Legal Updates for Aug - 2018
On 20 August 2018, the Ministry of Labour and Vocational Training (“MLVT”) issued Notification No. 028/18 (“Notification”) informing enterprises which are employing foreign employees in 2019 to apply for foreign employees usage quota approval from 1 September 2018 to 30 November 2018. The Notification also requires enterprises that currently employ foreign employees to apply for the renewal of the latter’s respective work permits. The application period is from 1 January 2019 to 31 March 2019.31 Aug 2018 | Cambodia
In Peninsular Malaysia, the law governing land matters is embodied in the National Land Code 1965 ("NLC"). Section 340 of the NLC deals with the indefeasibility of a registered title to and interest in land. Section 340(2) of the NLC sets out the circumstances under which a registered title to or interest in land can be rendered defeasible and set aside. Section 340(3) of the NLC provides that a subsequent registered title to or interest in land – which is acquired from a preceding owner of registered title or holder of registered interest who gets onto the register by means of one or more of the vitiating methods as specified in Section 340(2) of the NLC – shall be protected if the subsequent registered title to or interest in land is acquired 'in good faith and for valuable consideration' (pursuant to the proviso thereto). Therefore, it is crucial to understand what is meant by ‘good faith’ in the proviso to Section 340(3) of the NLC.17 Aug 2018 | Malaysia
On 16 July 2018, the Chatime-Tealive battle reached the apex court of Malaysia, the Federal Court. The Federal Court granted an application to stay the Court of Appeal order dated 27 June 2018, which had granted a prohibitory injunction against Tealive – in effect requiring all Tealive stores to close down.
In order to understand what the Federal Court’s decision means for this dispute, and what will happen next, we travel back in time to late 2016, when trouble between both sides first started to brew.15 Aug 2018 | Malaysia
Personal Data Protection Update: Public Consultation Paper No.1/2018 – The Implementation of Data Breach Notification
We wish to bring to your attention a Public Consultation Paper (No.1/2018) entitled “The Implementation of Data Breach Notification” (the “DBN Public Consultation Paper”), which was recently published by the Personal Data Protection Commissioner (the “Commissioner”) on the official website of the Personal Data Protection Department. The DBN Public Consultation Paper proposes the introduction of a data breach notification (DBN) mechanism in Malaysia, wherein data users will be required to notify the relevant authorities and affected parties on the occurrence of a data breach within their respective organizations.
In this update, we provide you with a summary of the DBN Public Consultation Paper, address its proposed implementation mechanism, the objectives behind the introduction of DBN, and the specific elements that are proposed to be included in a DBN. The DBN Public Consultation Paper is currently in its public consultation stage, and the Commissioner has requested for feedback and suggestions from the public to be submitted on or before 21 August 2018.14 Aug 2018 | Malaysia
SIC Consults on Amendments to Clarify Application of Take-Over Code to Companies with Dual Class Share StructuresOn 26 June 2018, the Singapore Exchange announced a new listing framework (“Framework”) for issuers with dual class share (“DCS”) structures. The introduction of the Framework has implications on the requirements of the Singapore Code on Take-overs and Mergers (“Code”), in particular, the thresholds for triggering a mandatory offer, and what the ratio of offer values between MV shares and OV shares should be in the event of a take-over or merger transaction.
The Securities Industry Council (“SIC”) is therefore consulting on proposed amendments to the Code to take into account the introduction of the Framework. 13 Aug 2018 | Singapore
MAS has accepted all the Council's recommendations and has issued the revised Code. Singapore Exchange has also reviewed the Council's recommendations and has made amendments to the Listing Rules.
The revised Code will take effect for companies in respect of annual reports relating to financial years commencing 1 January 2019 onwards.
The revised Listing Rules will also take effect on 1 January 2019 except for revisions relating to the nine-year tenure for independent directors and the requirement for independent directors to comprise at least one-third of the board, which will take effect on 1 January 2022. 08 Aug 2018 | Singapore
The amendments to the Mainboard Rules took effect on 26 June 2018. This update takes a look at the key features of the Framework. 06 Aug 2018 | Singapore