On September 30, 2024, Vietnam’s Ministry of Science and Technology (MOST) issued Circular No. 06/2024/TT-BKHCN (“Circular 06”), amending and supplementing certain articles of Circular No. 11/2015/TT-BKHCN dated 26 June 2015. These two circulars are the primary guidance on Decree No. 99/2013/ND-CP and Decree No. 46/2024/ND-CP on administrative sanctions in industrial property. Circular 06, which will come into force on November 15, 2024, will improve the alignment between the recently amended IP Law and its subordinate legal instruments. Some of the notable amendments of Circular 06 are set out below. Clarification of Additional Sanctions: Circular 06 clarifies the application of the additional sanction of “full or partial suspension of production, trading, or service activities for 1 to 3 months”, which was recently amended in Decree No. 46/2024/ND-CP. It specifies that only activities directly related to the violating goods or services will be partially suspended. Preventive Measures for Domain Name Disputes: Circular 06 specifies the required documents for brand owners to request the preventive security measure of placing a temporary hold on the registration of domain names during enforcement action against cybersquatters. The introduction of this regime under Circular 06 is expected to enhance cooperation between the Vietnam Internet Network Information Center, domain name registrars, and enforcement authorities to place the temporary hold on infringing domain names. Unfair Competition Relating to Domain Names: Circular 06 outlines specific requirements to prove unfair competition involving the possession and use of Vietnamese domain names that are identical or confusingly similar to another person’s registered trademark, trade name, or geographical indication. However, the regime established by Circular 06 does not fully align with the Uniform Domain Name Dispute Resolution Policy (UDRP) mechanism, a standard procedure for the settlement of domain name disputes that Vietnam is obligated to adhere to under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Crowdfunding has emerged as a promising option for raising capital, particularly for startups and small businesses. In Thailand, investment-based crowdfunding falls primarily under the regulatory purview of the Securities and Exchange Commission (SEC). The SEC is responsible for licensing and overseeing crowdfunding portals, ensuring compliance with regulatory requirements while ensuring investor protection and market integrity. The crowdfunding regulations in Thailand allow non-publicly traded companies to raise funds by offering equity and debentures for sale through SEC-licensed crowdfunding portals. This framework opens new possibilities for businesses seeking alternative funding sources and for investors looking for new opportunities.  Crowdfunding Portals Under Thai regulations, “crowdfunding portals” are defined as websites, mobile phone applications, or other similar electronic media developed for offering securities for sale. To operate a crowdfunding portal in Thailand, applicants must meet several key requirements: Incorporation: The applicant must be incorporated in Thailand. This requirement ensures that the portal operator has a significant local presence and is subject to Thai law. Minimum capital: A minimum paid-up registered capital of THB 5 million is required. This capital requirement helps ensure that portal operators have sufficient financial resources to maintain their operations. Operational readiness: The applicant must have crowdfunding portal systems ready for use upon applying to the SEC for approval to operate. This requirement demonstrates the applicant’s technical capability and readiness to provide crowdfunding services. These requirements are designed to ensure that crowdfunding portal operators are well-capitalized, technologically prepared, and committed to operating within the Thai market. Business and Investment Implications The regulatory framework for crowdfunding in Thailand offers non-publicly traded companies with an additional avenue for raising funds, as licensed crowdfunding portals provide a structured and regulated environment for fundraising. However, companies must ensure compliance with SEC regulations when offering securities through these platforms. For investors, crowdfunding offers new investment opportunities, particularly in startups and small businesses. The regulatory oversight provided

Tilleke & Gibbins has contributed the Thailand chapter to Franchise 2025 from the International Comparative Legal Guides (ICLG) series published by Global Legal Group. This comprehensive guide provides detailed analysis of franchise laws and regulations across multiple jurisdictions worldwide. Each chapter of the guide follows a Q&A format, organized into key sections covering critical aspects of franchise law and operations, including: Relevant legislation and rules governing franchise transactions Business organization options for franchised operations Competition law considerations Protection of intellectual property and brands Liability issues and risk mitigation Governing law and dispute resolution Real estate matters Online trading regulations Termination requirements Joint employer risks and vicarious liability Currency controls and taxation Commercial agency considerations Good faith obligations and fair dealing requirements Ongoing relationship management Franchise renewal processes Franchise migration procedures Electronic signatures and document retention The Thailand chapter, authored by Alan Adcock and Kasama Sriwatanakul, examines these topics in detail, with particular attention to recent developments like the Trade Competition Commission’s Franchising Guidelines which introduced new disclosure requirements and protections for franchisees. The complete Thailand chapter is available as a PDF below. The Thailand chapter—and the full Franchise 2025 guide—are also freely available on the ICLG website.

On September 18, 2024, Thailand’s Securities and Exchange Commission (SEC) issued comprehensive guidelines to make it easier for foreign business operators to provide investment services in Thailand. These guidelines are designed to support Thailand’s goal of becoming a global financial hub and align with government efforts to enhance the ease of doing business. The guidelines primarily focus on streamlining the process for foreign firms applying for securities and derivatives licenses, and ensuring quicker and more transparent entry into the Thai market for businesses offering securities (such as shares, mutual funds, and collective investment schemes) and derivatives (such as futures and options). Fast-Track Licensing Under the new guidelines, the SEC will provide support to foreign companies wishing to operate securities businesses in Thailand. This support includes a fast-track licensing process for foreign operators that meet certain qualifications, such as having a company incorporated in Thailand, having operated a system of group companies for at least five consecutive years, and being supervised by a regulator under the IOSCO MMoU (International Organization of Securities Commissions Multilateral Memorandum of Understanding). The SEC will also collaborate with the Ministry of Commerce to grant exemptions from the requirement of a foreign business license for companies providing certain services relating to or supporting securities or derivatives businesses, such as net asset value calculation/confirmation for mutual funds, and promotion of capital market products. Applying for foreign business licenses has long been a complicated process for foreign operators, and this exemption can help reduce such complications. Targeted License Exemptions to Reduce Regulatory Burdens Foreign operators providing specific investment services may be exempt from full securities and derivatives licensing requirements, saving time and costs associated with the full licensing process, and allowing them to start their businesses quickly and efficiently. Key exemptions include: Foreign operators providing derivatives services solely to institutional investors are only required to

On September 27, 2024, the Securities and Exchange Commission of Thailand (SEC) issued a circular clarifying reporting obligations in relation to listed company securities held by the company’s directors, executives, auditors, or persons related to them (“Key Persons”). The circular aimed to address growing concerns over transparency in shareholding, particularly when shares are used as loan collateral by company executives without sufficient public disclosure, which can lead to sudden share loss and executive departures, destabilizing the company. This circular is likely a stopgap measure, and a full overhaul of the reporting regulations may be needed. The current reporting obligations came into effect on March 16, 2024, and were designed to simplify reporting procedures while still maintaining transparency in the capital markets. The rules allow the Key Persons to consolidate multiple transactions and report them only when certain thresholds are crossed — such as when the total transaction value reaches THB 3 million or when six months have passed since the last report. The rules were intended to reduce the number of minor reports and limit penalties for missed deadlines. However, recent scandals have raised concerns about the reporting rules, particularly issues related to the enforcement of share collateral on executives’ or directors’ loans where the listed company may face a change of direction and management due to such forced sales. To ease these concerns, the SEC issued the new circular to reiterate the rules and lay out three key situations triggering a reporting duty: Force-Selling Due to Default: If shares are forcibly sold due to a loan default, this must be reported, and the transaction should be recorded with the Thailand Securities Depository (TSD). Transfer of Shares to Custodians: Under current rules, the transfer of shares to/from a custodian holding them on behalf of a beneficial owner does not have to be reported. However,

越南 外商直接投资（FDI）是越南经济的基石，越南因其成为亚洲增长最快的经济体之一而闻名。自2013年以来，越南年年吸引创纪录的FDI流入，投资者持续认为该国是一个充满活力且极具吸引力的商业运营目的地。越南的投资潜力经常被誉为该地区的最佳投资机会之一。   商业架构 投资者可以考虑的商业形式之一是单一成员有限责任公司（Single-Member LLC），该公司只有一位所有者且不设股份。这种形式的公司仅适用于没有外资持股限制的行业。 多成员有限责任公司（MLLC）适用于外资持股或参与受到限制的行业，或有多个所有者的企业。MLLC没有股份，只有“注册资本”，其责任仅限于各成员的出资金额，成员数量最多为50人。 股份公司，也称为合资公司，其注册资本被分为等额部分，称为股份。股份公司可以发行公司债券，并在越南证券交易所上市。股东可以是组织或个人，且公司必须始终至少有三名股东。 外国投资者可以设立新的法律实体，形式可以为外商独资企业，也可以与越南投资者共同拥有的合资公司。   外资投资限制 在越南，私人土地所有权不被允许。土地由集体或国家所有。外国企业只能从国家或工业区的开发商处租赁土地，或通过合资企业获得使用土地的权利。此外，外国投资者必须注册其投资并遵守额外的限制。这些限制包括外资持股比例限制、行业限制、投资要求、地理限制以及越南合作伙伴的最低资格要求。 禁止外资投资的行业包括化学品、矿物和毒品贸易等，以及一些其他高度敏感或有争议的活动。此外，还有所谓的“有条件”行业，外国投资者必须满足特定条件，如获得提供特定服务的次级许可证（例如零售、教育、金融、电信、物流等）。 外汇交易受到严格监管，资金流入的规则较为宽松，而资金流出的规定则较为严格。外国投资者可以将资本带入越南，但越南投资者若想进行境外投资，则需要通知或获得越南国家银行的批准。离开越南时，携带超过5,000美元现金的人必须申报。外国公民在完全缴纳税款并履行对越南国家的财务义务后，可以将其收益汇回其所在国。   劳动与雇佣 越南的最低月工资根据不同的地理区域，范围在2,920,000越南盾至4,180,000越南盾（约126至181美元）之间。雇主还必须为员工缴纳相当于员工工资总额约21.5%的社会保险、健康保险和失业保险。 雇佣外国员工需要获得许可，且相关部门在决定是否允许或拒绝雇佣外国员工时拥有极大的自由裁量权。不过，越南并没有强制要求雇主必须雇佣本地员工。通常情况下，外国员工必须持有工作许可，并且还需要签证或临时居留卡。初次办理工作许可和签证的总费用大约在980,000越南盾至4,200,000越南盾（约42至181美元）之间。   越南的投资激励措施 特定地理区域、行业以及高科技、科学或技术企业或组织可享受投资激励。这些激励通常适用于投资金额至少为6万亿越南盾（约2.59亿美元）的项目。激励措施通常包括企业所得税的减免或豁免、部分进口商品的关税豁免以及土地使用税和费用的减免或豁免。   注意：本文为英文文章的中文翻译。原文请参见以下链接。 www.tilleke.com/insights/investing-in-mainland-southeast-asia/39/

越南《个人数据保护法》草案（“草案PDPL”）的第一稿于2024年9月24日发布，公开征求意见至2024年11月24日（详情见此处）。预计该草案将在2024年底前提交国会，并将在2025年5月提交通过，计划于2026年1月1日生效。由于草案PDPL包含了大部分《2023年第13号法令/ND-CP》（“PDPD”）的条款，而PDPD自2023年7月1日生效以来一直是个人数据保护的主要法律工具，因此草案PDPL生效后可能会取代PDPD。 请注意，在公众咨询期结束后，草案可能会有进一步的修改。草案PDPL对多项服务提出了新的具体要求。当前版本的一些亮点包括： 营销服务：尽管营销服务已经在PDPD下受到监管，但草案PDPL现在承认，使用个人数据进行营销必须遵守反垃圾邮件法规。当前草案并未明确规定在反垃圾邮件制度下，组织是否可以在初次通话或消息中免于获得同意。营销服务提供商不得将服务外包给其他组织来执行或支持营销业务的实施，这可能会阻止个人数据的共享。 行为广告：行为广告（基于用户活动或个人数据的定向个性化广告）需要数据主体的同意，并且这种同意必须是可修改的，允许数据主体在不同的情境下拒绝共享数据。与营销服务一样，广告服务提供商只能使用通过其业务活动收集的个人数据来提供其广告服务。 大数据处理：组织可以自由利用数据主体在平台上公开的个人数据（这似乎允许处理任何公开可用的数据，只要数据主体不限制使用），只要收集的数据仅用于符合法律规定的业务活动。草案《个人数据保护法》规定，社交网络账户或OTT服务注册的信息不被视为公共数据，未经同意不得处理。 人工智能：组织有权将个人数据用于机器学习算法、人工智能及其他自动化系统的研究与开发，但须向数据主体告知（包括解释算法、人工智能或自动化系统对数据主体合法权益的影响），并应提供数据主体选择退出的权利。 云计算：根据《个人数据保护法》（草案），现要求云服务提供商的客户在云计算合同中包含某些内容，特别是云服务提供商仅为客户的利益并代表客户处理其数据（这与数据处理者的定义非常接近）；必须明确规定赔偿损害的条款；列出安全、技术和组织措施；并确保实施技术措施，以合理分散数据访问权。此外，云服务提供商必须遵守影响评估文件的要求，并遵守关于个人数据保护的相关规定；设立数据保护部门；要求分包商遵守个人数据保护法规；并根据处理的规模和水平采取适当的技术和组织措施。 劳动与招聘：当使用技术手段监控员工时，组织必须确保数据主体的权利和利益，特别是员工必须知情并同意此类监控，且监控不得违反法律。《个人数据保护法》（草案）确认，员工必须同意处理其个人数据——这一规定与欧盟的做法不同，并未采纳员工由于与雇主之间的权力不对等关系可能导致其同意不具有自愿性的观点。对于在全球员工数据库系统中的集团内部数据共享，法律实体必须证明个人数据的收集和处理是合法的，员工则需对其提供信息的合法性负责。此外，草案还指出，员工同意将个人数据共享给集团的一个实体并不代表同意共享给集团的其他实体，每个实体的情况将独立考虑。 金融、银行及信用信息服务：金融机构、信用机构与信用信息机构之间禁止买卖信用信息，亦禁止发送或传输与数据主体相关的未加密金融和信用数据。使用数据主体的信用信息进行信用评分时，必须获得其明确同意。信用信息评估的结果只能是二元形式（如通过或不通过；是或否；真或假等），或基于从金融机构、信用机构、银行或信用信息机构的客户直接收集的数据库的评分方式。在处理的特定阶段，必须采取去标识化措施。信用信息服务/产品仅可提供给金融机构、银行及信用机构，且需遵守法律规定。 健康与保险：在收集和处理健康及保险信息时，必须获得数据主体的同意。健康领域的组织不得向医疗服务提供者或保险提供者提供个人数据，除非数据主体以书面形式提出请求。这表明，仅依赖数据主体的同意可能不足以进行此类共享，健康信息的共享只能由数据主体的请求发起。在再保险背景下的健康信息共享，任何数据传输都必须在与数据主体的合同中明确说明。 一般B2C业务：合同中必须包含个人数据保护条款，明确规定各方的责任、权利和义务。 《个人数据保护法》（草案）还认可了以下新型服务：(i) 个人数据保护信任评级机构，(ii) 个人数据保护组织和专家（尤其是“数据保护官服务”即DPO-as-a-service），这明确表明外包数据保护部门和数据保护官（DPO）是被接受的。   个人数据保护信任评级机构 个人数据保护信任评级机构评估组织全面遵守个人数据保护法规的能力。该评估将分析风险因素及其对履行个人数据保护义务能力的影响，重点涵盖市场和商业环境风险、技术风险、治理风险、人员风险及财务风险。评估结果将分为四个等级——“高度信任”、“信任”、“通过”和“未通过”，并将结果报告给“信任评级委员会”（该术语在《个人数据保护法》（草案）中尚未定义）。 组织必须满足某些资格要求才能获得提供信任评级服务的证书，这些要求包括但不限于以下方面： 注册资本不少于 50 亿越南盾； 至少具备一年个人数据保护领域的工作经验； 至少雇佣三名合格的个人数据保护信任分析师。 根据《个人数据保护法》（草案），所有处理敏感个人数据的组织必须获得信任评级。鉴于敏感个人数据的广泛定义，其中包括在雇佣关系中必须处理的个人数据（例如用于工资支付的个人数据），这一要求实际上将适用于所有组织。   个人数据保护专家和组织 个人数据保护专家（“PDP专家”）被定义为具备技术和/或法律能力的人员，由特定的处理实体任命，担任个人数据保护专员（即数据保护官）。PDP专家必须从认证机构获得资格证书，认证机构的职责是确保PDP专家具备足够的能力胜任其角色。公安部（MPS）将依赖经许可的认证机构向合格的PDP专家颁发资格证书，合格的PDP专家至少应持有相关领域的大学学位，并完成数据保护认证课程。 个人数据保护组织（“PDPO”）是指可以由特定数据处理实体（包括数据控制者、数据控制处理者、第三方、数据转让者和数据接收者，但不包括数据处理者）指定为其个人数据保护部门的实体。PDPO为其指定的实体提供个人数据保护服务，以满足其数据保护需求。公安部（MPS）将负责向PDPO颁发许可证，前提是PDPO必须至少雇佣一名具备技术和/或法律能力的PDP专家；从事与技术和/或法律相关的职能、任务、业务领域或行业；并获得“通过”或以上的信任评级。 《个人数据保护法》（草案）对从事数据处理服务的企业提出了新的要求，该业务现在被定义为一种有条件的业务类型（包括任何为数据控制者处理数据的数据处理者）。这些要求尤其包括：至少拥有一名技术和法律专家（或分别拥有一名技术专家和一名法律专家）；注册与技术或法律服务相关的业务，或与个人数据保护相关的技术或法律咨询业务；并获得“通过”或以上的信任评级等级。   展望  总而言之，《个人数据保护法》（草案）认可了新的数据保护服务，似乎旨在通过PDP专家和PDPO的认证机制及信任评级机构建立信任，并为各行业制定具体的个人数据保护规定。鉴于越南在个人数据保护方面的意识仍然较低，这些新服务及行业特定的规定可能有助于公安部（MPS）在能力建设方面的努力。   注意：本文为英文文章的中文翻译。原文请参见以下链接。 www.tilleke.com/insights/vietnams-draft-personal-data-protection-law-an-in-depth-look/

在2024年初，泰国众议院和内阁批准了关于开放娱乐综合体的研究报告后，《娱乐综合体法案》“娱乐综合体法案”）终于向公众征求意见，并现正由财政部审议。《娱乐综合体法案》旨在放宽对娱乐综合体的限制，推动包括赌场在内的娱乐综合体的建立，允许国内外投资者参与其中。   主要要点： 根据《娱乐综合体法案》，“娱乐综合体”指的是一个场所内至少经营四种类型的娱乐业务，并附带赌场。这些娱乐业务可能包括五星级酒店、餐厅和酒吧、游戏中心以及百货商店等。 根据截至本出版日期的公开信息，《娱乐综合体法案》及其未来的附属立法应包含以下关键要求： 许可要求： 欲经营娱乐综合体业务的运营商必须首先获得许可证。申请资格要求包括：(1) 申请人必须是在泰国注册成立的公司；(2) 申请人必须具有至少100亿泰铢的实缴资本。该许可证将作为“超级许可证”，不仅涵盖赌场活动，还包括综合体内的其他业务，如酒店、餐厅、酒吧和游戏中心，这些业务在通常情况下可能需要分别申请不同的许可证或许可。许可证的有效期为30年，到期后可续期10年。许可证费用可能取决于娱乐综合体的具体位置。 最低投资要求：根据起草委员会的准备工作，娱乐综合体业务许可证可能会根据投资规模分为四个不同类别：小型、中型、大型和超大型。目前预计将提供超大型类别的许可证，所需投资额为1000亿泰铢。 娱乐综合体的选址：建议娱乐综合体应设立在以下区域：(1) 距国际机场100公里范围内，(2) 旅游省份（如曼谷），以及(3) 边境省份（如经济走廊地区）。然而，此要求尚未纳入《娱乐综合体法案》，可能会在附属法规中进一步详细规定。 税收：娱乐综合体业务运营商可能需缴纳累进税率的企业所得税，以及对赌场收入（即扣除发给玩家的奖金后的毛博彩收入，GGR）征收17%的赌场税。根据与赌场同时运营的其他娱乐业务类型，可能还会适用其他消费税。 赌场入场要求：为防止弱势群体进入赌场，可能对泰国居民玩家征收赌场入场费。 随着泰国开启这一变革性的进程，重新定义其娱乐行业，《娱乐综合体法案》的引入有望重塑赌场格局，并为国内外投资者创造新的商业机会。   注意：本文为英文文章的中文翻译。原文请参见以下链接。 www.tilleke.com/insights/thailands-new-frontier-casino-landscape-set-for-change/15/