Wednesday, 22 November 2017
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House seeks to strengthen PCIC

The House committee on appropriations chaired by Rep. Karlo Alexei Nograles (1stDistrict, Davao City) approved a substitute bill seeking to strengthen the Philippine Crop Insurance Corporation (PCIC) and improve its capability to provide farmers with additional government support to raise agricultural production.

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New Version of Public Debt Management Act brought into effect

BANGKOK, Nov 17 (NNT) - The National Legislative Assembly has resolved to endorse the updated version of the Public Debt Management Act, which is intended to help boost the government’s handling of the issue.
Date: 17 November 2017; Type: Legal News; Source: National News Bureau of Thailand

Finance Minister issues Clarifications on State Assistance for Low-Wage Earners

BANGKOK, Nov 15 (NNT) - The Ministry of Finance has revealed that the government is planning to provide assistance for low-income earners in two phases, the first of which is the current welfare card program. The second one will focus on career support.
Date: 15 November 2017; Type: Legal News; Source: National News Bureau of Thailand

New Payment Services Bill to exemplify ‘Risk-Specific, Activity-Based’ Approach

The Payment Services Bill which aims to “right-size” regulations to cater to developments in electronic payments will be published by Monetary Authority of Singapore for public consultation.  
Date: 14 November 2017; Type: Legal News; Source: Singapore Law Watch

Penang's 2018 Budget of RM1.25 Billion approved

GEORGE TOWN, Nov 14 (Bernama) - The Penang State Legislative Assembly sitting today passed the Supply Bill 2018 which has allocated RM1.25 billion for the state's 2018 Budget.
Date: 14 November 2017; Type: Legal News; Source: Bernama

House paves way for Insurance Coverage to CARP Recipients

The House committee on appropriations chaired by Rep. Karlo Alexei Nograles (1st District, Davao City) approved a substitute bill which seeks to grant full insurance coverage to all qualified Agrarian Reform Beneficiaries (ARBs) of the Comprehensive Agrarian Reform Program (CARP). The committee approved the unnumbered substitute bill of House ...
Date: 08 November 2017; Type: Legal News; Source: House of Representatives

Kedah tables RM1.38 Billion Budget for 2018

ALOR SETAR, Nov 12 (Bernama) - The Kedah Government today tabled a budget of RM1.38 billion for 2018, with a deficit of RM75.72 million or 9.71 per cent.
Date: 12 November 2017; Type: Legal News; Source: Bernama

Bursa Securities approves Listings of Sime Darby Units

KUALA LUMPUR, Nov 10 (Bernama) - Bursa Malaysia Securities Bhd has approved the applications for the admission of Sime Darby Plantations and Sime Darby Property to the official list of Bursa Malaysia.
Date: 10 November 2017; Type: Legal News; Source: Bernama

Pereira, Dennis John Sunny v United Overseas Bank Ltd

Credit and Security - Mortgage of real property - Mortgagee’s rights
Date: 09 November 2017; Court: Court of Appeal; Citation: [2017] SGCA 62; Source: Singapore Law Watch

DOF focusing on 3 Initiatives to improve Ease of doing Business

The Department of Finance is harnessing the power of digital technology to implement three major initiatives in improving the ease of doing business in the country.
Date: 05 November 2017; Type: Legal News; Source: Department of Finance

AOB fines Auditor RM75,000 for non-compliance with International Standards on Auditing

Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has fined Adam Selamat bin Musa of Adam & Co RM75,000 for failing to comply with the International Standards on Auditing when auditing a public listed company. This is the largest fine imposed by AOB so far.
Date: 02 November 2017; Type: Legal News; Source: Securities Commission

Explanatory Brief for Payment and Settlement Systems (Finality and Netting) (Amendment) Bill

Mr Lim Hng Kiang, Minister for Trade and Industry (Trade), and Deputy Chairman, Monetary Authority of Singapore, on behalf of Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of the Monetary Authority of Singapore (“MAS”), today moved the Payment and Settlement Systems (Finality and Netting) (Amendment) Bill (the ...
Date: 06 November 2017; Type: Legal News; Source: Monetary Authority of Singapore

MAS obtains Higher Civil Penalties regarding Civil Penalty Enforcement Action for unauthorized Share Trading

Singapore, Nov 1 - The Monetary Authority of Singapore (MAS) has successfully obtained higher civil penalties against Mr Wang Boon Heng (Wang) and Ms Foo Jee Chin (Foo) for contravening section 201(b) of the Securities and Futures Act (SFA), which prohibits any conduct that operates as a fraud or deception in connection with the subscription, purch ...
Date: 01 November 2017; Type: Legal News; Source: Monetary Authority of Singapore

OJK issues Permits to 10 Islamic Microfinance Institutions (LKM)

Cirebon, Oct 20 - The Financial Services Authority (OJK) has granted operating licenses to 10 (ten) Islamic microfinance institutions (Islamic LKM), which are expected to empower communities and raise public welfare, particularly in relation to those living in Islamic boarding schools and surrounding areas.
Date: 20 October 2017; Type: Legal News; Source: Financial Services Authority Indonesia

Investment Alert Task Force suspends 14 Business Activities to protect Public

Jakarta, Oct 23 - The Task Force for Handling Alleged Unlawful Acts involving Public Funds Collection and Investment Management (the Investment Alert Task Force) this October suspended unauthorized public funds collection and investment management carried out by 14 entities.
Date: 23 October 2017; Type: Legal News; Source: Financial Services Authority Indonesia

OJK issues Permits to 10 Islamic Microfinance Institutions (LKM)

Cirebon, Oct 20 - The Financial Services Authority (OJK) has granted operating licenses to 10 (ten) Islamic microfinance institutions (Islamic LKM), which are expected to empower communities and raise public welfare, par ...

Investment Alert Task Force suspends 14 Business Activities to protect Public Government prepares New Micro Business Loan for Production Sector House passes State Budget Bill into Law more

Beware of Illegal Transactions by Fake Banks, Public warned

The Bank of the Lao PDR has warned members of the public to beware of unauthorised bank accounts after learning that some people have been tricked into making transactions with fake banks.

New Service Fee Regulation to boost SME, Selected Sectors License issuance for new Financial Institutions suspended more

Penang's 2018 Budget of RM1.25 Billion approved

GEORGE TOWN, Nov 14 (Bernama) - The Penang State Legislative Assembly sitting today passed the Supply Bill 2018 which has allocated RM1.25 billion for the state's 2018 Budget.

Kedah tables RM1.38 Billion Budget for 2018 Bursa Securities approves Listings of Sime Darby Units AOB fines Auditor RM75,000 for non-compliance with International Standards on Auditing more

Change of Fiscal Year approved despite High Level of Scepticism

A new budget period starting from October 1 to September 30 will commence in the 2018-19 fiscal year. The Myanmar governments current fiscal year is the 12-month period from April 1 to March 31. A letter proposing the ch ...

Government proposes Change in Budget Period Regulatory Roadmap needed for Banking Sector Reform PAC wants Detailed Budget Proposals on Time more

House seeks to strengthen PCIC

The House committee on appropriations chaired by Rep. Karlo Alexei Nograles (1stDistrict, Davao City) approved a substitute bill seeking to strengthen the Philippine Crop Insurance Corporation (PCIC) and improve its capa ...

House paves way for Insurance Coverage to CARP Recipients DOF focusing on 3 Initiatives to improve Ease of doing Business BSP introduces Preferential Rate for MSME Loans more

New Version of Public Debt Management Act brought into effect

BANGKOK, Nov 17 (NNT) - The National Legislative Assembly has resolved to endorse the updated version of the Public Debt Management Act, which is intended to help boost the government’s handling of the issue.

Finance Minister issues Clarifications on State Assistance for Low-Wage Earners Cabinet green lights Voluntary Senior Citizens Donation Fund Finance Minister mulling Law for handling Dormant Bank Accounts more

Industry Updates

New OFB Bank to cover all Overseas Filipinos

Finance Secretary Carlos Dominguez III has welcomed Malacanang’s approval of the acquisition by the Land Bank of the Philippines of the Philippine Postal Savings Bank (PPSB), which, he said, will pave the way for a financial institution that will cater not only to the country’s migrant workers, but to other overseas-based Filipinos as well.

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Singapore's Fintech Dive now delves for Proof beyond Concept

The partnership between Singapore and Hong Kong to build a blockchain-powered trade network may set the standard for other jurisdictions to follow in financial technology.

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Juvenile Council helps Child Offenders through Art

MANILA, Nov 20 (PNA) - The Juvenile Justice Welfare Council (JJWC) kicked off its 6th JJWC Week on Sunday through an on-the-spot poster painting contest emphasizing the importance of promoting restorative justice and giving youth offenders who have gone astray a "second chance" to correct their mistakes.

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Far-reaching Bill for Cyber Security 'Not uncommon'

The far-reaching Bill to beef up cyber security is justifiable in the light of the potential damage from state-sponsored cyber espionage, says experts.  

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Self-Regulation, Digital Literacy, Best Ways to counter Fake News

MANILA, Nov 18 (PNA) - Self-regulation and digital literacy are the best antidotes to fake news, according to advocates of freedom of expression in Southeast Asia.

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Sereno Camp insists on CJ's Right to Counsel

MANILA  Nov 17 (PNA) - The camp of Chief Justice Maria Lourdes Sereno on Friday insisted anew that she has the right to have counsel and to cross-examine the witness during the impeachment proceedings against her before the Congress.

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President Jokowi urges Novanto to follow Legal Process

Jakarta Nov 18 (ANTARA News) - President Joko Widodo (Jokowi) has called on House Speaker Setya Novanto to be willing to follow every legal process initiated by the Corruption Eradication Commission (KPK).

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IPOPHL MOU on Intellectual Property with the Russian Federation

President Rodrigo Roa Duterte and Prime Minister Dmitry Medvedev of Russia witnessed the signing of the Memorandum of Understanding (MOU) between the Intellectual Property Office of the Philippines (IPOPHL) and the Federal Service for Intellectual Property of the Russian Federation (Rospatent). The MOU was signed by IPOPHL Director General Josephine R. Santiago and Rospatent Head Grigory P. Ivlev. The MOU serves as the bilateral framework to improve the administration and effectiveness of the intellectual property systems in the Philippines and the Russian Federation. The signing ceremony was held on 13 November 2017 at the Coconut Palace.

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Industry Updates

Supply of Lift Spare Parts for Maintenance of Lifts in HDB Estates: CCS consults on Proposed Voluntary Commitments by Suppliers

The Competition Commission of Singapore (“CCS”) is conducting a public consultation from 15 to 28 November 2017 and invites interested parties to provide feedback on two proposed commitments separately provided by (i) BNF Engineering (S) Pte Ltd (“BNF”) in relation to the supply of spare parts for BNF brand of lifts, and (ii) C&W Services Operations Pte Ltd (“CWO”) in relation to the supply of spare parts for Ulift brand of lifts.

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Monetary Authority of Singapore and the Polish Financial Supervision Authority expands Co-operation in FinTech

Singapore, Nov 15 - The Monetary Authority of Singapore (MAS) and the Polish Financial Supervision Authority (KNF) signed a FinTech Co-operation Agreement which lays out a framework for co-operation and referrals between the two regulators.

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Singapore and Hong Kong launch a Joint Project on Cross-Border Trade and Trade Finance Platform

Singapore, Nov 15 - The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) exchanged a Memorandum of Understanding (MoU) in Singapore today to jointly develop the Global Trade Connectivity Network (GTCN), a cross-border infrastructure based on distributed ledger technology (DLT), to digitalise trade and trade finance between the two cities and potentially with an aim to expanding the network in the region and globally.

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Managing Director of BAC Raja Singham appointed as Pioneer Mentor at the Launch of the ASEAN Mentorship for Entrepreneurs Network

Manila, Philippines, Nov 13 - Managing Director of Brickfields Asia College (BAC) Raja Singham was appointed as a Pioneer Mentor of the ASEAN Mentorship for Entrepreneurs Network (AMEN), which was launched at the ASEAN Business and Investment Summit 2017 (ABIS 2017) on Sunday, 12 November. Touted as the largest mentoring programme in the region, AMEN is the flagship programme of the ASEAN Business Advisory Council (ABAC) and is designed to facilitate the scaling up of micro-, small and medium enterprises (MSMEs) in the ASEAN region through mentorship. Successful entrepreneurs, business practitioners and academicians from across the 10 ASEAN member states made up the 143 pioneer mentors present at the launch.

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