Jurisrudentia Q4 October - December 2020

29 January 2021

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COVID-19 

Partial commencement of Malaysia’s Temporary Measures for Government Financing (Coronavirus Disease 2019 (Covid-19)) Act 2020 and Temporary Measures for Reducing the Impact of Coronavirus Disease 2019 (Covid-19) Act 2020 

Banking & Finance 

Bank Negara Malaysia issues Policy Document on Licensing Framework for Digital Banks 

Capital Markets 

Securities Commission Malaysia introduces new framework to facilitate offering of Islamic funds with waqf features 

Bursa Malaysia expands market making framework 

Securities Commission Malaysia announces enhanced general mandate for pro rata rights issue to expedite secondary fund raising for eligible listed issuers 

Competition 

Malaysia Competition Commission and Malaysian Anti-Corruption Commission to join forces in tackling leakages in government procurement 

Malaysia Competition Commission issues final decision against General Insurance Association of Malaysia and its 22 members for infringement of section 4(2) of Competition Act 2010 

Corporate 

Companies Commission Malaysia announces extension of transitional period in relation to Guidelines for the Reporting Framework for Beneficial Ownership of Legal Persons 

Employment 

High Court holds Director General of Labour may preside over complaints relating to cash payments such as retrenchment benefits and bonuses

Partial commencement of Malaysia’s amended Employees Provident Fund Act from 1 October 2020 

FinTech 

Securities Commission Malaysia issues guidelines on digital assets

Litigation 

Amendments to Court of Judicature Act, Subordinate Courts Act, Subordinate Courts Rules Act in force from 22 October 2020 

Federal Court holds adverse order issued against person not notified of proceedings against him was a nullity 

Public Policy 

Harnessing opportunities from the Regional Comprehensive Economic Partnership, the world’s largest free trade pact, in South-east Asia and its partners 

Real Estate 

Federal Court holds house rule prohibiting short-term rentals of residential units not in violation of section 70(5) of Strata Management Act 2013 

Malaysia’s revised National Land Code in operation from 15 October 2020 

Regulatory & Compliance 

Malaysia Currency Act 2020 in force from 1 October 2020 

Restructuring & Insolvency 

Insolvency (Amendment) Act 2020 gazetted

General 

Amendments to Road Transport Act in force from 23 October 2020 

Publications 

Getting the Deal Through: Agribusiness 2021 

The Merger Control Review 2020 

Deals 

Establishment of an unrated Sukuk programme of up to MYR1 billion in nominal value based on the Shariah principle of Murabahah (via Tawarruq arrangement) by SOP Capital Sdn. Bhd. 

Issuance of MYR260 million in nominal value of ASEAN Green SRI Sukuk based on the Shariah principle of Murabahah (via Tawarruq arrangement) by Solar Management (Seremban) Sdn. Bhd.

Acquisition by ICG Asia Pacific Fund IV of the entire issued share capital of TF Value-mart Sdn. Bhd. from KV Asia Capital

S$61.7 million acquisition of entire e-commerce, e-commerce enabler and logistics business by Synagistics Pte. Ltd. 

Awards & Rankings 

Rahmat Lim & Partners and its network firms continue to be recognised as leading law firms in South-east Asia by Chambers and Partners in its 2021 rankings 

Rahmat Lim & Partners and Allen & Gledhill ranked in top bands by Global Competition Review (21st edition) 

Rahmat Lim & Partners and Allen & Gledhill win Deal of the Year awards at FinanceAsia Achievement Awards 2020 

Rahmat Lim & Partners maintains Tier 1 ranking in M&A and continues to have the highest number of Highly Regarded Lawyers in Malaysia in the thirtieth edition of IFLR1000 

Six lawyers from the Allen & Gledhill network featured in IFLR Asia Best Lawyers 2020 guide 

Ho Wei Lih recognised in Asian Legal Business 40 under 40