Malaysia: The Cyber Security Bill 2024 – A new era for cyber security
Baker McKenzie | Global Compliance News
by lmaglana
7h ago
In brief The new Cyber Security Bill 2024 (“Bill“) was tabled for first reading at the Malaysian Parliament on 25 March 2024. The Bill aims to provide a regulatory framework for the safeguarding of Malaysia’s cyber security landscape by requiring national critical information infrastructure entities to comply with certain measures, standards and processes in the management of the cyber security threats and cyber security incidents. To achieve such objectives, the Bill provides for, among others, the establishment of the National Cyber Security Committee, the duties and powers of the Chief Exec ..read more
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EU Court of Justice requires EMA to conduct a more thorough check on conflicts of interest
Baker McKenzie | Global Compliance News
by lmaglana
7h ago
In brief The EU Court of Justice, in its judgment given in Case C-291/22 P, annulled the EMA’s decision denying marketing authorization for a drug, finding that the evaluation process was vitiated by the presence within the Committee for Medicinal Products for Human Use (CHMP) of an expert who was in a situation of conflict of interest. Key takeaways In this regard, the Court reiterated that the objective impartiality of the CHMP, and thus of the EMA, is compromised if a conflict of interest on the part of one of the members of the CHMP were to arise even from a mere overlapping of functions ..read more
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Mexico: New Regulation improves digital commerce transactions by allowing the use of electronic credit instruments
Baker McKenzie | Global Compliance News
by lmaglana
7h ago
Mexico has approved amendments to the General Law on Negotiable Instruments and Credit Transactions to allow the use of electronic credit instruments, making commerce transactions more efficient, secure and easier to enforce In brief Mexican lawmakers have passed amendments to the General Law on Negotiable Instruments and Credit Transactions and the General Law of Credit Organizations and Auxiliary Credit Activities. These amendments allow the issuance of digital versions of credit instruments, such as certificates of deposit, promissory notes, bills of exchange and checks. The amendments serv ..read more
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United States: Antitrust authorities confirm their view that algorithmic price fixing is a per se antitrust violation
Baker McKenzie | Global Compliance News
by lmaglana
7h ago
In brief Both the Antitrust Division of the US Department of Justice (DOJ) and the Federal Trade Commission (FTC) (collectively, “Agencies“) have submitted a joint Statement of Interest in a third-party dispute currently active in the Federal District of New Jersey. The Statement clarifies the Agencies’ positions on price fixing through the use of algorithms. The third-party dispute involves a class action against casino hotels in the Atlantic City, New Jersey area. The plaintiffs allege that the defendants knowingly used one of the defendant’s pricing algorithm platforms to inflate prices for ..read more
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Egypt: Initial practical insights on the new pre-merger control regime in Egypt
Baker McKenzie | Global Compliance News
by lmaglana
7h ago
In brief On 4 April 2024, the Executive Regulation of the new Egyptian pre-merger control regime was officially published by Prime Minister Decree No. 1120 of 2024 (“ER“). The ER introduces the implementing regulations for the newly established pre-merger control regime issued by the Law number 175 of 2022 which empowers the Egyptian Competition Authority (“ECA“) with significant powers in reviewing and approving transactions. The ER states that it will enter into force on 1 June 2024, i.e. transactions that close on or after 1 June 2024, meet the prescribed thresholds, mus ..read more
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Malaysia: Online content and related developments
Baker McKenzie | Global Compliance News
by Kherk Ying Chew
7h ago
In brief Proposed licensing of social media and internet messaging services providers and a new draft bill on digital safety – these are some of the recent updates in the online content space for Malaysia. In more detail On 15 December 2023, the Malaysian Communications and Multimedia Commission (MCMC)  reported that there was a significant increase in harmful content on social media and over-the-top platforms in 2023 as compared to in 2022.1 Against this backdrop, the Malaysian Government (as with its counterparts in the region) is increasingly concerned about online safety and the ..read more
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Italy: Management of shortages of drugs included in transparency lists
Baker McKenzie | Global Compliance News
by lmaglana
7h ago
In brief The Italian Medicines Agency (AIFA) has summarized the distribution methods that can be applied in the event of shortages of drugs included in transparency lists. These measures can be implemented in order to guarantee pharmaceutical assistance at the regional level, avoid charges to citizens and optimize economic resources. Key takeaways In the event of shortages of drugs included in the transparency list of equivalent drugs, AIFA confirms to the Regions and Autonomous Provinces the possibility to choose for themselves the methods they deem most suitable among those typically used to ..read more
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Singapore: Second reading of the Financial Institutions (Miscellaneous Amendments) Bill
Baker McKenzie | Global Compliance News
by Stephanie Magnus
7h ago
In brief On 7 March 2024, the Financial Institutions (Miscellaneous Amendments) Bill (“FIMA Bill“) was read for the second time in the Singapore Parliament. Broadly, the FIMA Bill seeks to reinforce the Monetary Authority of Singapore’s (MAS) mandate over Singapore’s financial sector through the following: Harmonising and enhancing MAS’ investigative powers across six Acts, namely the Financial Advisers Act 2001 (FAA), the Financial Services and Markets Act 2022, the Insurance Act 1966, the Payment Services Act 2019, the Securities and Futures Act 2001 (SFA) and the Trust Companies Act 2005 ..read more
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Singapore: Phase 2 of the Singapore payment services regime comes into force expanding licensable activities
Baker McKenzie | Global Compliance News
by npventenilla
7h ago
This update focuses particularly on the expansion of the scope to domestic money transfer (DMT) service, cross-border money transfer (CBMT) service and digital payment token (DPT) service, and examines who are the persons affected by such expansion, as well as what needs to be done by such affected persons in order to benefit from transitional arrangements and continue operations. In summary, there are two groups of persons affected by the expanded scope, and different actions apply to each group as follows: Persons who had started providing the expanded scope of services before 4 Apri ..read more
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Unlocking and Accelerating Growth: Healthcare and Life Sciences in Asia PacificUnlocking and Accelerating Growth: 
Baker McKenzie | Global Compliance News
by lmaglana
2d ago
Across Asia Pacific, healthcare and life sciences breakthroughs offer exciting opportunities to meet patient needs and create value, but rising costs and market uncertainty also apply significant pressure to operations and balance sheets. These dual conditions represent a chance for innovators, investors and healthcare & life sciences businesses to protect, unlock and accelerate growth through both top line and bottom line considerations.  From governments to private investors, big pharma to biotechs, organizations inside and outside the region are reimagining healthcare and life scie ..read more
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