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Firm: Shearn Delamore & Co.

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Shearn Delamore & Co Legal Updates July (1)
Shearn Delamore & Co., July 2021

Financial ServicesRuling of Shariah Advisory Council of Bank Negara Malaysia on QardAt its 213th meeting of the Shariah Advisory Council (“SAC”) of Bank Negara Malaysia, the SAC ruled that the method under Malaysian Financial Reporting Standard (“MFRS”) 17 Insurance Contracts and MFRS 9 Financial Instruments may be adopted to measure qard (interest free loan) for transactions between shareholders’ fund and takaful fund...

Shearn Delamore & Co.: Newsletter-June 2021
Shearn Delamore & Co., July 2021

Financial ServicesTransition from LIBORIn this article, Krystle Lui Shu Lin reports on the transition from LIBOR rates to risk-free rates...

MyCC's Market Review on Selected Areas of the Transportation Sector (Port Logistics Ecosystem & Motor Vehicle Warranty Claims)
Shearn Delamore & Co., June 2021

Dear valued clients, colleagues and friends, In this article, our partner, Anand Raj, and associate, Jeevitha Thurai Rathnam, discuss the Malaysia Competition Commission’s market review exercise into the transportation sector (port logistics ecosystem and motor vehicle warranty claims)...

International Comparative Legal Guides — Fintech 2021 Malaysia Chapter
Shearn Delamore & Co., June 2021

Dear valued clients, colleagues and friends,Our TMT Partners, Christina Kow and Timothy Siaw, have co-authored the Malaysian chapter of The International Comparative Legal Guides – Fintech 2021. The chapter covers a broad overview of common issues in fintech laws and regulations in Malaysia.The Fintech LandscapeFunding For FintechFintech RegulationOther Regulatory Regimes / Non-Financial RegulationAccessing Talent TechnologyTo read more, please click here...

Malaysian Chapter in The Intellectual Property Review, 10th Edition
Shearn Delamore & Co., June 2021

Dear valued clients, colleagues and friends,Our Head of the Intellectual Property Practice Group, Karen Abraham, has authored the Malaysian chapter of The Intellectual Property Review, 10th Edition published by The Law Reviews. The chapter provides a summary and overview of the types of intellectual property coverage available in Malaysia, together with updates of recent legal developments.1...

What Constitute Good Reasons for an Order to Sell a Vessel Pendente Lite?
Shearn Delamore & Co., June 2021

Shipping & Transport, MalaysiaFactsApplicable legal principlesPlaintiff's argumentDefendant's argumentDecisionCommentThis article examines the basis for an order for a sale pendente lite of a vessel that was arrested by a sheriff in in remadmiralty proceedings as security for the plaintiff's claim.(1) FactsOn 19 November 2017 the defendant's vessel, Shi Pu 1, collided with the plaintiff's bulk vessel, Winning Loyalty...

Shearn Delamore & Co Legal Updates June (1)
Shearn Delamore & Co., June 2021

Financial ServicesBNM issues Corporate Strategic Plan policy document for DFIsOn 27 May 2021, Bank Negara Malaysia (“BNM”) issued the Corporate Strategic Plan (“CSP”) policy document, applicable to all development financial institutions (“DFIs”) prescribed under the Development Financial Institutions Act 2002...

Shearn Delamore & Co Legal Updates May 2021
Shearn Delamore & Co., May 2021

Financial ServicesBank Negara Malaysia seeks feedback on Alternative Reference Rate and Strategic Direction on KLIBOR and KLIRROn 19 May 2021, Bank Negara Malaysia invited written feedback by 18 June 2021 on its Alternative Reference Rate and Strategic Direction on the Kuala Lumpur Interbank Offered Rate (“KLIBOR”) and the Kuala Lumpur Islamic Reference Rate (“KLIRR”) for the Malaysian Financial Markets discussion paper...

Shearn Delamore & Co Legal Updates May 2021
Shearn Delamore & Co., May 2021

Financial ServicesGuidance document on Climate Change and Principle-based TaxonomyOn 30 April 2021, Bank Negara Malaysia issued a finalised guidance document for financial institutions to assess and classify economic activities which contribute to climate change mitigation and adaption...

Shearn Delamore & Co. Legal Updates April 2021
Shearn Delamore & Co., May 2021

Dispute ResolutionThreshold to Commence Winding Up Proceedings RaisedBy the Federal Government Gazette Notification No. 4159 dated 22 March 2021, the amount of indebtedness required to commence winding up proceedings under section 466(1)(a) has been fixed at RM50,000.00 with effect from 1 April 2021.This means that a creditor may only commence winding-up proceedings against a debtor company where the debtor company has failed to satisfy a debt owed to the creditor exceeding RM50,000...

Demarcating The Bank’s Duty In Investment Scams
Shearn Delamore & Co., April 2021

Scams are common these days. Hence, the regulatory bodies, financial institutions and news media often warn the public to exercise due diligence before making any investments with promises of high-profit returns...

Shearn Delamore & Co. Newsletter March Issue 2021
Shearn Delamore & Co., April 2021

Dear valued clients, colleagues and friends, We are pleased to bring you the March 2021 issue of our quarterly Newsletter, we hope that you will continue to find its contents of value to you. Real Estate PJD Regency Sdn Bhd v Tribunal Tuntutan Pembeli Rumah: Calculation of Liquidated Agreed Damages commences from the Date of Payment of Booking Fee A case note by Alexis Yong Mey Ling … read more...

Shearn Delamore & Co. Legal Updates April 2021
Shearn Delamore & Co., April 2021

Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for April 2021.Tax & RevenueIncome taxThe technical guideline Garis Panduan Berhubung Permohonan Pengecualian Cukai Pendapatan Kepada Institusi Atau Organisasi Keagamaan Yang Layak Di Bawah Perintah Cukai Pendapatan (Pengecualian) 2020 [P.U.(A) 139/2020] (available in Malay language only) has been published on 25 March 2021 on the Inland Revenue Board of Malaysia’s official website...

Shearn Delamore & Co Legal Update March 2021 (2)
Shearn Delamore & Co., March 2021

FINANCIAL SERVICES Relaxation of FEP requirements on interest rate swap Bank Negara Malaysia has announced that nonresident banks may trade ringgit denominated interest rate swap without any underlying commitment with any participating onshore licensed banks and their appointed overseas offices (“AOOs”) with effect from 15th March 2021...

Shearn Delamore & Co Legal Update March 2021 (1)
Shearn Delamore & Co., March 2021

FINANCIAL SERVICES Further extension on short selling ban The Securities Commission Malaysia and Bursa Malaysia Securities Berhad announced a further extension, until 29 August 2021, of the existing suspension of Intraday Short Selling (IDSS) and Short Selling by Proprietary Day Traders on the stock exchange of Bursa Malaysia Securities Berhad. The scope of the ban remains the same.   Pepared by: Christina S. C...

Case Update: Legal Professional Privilege and the Powers of the Director General of Inland Revenue (“DGIR”)
Shearn Delamore & Co., March 2021

The Malaysian Bar had challenged the DGIR’s power to undertake tax audits on the clients’ accounts of law firms on the basis that it contravened legal professional privilege...

Shearn Delamore & Co Legal Update February 2021 (Financial Services, Intellectual Property, Tax & Revenue)
Shearn Delamore & Co., March 2021

FINANCIAL SERVICES BNM announces new funds for SMEs On 5 February 2021, Bank Negara Malaysia ("BNM") announced: an additional RM2 billion for the Targeted Relief and Recovery Facility (“TRRF”); the establishment of a RM200 million Disaster Relief Facility (“DRF”) 2021.   TRRF The TRRF was a facility announced in the Budget 2021, established to assist eligible SMEs in the services sector...

Administrative Step or Aggressive Movement? Revenue’s Announcement on Centralisation and Dispersal of Certain Categories of Corporate and Non-Corporate Taxpayers’ Files
Shearn Delamore & Co., February 2021

The Inland Revenue Board of Malaysia (Revenue)’s press release of 13 January 2021 announced the Revenue’s implementation of centralisation and dispersal of tax files for taxpayers of certain categories, with effect from 1 January 2021...

WEBINAR - Online intellectual property threats and best practices amid Covid-19 in the Asia Pacific region
Shearn Delamore & Co., February 2021

Dear valued clients, colleagues and business partners, You are invited to join a remarkable panel of speakers who will discuss some of the latest trends in online infringement related to Covid-19 pandemic and best practices for developing a sound brand protection strategy for your intellectual property...

Shearn Delamore Legal Update February 2021
Shearn Delamore & Co., February 2021

DISPUTE RESOLUTION Wide order of injunction sought against online marketplace operator refused in the High Court E-commerce has become an indispensable part of the country’s economy particularly with the Covid-19 pandemic. With its growing demand come legal challenges which are novel to Malaysia. Recently, our Dispute Resolution Partners K...

Shearn Delamore & Co. Legal Update January 2021 (Financial Services)
Shearn Delamore & Co., February 2021

Bank Negara Malaysia issues Licensing Framework for Digital Banks Bank Negara Malaysia issued its policy document on Licensing Framework for Digital Banks on 31 December 2020. It has indicated in its press release that up to five licences may be issued to qualified applicants and notification of the grant of licence will only be made by the first quarter of 2022...

Shearn Delamore & Co. Legal Update January 2021 (Tax & Revenue)
Shearn Delamore & Co., February 2021

Operation hours of IRB Counters during Movement Control Order (“MCO”), Conditional MCO & Recovery MCO periodThe Inland Revenue Board (“IRB”) has issued a media statement on the operation hours of its counters during the MCO, Conditional MCO and Recovery MCO period. For more information, please click here...

Acceptance of Evidence Obtained through Social Media Platform
Shearn Delamore & Co., February 2021

Introduction In the recent Industrial Court Award of Azffanizam bin Abd v Prince Court Medical Centre Sdn Bhd [Award No.11 of 2021] dated 4 January 2021, the Industrial Court accepted evidence taken from social media in dismissing a claim of forced resignation...

Absence of Corroboration Does Not Defeat Complaint of Harassment
Shearn Delamore & Co., February 2021

Introduction In the recent Industrial Court Award of Harry Wong Wei Chen v Petroliam Nasional Berhad [Award No.11 of 2021] dated 4 January 2021, the Industrial Court upheld the dismissal of an employee (“the Claimant”) on account of several allegations of sexual and workplace harassment. An interesting point in the instant case was the absence of corroborative witnesses in respect of several of the complaints against the Claimant...

Winding-Up a Company: It Now Takes More to Wind-Up a Company, in the Same Amount of Time
Shearn Delamore & Co., January 2021

BackgroundSection 466(1)(a) of the Companies Act 2016 (“CA 2016”) provides that a company is deemed unable to pay its debts if it is indebted in a sum exceeding an amount prescribed and neglects to pay the sums stipulated in the notice of demand within 21 days of being served with the said notice.Through the issuance of the Prescription of Amount of Indebtedness of Company published on 26 January 2017 (“2017 Threshold Order”), this amount was fixed at RM10,000...

 

 

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