Legal Updates for Jul - 2018Singapore
The National Bank of Cambodia has noticed there are banks, financial institutions and rural credit operators that are still accepting ID cards, family books and/or residential books as collaterals for granting loans. Notification No. B7-018-008 N.I on Prohibition of Accepting Identification Card or Family Book and Residential Book as Securities for Granting Loan dated 17 July 2018 was issued to serve as a reminder to these institutions of the sanctions of such unlawful practice.20 Jul 2018 | Cambodia
On 25 April 2018, the Ministry of Labour and Vocational Training issued a Prakas to amend certain articles of a Prakas issued in 2016 regarding health benefits.18 Jul 2018 | Cambodia
On 6 July 2018, the Law on Minimum Wage was promulgated to set out the criteria and procedure for determining the minimum wage. This law aims to promote the livelihood of workers and increase their productivity, as well as encourage an investment-friendly environment.18 Jul 2018 | Cambodia
On 12 July 2018, the Ministry of Interior issued an announcement addressed to the Ministry of Commerce ("MOC") to clarify MOC's competence and authority over local associations and non-governmental organizations.18 Jul 2018 | Cambodia
On 21 June 2018, the Government of the Republic of Indonesia issued Government Regulation No. 24 of 2018 on Electronic Integrated Business Licensing Services ("GR No. 24/2018"). GR No. 24/2018 seeks to improve the ease of doing business and increase investment in Indonesia. It also reflects the Government's direction to shift from its pre-commencing supervision system to post-commencing supervision. This is done by reducing the number of required business licenses and permits before one can commence business operation in Indonesia, as well as simplifying their application processes.12 Jul 2018 | Indonesia
At end of June 2018, the government enacted Government Regulation 24/2018 concerning Electronically Integrated Business Licensing Service ("GR 24/2018"), which introduces the so-called Online Single Submission ("OSS") system for the issuance of licenses and permits by the government. The objective of GR 24/2018 is to have a harmonised, unified, and simplified licensing process nationwide. Based on GR 24/2018, the OSS system will be undertaken by an ’OSS Institution’, which is a non-Ministerial government agency engaged in investment coordination.
Recently, the Indonesian Investment Board (the "BKPM") issued a press release informing the suspension of all license processing with effect from 29 June 2018, pending the launch of the OSS system. The OSS system will be a "one-roof" online licensing system for the handling of licenses previously managed by different ministries and government agencies, including the BKPM. The system will for the time being be administered by the Coordinating Ministry of Economic Affairs, until such time the OSS Institution is officially established or designated.05 Jul 2018 | Indonesia
Recently, the National Bank of Cambodia (“NBC”) noticed that there are many active loan providers that are operating without the license and hence, unlawful, and have been advertising themselves as lawful loan providers through different forms of media such as social media, leaflet and text messages. As a result, many have become victims of these unlawful loan providers.
On 29 June 2018, NBC issued Announcement No. B17-018-007 P.A to spread awareness to the public about unlawful loans, by pointing out the disadvantages of seeking financial support from unregulated loan providers.03 Jul 2018 | Cambodia