” Companies assigned this status should not assume that it means the company was struck off the DICA register. Rather, the DICA states that if a company is listed as not re-registered on MyCO, it can still re-register by fulfilling the requirements specified in the MCL. In order to re-register under the MCL, the company must obtain a court order to proceed with the re-registration process

Food safety is one important area of focus as Cambodia continues to improve its regulatory framework surrounding consumer protection. Last year, the new Law on Food Safety set out the main principles to regulate the food sector, providing general rights and obligations of food businesses and requirements for food products traded in Cambodia. Then in the first months of 2023, two implementing regulations were issued to clarify the overarching principles of the Law on Food Safety, as well as its enforcement mechanisms. The adoption of these enforcement-related regulations is once again a clear signal to the market that the Cambodian government is taking the enforcement of consumer protection laws seriously. Food Surveillance, Seizure, and Recalls The first of these implementing regulations was Sub-Decree No. 13 on the Conditions, Formalities and Procedures for Food Surveillance and Seizure, dated January 6, 2023 (SD 13), followed the next month by Prakas No. 080 on the Forms and Procedures to Seize Unsafe Foods or Foods Not Complying with Technical Regulations, dated February 22, 2023 (Prakas 80). These implementing regulations give clarity on how the authorities will monitor and inspect the food sector, and in what cases the authorities may resort to recalls or seizure of foods. Prakas 80 also provides the necessary paperwork for both inspecting officers and companies to use when reporting on unsafe foods to authorities and the public. Lastly, the regulations further clarify the obligations for food businesses and the penalties for noncompliance. The Consumer Protection, Competition, and Fraud Repression Directorate-General (CCF) of the Ministry of Commerce takes a key role as the main enforcement authority under the regulations. The CCF receives reports on unsafe foods, manages voluntary recalls, publishes warnings to the public regarding unsafe foods, seizes unsafe or otherwise noncompliant goods, and applies the administrative fines and penalties provided under the Law on

On April 17, 2023, the Vietnamese government issued Decree No. 13/2023/ND on the Protection of Personal Data (“PDPD”), following extensive public consultations and multiple rounds of review since the first release of its draft version in February 2021. This is a long-awaited legal instrument which is designed to be the very first comprehensive regulation on the protection of personal data in Vietnam. The PDPD is set to take effect on July 1, 2023, without any transitional period. All Vietnamese and foreign organizations and individuals located in Vietnam and/or directly participating in or related to personal data processing activities in Vietnam must comply with the PDPD. As expected, the PDPD sets out significantly new requirements on the processing of personal data. The most critical provisions include: Eight principles for the processing of personal data: (i) lawfulness, (ii) transparency, (iii) purpose limitation, (iv) data minimization, (v) accuracy, (vi) integrity, confidentiality, and security, (iv) storage limitation, and (viii) accountability (Article 3). Critical new definitions and concepts, notably including personal data (Article 2.1); basic personal data (Article 2.3); sensitive data (Article 2.4); data subject (Article 2.6); data controller (Article 2.9); data processor (Article 2.10); parties controlling and processing personal data (Article 2.11); third parties (Article 2.12); and cross-border transfer of personal data (Article 2.14). Eleven data subject rights, including the right to know; right to consent; right to access; right to withdraw consent; right to delete data; right to restrict data processing; right to request the provision of data; right to object to data processing; right to complain, denounce and initiate lawsuits; right to claim compensation for damage; and right to self-defense (Article 9). Specific responsibilities of data controllers (Article 38), data processors (Article 39) and third parties (Article 41). Specific requirements in the exercise of data subject rights (Articles 14-16). Rules on data subjects’ consent, including the requirements on

Since the issuance last October of Decree No. 71/2022/ND-CP (“Decree 71”), the differentiation of film vs. non-film content has become increasingly important for pay-TV service providers in Vietnam, because they are subject to completely different licensing requirements. With the effectiveness of Decree 71 on January 1, 2023, overseas providers of over-the-top (OTT) pay-TV services, including video on demand (VOD) content, to Vietnamese users are subject to licensing requirements and the establishment of a local presence in Vietnam. Meanwhile, the new Cinema Law promulgated on June 15, 2022, and its guiding Decree No. 131/2022/ND-CP dated December 31, 2022—both of which also took effect on January 1, 2023—do not impose any licensing requirements on film disseminators. Although there are ambiguities in Decree 71’s wording, the Ministry of Information and Communication (MIC) and the Authority for Broadcasting and Electronic Information (ABEI) under the MIC have confirmed orally in a closed industry meeting, without written confirmation, that for VOD film-only content, OTT pay-TV service providers are exempted from the licensing requirements of Decree 71 and are instead subject to regulations of the Cinema Law. This is why film vs. non-film content has become critical in shaping the business models of overseas pay-TV service providers. In this article, we provide an overview of the current regulations and draft regulations with regard to the classification/rating of film content under the regulations of the Cinema Law and its sub-laws, and the classification/rating of non-film content under the regulations of Decree 71.   Film Classification/Rating Under the Cinema Law, “films” are defined to include feature films, documentaries, cartoons, and films of combined genres. The law explicitly provides that “films” do not include recorded products for disseminating news, art shows, video games, recorded products that show the activities of one or more people and describe events and situations, or reality shows. These exclusions

On April 3, 2023, the government of Vietnam issued Decree No. 10/2023/ND-CP (“Decree 10”) to resolve a number of existing land-related problems pending the expected promulgation of a new Land Law later this year. The changes under Decree 10, which will take effect on May 20, 2023, include the following: New Regulations on Land Use Right Bidding Decree 10 outlines the conditions for organizations and individuals to participate in the bidding process for land use rights, as well as the conditions that must be met for the land site to be eligible for bidding. Specifically, in addition to the conditions already stated in Article 58.3 of the Land Law 2013 and Articles 14.2 and 14.3 of Decree No. 43/2014/ND-CP, organizations seeking to participate in the land use rights bidding process must ensure that no more than one company with cross-ownership participates in the bidding. Furthermore, they must also submit a 20% deposit of the total value of the land site, which is the starting price for the bidding. After the announcement of the auction results, the down-payment and any interest earned will be converted into a security deposit to ensure the bidder’s financial obligations are met. If the winning bidder fails to pay the full amount for the land use rights, the security deposit will be forfeited. In addition, a land site put up for bidding must satisfy certain conditions, such as having a starting price of bidding determined by the state authority and having an approved 1/500 detailed plan for the land used for investment and construction of residential buildings. The auction must be conducted on a plot-by-plot basis. Certifying Ownership of Real Estate for Tourism Accommodation Ownership of buildings on commercial and service land that are used for tourism accommodation purposes (such as condotels or other types of resort real estate) can

A significant new procedural law for fines in Thailand results in the mass removal of certain types of fines for criminal penalties and alters procedures for certain administrative monetary penalties.   There are generally two types of fines imposed under Thai law: criminal fines and administrative fines. However, there will soon be a type of fine that exists outside of the criminal or administrative legal mechanisms: the phinai fine, which is neither a criminal penalty nor an administrative fine. Instead, a phinai fine—which must be paid to the state—is one assessed in lieu of criminal penalties for less-serious offenses. Perhaps the closest equivalent to a phinai fine would be a “civil” fine, but there is no official translation of Thailand’s first law dedicated to these fines, the Act on Phinai Fine Proceedings B.E. 2565 (2022) (ACFP), which was published in the Government Gazette on October 25, 2022. Before proceeding further to discuss the significance of the new law, a note should be made regarding the term phinai. As there has been no official translation of the ACFP, there is currently no official translation of phinai. Under the ACFP, “to seek a phinai fine” (or prap pen phinai) was determined to have the specific meaning of ordering a phinai penalty offender to pay a phinai fine. The meaning of the term as defined reflects a type of phinai penalty, which is neither a criminal penalty nor an administrative fine. In the future, there is a possibility that the official translation of the ACFP may use a different term. The passage of the ACFP provides Thailand with a special procedural law for all phinai fines, ultimately resulting in a significant change in the categorization and collection of fines and administrative monetary penalties. Other than two sections on administrative preparations that took

On April 1, 2023, Myanmar’s Directorate of Investment and Companies Administration (DICA) announced additional reporting requirements for newly registered companies. According to the announcement, newly established companies must submit the required information to DICA by email within two months of their registration and before submitting their first annual return (AR) to DICA through the Myanmar Companies Online (MyCO) system as required under the Myanmar Companies Law 2017 (MCL). The reporting requirements include: Proof that the bank account established in the company’s name has been credited with the paid-up capital shown in the MyCO system. Verification of individuals listed as directors of the company. For directors who are Myanmar citizens, this consists of confirmation from the relevant township police office that the director actually resides at the address stated in the national registration card and the application for company registration (Form A). For directors who are foreign nationals, the required verification is proof of compliance with the Registration of Foreigners Rules 1948 (such as Immigration Form C). Confirmation from the relevant township police office that the registered address of the company matches an actual location and that the company is planning to open an office. Verification of individuals and entities listed as members of the company. For individual registered members, the requirements are the same as for individual directors (see above). For legal entities that are registered members, the entity’s certificate of incorporation must be provided. Once a newly registered company submits this information by email, the registrar will review it manually. Companies that fail to submit the required information will not be able to submit their first AR documentation. If this happens, the DICA registrar will issue a notice, and the company will have 28 days to submit its AR and pay all outstanding fees and penalties, or face automatic suspension of the company registration in accordance