LEGAL UPDATES VOL 54, DECEMBER 2022

LEGAL UPDATES

VOL 54, DECEMBER 2022

Dear Valued Clients and Partners,

ADK Vietnam Lawyers would like to introduce to you the Legal Updates, Vol 54 of December 2022 with legal provisions shall take effecetive from 01 January 2023 with notable contents as follows:

1. Amending and supplementing new provisions of the Intellectual Property Law 2005.

The National Assembly promulgated the revised Intellectual Property Law 2022 (hereinafter referred to as “Law”). In this document, a number of provisions of the Intellectual Property Law 2005 were amended. Specifically, at Point a, Clause 1, Article 1 of this Law, the following legal concepts were amended:

(i) Derivative work means a work that is based on one or multiple works by translation from one language into another, adaptation, editing, notation, selection, modification, arrangement and other types of adaptation.

(ii) Published work, audio and video recording means a work or audio and video recording which has been published with the permission of the copyright owner or related right owner in order to distribute it to the public in any shape or form in a reasonable amount of copies.

(iii) Reproduction means the making of one or many copies of the entire or part of a work, audio or video recording by equipment or form.

- Royalty means an amount of money paid for the creation or transfer of copyrights and related rights to a work, performance, audio or video recording, broadcast, including writers' pays and remunerations.

- Technological measure for right protection means the use of any technology, equipment or component during normal operation in order to protect copyrights and related rights from certain acts that are not permitted by the holders of copyrights and related rights.

- Effective technological measure means a technological measure for right protection that enables holders of copyrights and related rights to control the use of their works, performances, audio and video recordings, broadcasts and encrypted program-carrying satellite signals via applications that control access, protection procedures or copy control mechanism.

- Right management information (RMI) means information serving identification of works, performances, audio and video recordings, broadcasts, encrypted program-carrying satellite signals; about authors, holders of copyrights and related rights, conditions for use thereof; identification numbers of this information. Right management information shall be attached to the copies or appear together with the works, performances, audio and video recordings, broadcasts when they are transmitted to the public.

(iv) Broadcasting means the public transmission of sound or image or both sound and image, the reproduction of sound or image, the reproduction or sound and image of a work, performance, audio and video recording or broadcast to the public, including satellite transmission, transmission of encoded signals in case the decoding devices are provided for the public or with the consent of the broadcasting organization.

2. New regulations on insurance business

The National Assembly promulgated the Law on Insurance Business 2022 (hereinafter referred to as the “Law”). In this document, a number of provisions on the establishment of insurance business enterprises should be noted as follows:

(i) Percentage of ownership interests owned by foreign investors according with Article 68: Foreign investors may have the ownership interest in shares or contributed capital that makes up as high as 100% of the charter capital of an insurance company or reinsurance company.

(ii) Application requirements for business licenses or permits according with Article 69, including:

- Form of request or application for the business license or permit;

- The draft charter of an insurance company or reinsurance company; the draft regulations on organization and operation of the foreign branch in Vietnam;

- Business plan to be executed in the first five years. The plan must specify recommended insurance services, risk management model, technical provisioning method, reinsurance scheme, investment of funds, solvency of the insurance company, the reinsurance company or foreign branch in Vietnam;

- Resume, police record, duplicate copy of certificate or qualification indicating professional competency and expertise of the nominee for the Chairperson of the Managing Board or the Chairperson of the Board of Members, Director or General Director, legal representative or actuary;

- Rate of contributed capital and method of contributing capital; list of founding entities or persons or members or shareholders that intend to contribute at least 10% of the charter capital, and documents evidencing compliance with conditions relevant to specific business types of insurance company, reinsurance company, foreign branch in Vietnam referred to in Article 64, 65, 66 and 67 of this Law that the institutional or individual applicant chooses to operate;

- List of beneficial owners of the insurance company or reinsurance company applying for such license or permit. The Government shall establish criteria for determining beneficial owners of insurance companies and reinsurance companies.

(iii) Licensing time limits according with Article 70:

- Within 60 days of receipt of the valid application package, the Ministry of Finance shall decide whether a business license or permit is issued. In case of refusal to issue the business licence or permit, the written notice clearly stating reasons for such refusal must be issued.

- In case of issuance of the business license or permit, the Ministry of Finance shall issue an Approval-in-Principle document for any nominee for the Chairperson of the Managing Board or the Chairperson of the Board of Members, the Director or General Director or the Actuary.

We hope you found this brief legal update informative.

Kind regards./.

Download full version.