Legal

Malaysia Update – The Laws Behind Your Touch ‘n Go: E-Money Regulations in Malaysia

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E-money is an instrument that contains monetary value paid in advance by any user like ourselves to the e-money issuer (for example, Touch ‘n Go Sdn Bhd) to be able to make payments to purchase goods or services from third party merchants (such as retail outlets). E-money falls under what is known as a payment instrument under the Financial Services Act 2010 (“FSA”). The FSA empowers Bank Negara Malaysia (“BNM”) to designate such payment instruments as a designated payment instrument (DPI).

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Malaysia Update – Proposed Amendments to the Competition Act 2010 [Act 712] and Competition Commission Act 2010 [Act 713]

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The Malaysia Competition Commission (“Commission”) recently conducted an Online Public Engagement process to get feedback on the recently proposed amendments to the Competition Act 2010 (“Act”)and the Competition Commission Act. The proposed amendments have, amongst others, extended the scope of the Act so that “enterprises” will now cover individuals and partnerships.

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Vietnam Update - Changes to FOC Incorporation Procedures Under the Law on Investment and Law on Enterprises

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Under the former Law on Investment, investors that wish to incorporate a foreign­owned company are required to apply for and obtain an Investment Certificate, which comprises of proof of the incorporation and approval of their project. The new Law on Investment and Law on Enterprise (which came into effect on 1 July 2015) now requires a two­step procedure.

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Vietnam Update - Relaxation of Housing Ownership Restrictions under the Law on Housing

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The widely ­anticipated Law on Housing, which took effect on 1 July 2015, aims to remove the many restrictions placed on house ownership by foreigners in Vietnam. The new law now states that foreign individuals permitted to enter Vietnam and foreign ­invested companies, branches and representative offices may purchase properties.

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Laos PDR Update – National Assembly Passed Business Competition Law

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On 16 July 2015, the National Assembly of Laos passed the Business Competition Law in a move to ensure that competition between businesses in Laos is carried out in a fair and just manner to boost economic growth.

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Laos PDR Update – Lao Wholesale and Retail Sectors Now Open to Foreign Investors

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Foreign individuals and legal entities may now operate wholesale and retail businesses in Lao PDR pursuant to Decision No. 1005/MOIC on Wholesale and Retail Businesses issued on 25 May 2015 and its additional instructions (No. 0515/MOIC.DTD, 17 June 2015).

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Indonesia Update – New Legislation Makes Halal Certification Compulsory

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Law No.33 of 2014 on Halal Product Assurance makes halal certification mandatory in Indonesia for the first time. The legislation provides for the establishment of a new body, the Halal Assurance Agency (accountable to the Minister for Religious Affairs) within a period of not more than three years of the legislation’s enactment to administer certification, which is required for food and beverages, medicines, cosmetics, and chemical, biological, and genetically-engineered products that are manufactured, imported, distributed and / or traded in Indonesia.

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Indonesia Update – Damages Awards Now Enforceable Against State

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A new Ministry of Finance Regulation (No. 80/PMK.01/2015) provides an administrative framework for the enforcement of judicial and arbitral awards against the Indonesian state for the first time, at least in theory. In the past, the question of whether or not to comply with such awards was entirely at the discretion of the government. Crucially, however, the Regulation specifically excludes awards related to matters that fall within the scope of the duties and functions of government.

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Indonesia Update – Commodity Futures Transactions Exempted from Mandatory Rupiah Use

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The Indonesian Commodities Trading Supervisory Board (Bappeti) has issued a new regulation (No. 104/BAPPEBTI/SE/07/2015) that expressly exempts commodity futures trading from the provisions of Bank Indonesia’s controversial Regulation 17/3/PBI/2015 (requiring the mandatory use of rupiah in payment transactions).

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Indonesia Update – New Small Claims Procedure

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To better ensure the speedy administration of justice, Supreme Court Reg. No.2/2015 establishes a new small-claims procedure for tort and contract claims of less than Rp 200 million. The new procedure is greatly simplified, with the exchange of documents being confined to the plaintiff’s claim and a reply from the defendant. By contrast, in regular civil proceedings, a somewhat archaic and expensive system of formalized pleading continues to be applied.

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Vietnam Update – Corporate Governance Changes under the Law on Enterprises

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The new Law on Enterprises came into effect on 1 July 2015, bringing with it numerous changes to corporate governance in Vietnam. For example, both limited liability companies and joint stock companies may now decide on their number of seals, the form, the contents, and the management and use of such seals in their charter, provided a seal sample is sent to the business registration authority for publication on the National Enterprise Registration Portal.

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Cambodian Tax Authority Appeals for Tax Update

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On 23 September 2015, the General Department of Taxation (the “GDT”) issued Notification No. 7487 GDT (the “Notification”) to appeal to all enterprises or companies under the supervision of the Department of Large Tax Payment of the GDT to conduct tax update. This appeal was made based on the Law on Taxation and the Prakas No. 1139 MEF.BrK, dated 09 October 2014, issued by the Ministry of Economy and Finance with respect to tax registration.

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Cambodia Industrial Development Policy 2015 – 2025

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Policy 2015 – 2025 (the “IDP”). The IDP is adopted as a guide to promote the country’s industrial development that will help maintain sustainable and inclusive high economic growth through economic diversification, strengthening competitiveness and promoting productivity.

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