Legal News



Legal Highlights (13 November 2017 – 17 November 2017)   

Amendments to Cooperative Societies Act proposed The amendments to the Cooperative Societies Act 1993 have been submitted to the Attorney General’s Chambers for scrutiny before being tabled in Parliament. The proposed amendments concern the governance and regulations for cooperatives.
(Source: BERNAMA) 

Exposure draft on Syariah governance The Central Bank of Malaysia has issued an exposure draft on Syariah governance which aims to enhance the current regulatory requirements and expectations on syariah governance for Islamic financial institutions. The key enhancements, among others, are the strengthening of board oversight on accountability and responsibilities over syariah governance and the enhancement of the requirements for the syariah committee in providing objective and advice to Islamic financial institutions. 
(Source: THE STAR) 

Fisheries Act 1985 to be revamped The Fisheries Act 1985 (“the Act”) will be revamped to address the weaknesses in regulations and enforcements to allow foreign fishermen to enter into Malaysian waters to acquire maritime resources. Currently, the Act only permits fishing licenses to be issued to foreign fishermen if there is a government to government agreement. However, no license has been issued to date as such there is no such agreement between the governments.
(Source: BERNAMA) 

Supply Bill 2018 passed at policy stage The Supply Bill 2018, which seeks for the allocation of MYR280.25 Billion as the budget for operating and development expenditure in 2018, has been passed at the policy stage by the Dewan Rakyat on 13 November 2017.
(Source: THE SUN) 

Singapore: Code of Practice for crowdfunding websites The Commissioner of Charities intends to introduce a new Code of Practice (“the Code”), a set of best practices for crowdfunding websites to ensure trust and integrity in the charity sector are upheld. The Code recommends the sites, among others, to conduct due diligence to ensure the legitimacy of fundraising appeals and to give updates on donations received to ensure transparency. The Charities Act will also be amended to introduce suspension orders for improper fundraising appeals.