Legal Highlights (6 February 2017 – 10 February 2017)
Digital Signature Act 1997 urged to review The Malaysian Communications and Multimedia Commission (MCMC) has been urged to review the relevancy of the Digital Signature Act 1997, a law regulating the use of digitals signatures, in light of the current digital era.
Forex rules eased by BNM The Central Bank of Malaysia, Bank Negara Malaysia (BNM), has eased some restrictions imposed on the foreign exchange (forex) market by allowing the local banks to transact any foreign currencies up to USD 1 million. Previously, the local banks were prohibited to enter into transactions with banks which were not incorporated in Malaysia, exporters were required to convert 75 percent of their proceeds into the Malaysian ringgit, and non-Malaysian banks had to attest that the USD-ringgit transactions were not used in settling trades in the non-deliverable forward (NDF) market.
Australia: Dragon law launched Dragon Law, a Hong Kong-based legal start-up was launched in Australia and New Zealand in February 2017, marking the countries as the fourth and fifth countries to gain access to the platform since its establishment in 2015. It serves as a Do-It-Yourself platform for businesses to draft legal documents relevant to their business situation in a quick and cost-effective manner.
Singapore: Patent (Amendment) Bill tabled The Patent (Amendment) Bill (“the Bill”), which was tabled on 6 February 2017, if passed, will render the patent applications filed in Singapore, including inventions which have been assessed by patent office oversea prior to filing in Singapore, to undergo a more stringent examination procedure from 1 January 2020. The Bill also proposes for the inventors to disclose their invention publicly within a grace period of 12 months before their patent applications.
US: Travel ban rejected A United States (US) federal appeal court, by a 3 – 0 unanimous ruling, has disallowed the travel ban on citizens from seven Muslim-majority countries on the basis that the US government had not proved the terror threat which justified the ban. The ruling means that the refugees from around the world and people from Iraq, Libya, Somalia, Sudan, Syria and Yemen, with visas, are allowed to enter the US.