Companies sometimes buy and sell property, plant and equipment, transfer liabilities, restructure their assets, and conduct other transactions necessary to improve their business. It is important to assess whether this gives rise to a transfer of business as a going concern (TOGC), which has specific implications for both the transferor and the acquirer.

If a company finds it is governed by the Anti Money Laundering and Counter Terrorism and Proliferation Financing (AML/CTPF) Act, it has two priority steps to take: register as an entity subject to the Act after stating a type of activities governed by the Act, and appoint an officer responsible for ensuring compliance with the Act’s requirements under section 10. This appointment must be reported to the relevant supervisory authority such as the State Revenue Service or the Financial and Capital Markets Commission.
 

In late 2021 the government debated and approved the Justice Ministry’s proposals for amending the Commerce Act. Although the amendments have yet to be endorsed by Parliament, they might come into force on 1 July 2023. The most important proposals relate to disclosure requirements for a public limited company’s shareholders.