Reading Time: 4 minutesIntroduction On 21 December 2018, the Securities and Futures Commission (the “SFC”) succeeded in its actions against boiler room fraudsters, where the Court of First Instance (the “CFI”) ordered such fraudsters to compensate investors who fell victim to the scams, in accordance with section 213 of the Securities and Futures Ordinance (the “SFO”). Background Boiler […]
Reading Time: 7 minutesIntroduction In a recent case Volcafe v CSAV [2018] UKSC 61, the Supreme Court of the United Kingdom (the “Supreme Court”) discussed for the first time as to who shall bear the burden of proof in cargo damage claims against the shipowner under the Hague Rules. Facts Background The Claimants, who are the cargo owners and bill […]
Reading Time: 2 minutesBy way of recently issued Instruction No. (5 /2019), the Central Bank of Myanmar (“CBM”) has announced that on a daily basis it will begin to publish the Reference Exchange Rate (“RER”) of Myanmar Kyat (“MMK”) to the US Dollar (“USD”). The RER will be based on transactions conducted on foreign exchange markets. The RER […]
Reading Time: 5 minutesIntroduction In a recent Court of First Instance case Li Fu Hua (also known as Denise Li) v Chen Ching Chih (陳清治) and another HCMP 1374/2018, [2018] HKCFI 2786, the court has to deal with the situation where a creditor filed a winding up petition (on ground of insolvency) against a company in respect of which a […]
Reading Time: 2 minutesIn a recent order of the Central Bank of Myanmar (“CBM”), it was announced that foreign banks and financial institutions would be allowed to have 35% equity investment in local private banks. As a corollary, local banks having a foreign equity injection up to the above mentioned limit would now be allowed to operate in […]
Reading Time: 4 minutesIntroduction In some rare scenarios where a defendant is legally represented but is not properly advised by his legal representatives before making a guilty plea (or a defendant is unrepresented), the defendant may find himself in need of making an application to reverse his plea on the ground that when the guilty plea was made, […]
Reading Time: 2 minutesSub-Decree 01 ANKr.BK dated 4 January 2019 (“Sub-Decree”) has introduced a new package of tax incentives for those entities in Cambodia looking to list on the Cambodian Stock Exchange (CSX). The 2019 tax incentives provided to listing entities on the CSX are much more comprehensive and concessional then those that were initially offered in 2011, […]
Reading Time: 3 minutesIn early January the Ministry of Planning and Finance (“MOPF”) issued Announcement 1/2019 through which foreign companies were permitted “to operate the business of insurance, underwriting agency or insurance broking with foreign investment” in Myanmar. Further to this announcement, the Financial Regulatory Department (“FRD”) has now published an Request for Proposal (“RFP”) for 100% foreign […]
Reading Time: 2 minutesIn the most recent update on the Myanmar banking sector, the Central Bank of Myanmar (“CBM”) announced amended and increased lending rates through the issuing of Directive 1/2019 (“Directive”) on 15 January 2019. The changes in this Directive will take effect from 1 February 2019. Under this Directive, 13% will be the highest lending rate […]
Reading Time: 6 minutesThailand was one of the first ASEAN Member States to enact a competition law with the Price Fixing and Anti-Monopoly Act of 1979. However, that legislation was generally accepted to have been ineffective in relation to competition law enforcement and was replaced by the Trade Competition Act B.E. 2542 (1999) (“Old TCA”). The Old TCA came into […]
Reading Time: 3 minutesFollowing the Federal Government’s announcement in September 2018 regarding changes to the equity crowdfunding legislation there has been a lot of hype within the startup community about the positive impact this will have. Equity crowdfunding is still a largely misunderstood concept. Whilst it can be a great way to put your business in the spotlight […]
Reading Time: 3 minutesA recent development in the insurance sector has allowed foreign insurance providers to finally operate in the Myanmar insurance sector. Through Announcement No. 1/2019, the Ministry of Planning and Finance (“MOPF”) now permits foreign companies “to operate the business of insurance, underwriting agency or insurance broking with foreign investment” in Myanmar. This announcement follows Notification […]
