Tilleke & Gibbins’ office in Phnom Penh has contributed the Cambodia chapter to the Foreign Investment Review 2021, a global guide to the legal and regulatory environment for foreign investment in 25 jurisdictions worldwide. Published and distributed by Getting the Deal Through (GTDT), the guide discusses law and policy on oversight of foreign investment, regulatory frameworks, procedural requirements, and other important stipulations for foreign investors. The Cambodia chapter was authored by Jay Cohen, partner and director of Tilleke & Gibbins’ Phnom Penh office. The chapter focuses most closely on the law and policy section, which lays out the government’s policies and practices, the main investment laws and their scope of application, and the relevant authorities responsible for regulating mergers and similar transactions. Also discussed are some key recent and ongoing developments—particularly the drafting of a law to address competition issues and introduce greater scrutiny of mergers and acquisitions. The Cambodia chapter is available below as a PDF. Tilleke & Gibbins also contributed the Laos, Myanmar, and Vietnam chapters to Foreign Investment Review 2021. To browse all 25 jurisdictions covered by the guide, please visit the Getting the Deal Through website.

On January 20, 2021, the Securities and Exchange Commission of Thailand (SEC) and the Securities & Futures Commission of Hong Kong (SFC) entered into a memorandum of understanding (MOU) on mutual recognition of funds. The MOU aims to facilitate the process for eligible funds set up in one country to be marketed and offered to investors in the other country by streamlining qualifications and processes for registration with the regulators. The key elements of the MOU are outlined below. Covered Funds The MOU generally only covers funds in the form of collective investment schemes (CIS), set up in Thailand or Hong Kong and managed by a covered management company that is authorized or licensed in its home country, (i.e., Thailand or Hong Kong) that is seeking approval to offer these funds to the public in the other country (the “host country”). Apart from the regulatory requirements prescribed by the regulator of the home country, the covered funds must also meet certain eligibility requirements, dependent on the type of fund offering, set by the regulator of the inbound jurisdiction (i.e. the SEC or the SFC). These funds must fall within one or more fund types specified in the MOU, including general equity funds, bond funds, mixed funds, feeder funds, unlisted index funds, and exchange-traded funds. Note that the SEC has agreed to expedite approval for Thai feeder funds that invest in Hong Kong master funds by streamlining certain processes. Covered Management Companies Generally, an asset management company that is authorized in its home jurisdiction (i.e., Thailand or Hong Kong) will be able to conduct cross-border marketing and fund offering activities under this MOU. Requirements for Fund Offerings Apart from meeting certain qualifications prescribed by the host country, fund offerings must be conducted in accordance with the host country’s requirements. In Thailand, these requirements include the following: Fund offerings must

The Royal Decree on Land and Building Tax Reduction (No. 2) B.E. 2564, which we previously noted was under consideration, has been officially promulgated. The royal decree, which was announced and published in Thailand’s Government Gazette on January 31, 2021, and came into effect the following day, will effectively reduce land and building tax payments by 90% in 2021 for the following types of land and buildings: Land or buildings used for agricultural purposes; Land or buildings used for residential purposes; Land or buildings used for other purposes; and Vacant or unused land or buildings. Owners of the above types of land or buildings are therefore only required to pay 10% of the land and building tax normally owed for 2021. The royal decree follows the Ministry of Interior’s recent announcement of an extension for the payment of land and building tax in 2021, which will now be due by June 30, 2021 (extended from April 30, 2021). For more details on these measures, or on any aspect relating to Thailand’s land and building tax, please contact Chaiwat Keratisuthisathorn at [email protected] or +66 2056 5507.

The application period for very small power producers (VSPPs) aiming to participate in the community power plant project is fast drawing to a close, with the deadline set for February 4, 2021. February 4 is also the closing date of the period for public comments on the two draft regulations outlining the pilot project to procure electricity from community power plants. These draft regulations are being finalized by the Energy Regulation Commission (ERC)  as part of an effort to boost the economy at a grassroots level. The community power plant project will procure 150 MW from VSPPs producing electricity from either biomass or biogas. 75 MW will be obtained from biomass VSPPs, with a limit of 6 MW to each biomass VSPP, while 75 MW of the electricity procurement will be obtained from biogas VSPPs with a limit of 3 MW each. VSPPs wishing to apply for the community power plant project must be 90%-owned by a private company, while 10% of ownership must be under a community enterprise or community enterprise network—consisting of at least 200 households—registered with the Department of Agricultural Extension. Furthermore, the fuel used by the VSPP must be either biogas or biomass obtained from the community enterprise or community enterprise network, and must not include fossil fuels. Once VSPPs have submitted their applications, they will be subject to a technical assessment to determine power production readiness, and will undergo a process of competitive bidding. VSPPs will be compared and selected based on a number of factors, including power production capacity, ability to operate for duration of the 20-year project, and the proposed fixed feed-in tariff (FiT). VSPPs that are chosen to participate in this pilot project will be subject to the following FiTs per unit of electricity, based on the type of fuel and production level: Biomass VSPPs providing less

On February 1, 2021, through Thailand’s Ministry of Digital Economy and Society, the Office of Personal Data Protection Commission announced that it will arrange public hearing sessions for the first set of subordinate regulations under the Personal Data Protection Act B.E. 2562 (2019) (PDPA). Subordinate regulations on the following topics will be covered during the consultations: Consent Privacy notices Responsibilities of data controllers Cross-border data transfers Data protection officers Security measures Compliance processes Sensitive personal data It is anticipated that the draft subordinate regulations will be circulated (in Thai) to registered attendees ahead of the sessions. Participation by video conferencing will be available. In addition, at the First ASEAN Digital Ministers’ Meeting on January 21 and 22, 2021, the ASEAN Data Management Framework (DMF) and the Model Contractual Clauses for Cross Border Data Flows (MCCs) were approved in order to promote the secure free flow of data between ASEAN countries, including Thailand. The development of the Thai PDPA is expected to factor into these DMF and MCC initiatives, potentially allowing businesses in Thailand to transfer data between neighboring countries within the region, in addition to the permitted transfer between countries whitelisted under the European General Data Protection Regulation (GDPR). These initiatives were led by the Singapore Personal Data Protection Commission, and more details are expected in due course. Prior to the PDPA effective date on June 1, 2021, substantial further developments are expected to give further clarification and guidance for businesses, and to ease their compliance concerns. For more information on this development, or any other aspect of data protection in Thailand, please contact Tilleke & Gibbins’ data protection team led by Athistha (Nop) Chitranukroh ([email protected]).

The latest edition of Practical Law’s Life Sciences Global Guide features contributions from Tilleke & Gibbins attorneys in the firm’s Yangon office. One of the sections they have provided for the Myanmar chapter of this Q&A-style guide to life sciences regulatory frameworks worldwide is “Medicinal Product Regulation and Product Liability in Myanmar.” The section includes discussion of a range of regulatory issues related to the marketing and selling of pharmaceutical products, including the following topics: Regulatory overview: Authorities, scope, and general procedures for pharmaceuticals, biologicals, and medical devices and health care IT Pricing, government funding, and reimbursement: National health care system, price regulation, and reimbursement Clinical trials Manufacturing and distribution Marketing: Authorization for marketing medicinal products, parallel imports and cross-border trade in medicines Restrictions on dealings with health care professionals Selling restrictions Advertising and promotion Data privacy Packaging, labeling, and tracking Product safety, quality, and liability Local establishment, representation, and residency requirements Reform The full “Medicinal Product Regulation and Product Liability in Myanmar” section can be accessed on the Practical Law website. Practical Law, produced by Thomson Reuters, is the world’s leading legal know-how resource for business lawyers, publishing a huge range of guides covering hundreds of jurisdictions and practice areas. Tilleke & Gibbins also supplied “Pharmaceutical IP and Competition Law in Myanmar,” which was published in the Life Sciences Global Guide  at the same time.

Attorneys from Tilleke & Gibbins in Myanmar have contributed to the latest edition of Practical Law’s online Life Sciences Global Guide. The guide is a Q&A-style overview of the regulatory frameworks for the life sciences industry across multiple jurisdictions worldwide, and this year the Myanmar chapter includes two sections, one of which is “Pharmaceutical IP and Competition Law in Myanmar.” This section runs through the country’s legal and regulatory environment for patents and trademarks—particularly as they relate to pharmaceutical business in the jurisdiction. The section then turns to IP and competition law issues, with questions and answers focusing on how the country’s competition laws and regulations affect the pharmaceutical sector. Readers are also given information on how to properly comply with Myanmar law on competition, including when it comes to licensing of medicines and pharmaceutical technology. The full Pharmaceutical Intellectual Property and Competition Law in Myanmar guide can be accessed on the Practical Law website. Practical Law, produced by Thomson Reuters, is the world’s leading legal know-how resource for business lawyers, publishing a huge range of guides covering hundreds of jurisdictions and practice areas. Tilleke & Gibbins also supplied the “Medicinal Product Regulation and Product Liability in Myanmar,” which Practical Law published in its Life Sciences Global Guide  at the same time.

The liberalization of Myanmar’s insurance industry continues apace as the IBRB invites further expressions of interest for life and non-life insurance business licenses.