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Mexico: Bilateral Accords Signed with the United States

(Mar. 29, 2018) Mexico’s Secretary of Foreign Affairs, Luís Videgaray, and US Secretary of Homeland Security, Kerstjen Nielsen, witnessed the signing of three instruments of bilateral cooperation on March 26, 2018. The agreements aim to improve the economy on both sides of the border, especially benefiting workers and companies. (Firman México y EUA Instrumentos de […]

New Zealand: Agreements with Five Countries Exclude Compulsory Investor-State Dispute Settlement Processes

(Mar. 26, 2018) On March 9, 2018, the New Zealand Minister for Trade and Export Growth, David Parker, announced that the government has signed “side letters” with five other countries that are also party to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP, also referred to as TPP11) that exclude compulsory investor-state dispute settlement (ISDS) […]

Philippines/Indonesia: Agreement on Border Issues

(Feb. 28, 2018) Following a meeting of high-ranking officials of the Philippines and Indonesia, it was announced on January 10, 2018, that the two countries had agreed to a number of measures aimed at increasing trade and curbing terrorism. (Lilian Mellejor, PH, Indonesia to Intensify Cross-Border Cooperation, PHILIPPINES NEWS AGENCY (PNA) (Jan. 10, 2018).) The area […]

European Union: New EU Legislative Framework to Regulate Financial Markets Enters into Force

(Feb. 27, 2018) On January 3, 2018, the European Union’s (EU’s) Second Directive on Markets in Financial Instruments (MiFID II) entered into force with the main objective of strengthening investor protection and increasing transparency in financial markets. (Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on Markets in Financial […]

Israel: Supreme Court Rejects Challenge to Constitutionality of FATCA’s Implementation

(Jan. 25, 2018) On January 2, 2018, Israel’s Supreme Court, sitting as a High Court of Justice, issued its reasoning for its decision of September 12, 2016, rejecting a petition challenging the constitutionality of the Income Tax Ordinance (Amendment No. 227) Law, 5776-2016 (Amendment Law). The main decision was rendered by Justice Hanan Melcer, with […]

China: New Rules Increase Restrictions on Overseas Cash Withdrawals

(Jan. 24, 2018) On December 29, 2017, China’s foreign exchange regulator, the State Administration of Foreign Exchange (SAFE), issued a circular regulating overseas cash withdrawals using Chinese bank cards. (Guojia Waihui Guanliju Guanyu Guifan Yinhangka Jingwai Da’e Tiqu Xianjin JIaoyi de Tongzhi [SAFE Circular on Regulating Large Overseas Cash Withdrawals on Bank Cards] (SAFE Circular) […]

Belarus: Decree Introduces Common-Law Principles and Tax Exempts Mining of Cryptocurrencies

(Jan. 3, 2018) On December 21, 2017, the President of Belarus signed the Decree on Developing the Digital Economy, which is aimed at “creating conditions, under which world-class IT companies would come to Belarus to work on developing new products and technologies that would be in demand worldwide.”  (Decree No. 8 of Dec. 21, 2017, […]

Japan: Supreme Court Affirms Extraterritoriality of Antimonopoly Act

(Dec. 19, 2017) On December 12, 2017, Japan’s Supreme Court ruled that the national Fair Trade Commission (FTC) can impose surcharges on firms that join cartels established overseas if the cartels impair the free competition of the Japanese market.  (Sup. Ct., Dec. 12, 2017, 2016 (Gyo-hi) No. 233, Courts in Japan website (in Japanese).) Japan’s […]

ASEAN/Hong Kong: Negotiations Concluded on Free Trade and Investment Agreements

(Oct. 13, 2017) On September 9, 2017, Hong Kong and the Association of Southeast Asian Nations (ASEAN) announced that they had concluded negotiations on a Free Trade Agreement (FTA) and a related Investment Agreement. (Press Release, Hong Kong and ASEAN Conclude Free Trade Agreement Negotiations, Trade and Industry Department of the Government of the Hong Kong […]

Indonesia: Anti-Money Laundering and Terror Funding Rules Tightened

(Oct. 3, 2017) On September 13, 2017, Bank Indonesia, known in Indonesian as Bank Sentral Republik Indonesia, issued a new regulation designed to further limit money laundering and financing of terrorism. (Indonesia Tightens Rules to Curb Money Laundering, Terror Funding, REUTERS (Sept. 13, 2017).)  The regulation applies to non-bank financial service providers, including institutions that […]