18 ASIAN LEGAL BUSINESS – MAY 2024 WWW.LEGALBUSINESSONLINE.COM internal SPC discussion, cases promoting fair trials and other cases deemed worthy of retrial by the SPC. China is also in the process of revising its Trademark Law, releasing a draft of the fifth amendment to the piece of legislation in January 2023. The process is likely to continue, with ongoing incremental changes. In December 2023, the State Council issued the long-awaited Decision on Amending the Implementing Regulations of the Patent Law of the People’s Republic of China. The amendment provides specific practical details regarding aspects such as partial design patents, priority for designs filed in China, patentterm extensions, and an open licensing regime. SOUTH KOREA In South Korea, the total number of IP applications in 2023, encompassing patents, utility models, designs, and trademarks, remained stable at 556,600 – slightly exceeding the 2022 count of 556,436. This marginal 0.03 percent increase suggests steady growth in IP applications in the country and the relative maturity of the system. Authorities adopted a series of policies to further streamline and improve regulatory processes. For example, South Korea amended its Trademark Law and introduced a letter of consent system. Starting May 1, 2024, the country’s letter of consent system for similar trademarks will be implemented. This amendment to the Korean Trademark Act will allow new trademarks to be registered even if a preexisting similar trademark exists, as long as a letter of consent accompanies the application. The country also revised its Invention Promotion Act, including introducing an employee invention automatic succession system, document production and confidentiality order systems in litigation regarding compensation for employee inventions. These revisions will take effect on Aug. 7, 2024. The Korean Intellectual Property Office (KIPO) made changes to its preferential examination system as well. It broadened the system’s scope to include advanced technologies like displays and secondary batteries. Concurrently, cases that no longer require urgent processing have been excluded from preferential examination. This reform aims to optimise the preferential examination process by focusing on technologies that require priority handling and streamlining the processing of cases that are no longer time sensitive. INDIA As countries worldwide work to modernise their legal systems amid constant technological, creative, and commercial changes, India is updating its laws to keep pace. Amendments to IP rights statutes and new policies tailored for the technology sectors aim to balance safeguarding intellectual assets with fostering homegrown innovation. For example, the Indian government has unveiled plans to formulate a comprehensive action plan and framework to facilitate and establish IP financing in India. This strategic move aims to boost the nation’s financial position by harnessing the value of IP rights associated with patents, trademarks, designs, copyrights, and other intellectual assets. IP financing involves using IP rights as collateral in financial dealings to obtain credit, generate income and secure other financial benefits. This practice is gaining more recognition as it fosters financial innovation, expands access to credit and strengthens the capital base by allowing IP owners to leverage the value of their intangible assets. In the biotechnology sphere, the Department of Biotechnology (DBT) published guidelines in September 2023, establishing the principles and protocols for managing and transferring IP arising from publicly funded research in India. The guidelines underscore the importance of sharing research knowledge for public benefit and aim to streamline the process of transferring IP from academic institutions and research laboratories to facilitate commercialisation for broader societal impact. ASEAN When innovators can profit from their creations, it fosters even more innovation. IP protection is widely recognised as critical for economic development, especially in developing countries. In August 2023, the Association of Southeast Asian Nations (ASEAN), a grouping of 10 countries, partnered with the World Intellectual Property Organization (WIPO) to launch the ASEAN Intellectual Property (IP) Register. This innovative online platform utilises an advanced information exchange system to serve as a centralised IP information portal for the region. The ASEAN IP Register will consolidate the most up-to-date IP data COVER STORY METHODOLOGY OUR RESEARCH • The research covers the period spanning from February 2023 to February 2024. This includes both ongoing work (contentious and non-contentious) and matters that were closed during this timeframe. • ALB will draw information from firm submissions, interviews, editorial resources and market suggestions to identify and rank the top firms for Intellectual Property in Asia. Interviews will be conducted only if needed. • The IP rankings will be separated into two tables: “Patent” and “Trademark/ Copyright”. The rankings will also be divided into tiers, with the first tier identifying the strongest IP firms in each jurisdiction. • The rankings will cover the following jurisdictions: Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Thailand and Vietnam. There will be no Asia-wide table. • The rankings will feature both domestic and international firms. The following jurisdictions will have separate tables for domestic firms and international firms: Japan. • Our research does not cover Australia and New Zealand. OUR RANKINGS Our rankings are based on the following metrics: • The volume, complexity and size of work undertaken • Presence across Asia and in individual jurisdictions • Key personnel hires and growth of the practice group • Key clients and new client wins • Firm’s visibility and profile in the region • Year-on-year development and momentum
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