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Earlier this year, the Malaysian Personal Data Protection Department released several documents to aid data users in their compliance with the Malaysian Personal Data Protection Act 2010 – these include a guide on privacy notices, new codes of practice applicable to the private healthcare industry and the water utilities industry, as well as circulars reminding prescribed classes of data users of their registration obligations.

As part of the Malaysian Budget 2022 speech last year, the Minister of Finance announced that it will introduce a special voluntary disclosure program for indirect taxes as part of concerted measures to increase tax revenue for the Malaysian Government. The guidelines underpinning the foregoing program was recently published by the Royal Malaysian Customs Department with a notable inclusion of an amnesty element within the framework of the rebranded Voluntary Disclosure and Amnesty Program for indirect taxes.

Bank Negara Malaysia, the Central Bank of Malaysia, has on 15 December 2021 issued an exposure draft of the Payment System Operator policy document. The PSO Exposure Draft is intended to apply to all approved operators of a payment system under the Malaysian Financial Services Act 2013 and Malaysian Islamic Financial Services Act 2013. The objectives of the PSO Exposure Draft are to: (i) ensure the safety, efficiency and reliability of payment systems; (ii) preserve public confidence in the payment systems and the use of payment instruments; and (iii) ensure payment systems are aligned with relevant international standards.

On 4 January 2022, Bank Negara Malaysia, the Central Bank of Malaysia, issued the Licensing Framework for Digital Insurers and Takaful Operators Discussion Paper. The DITO Discussion Paper outlines the newly proposed regulatory framework applicable to digital insurers and takaful operators. The document represents the next phase of BNM’s initiative to encourage digitalization within the financial sector, and follows the Licensing Framework for Digital Banks issued by BNM on 31 December 2020.

On 28 December 2021, the Securities Commission of Malaysia revised the Rules on Take-overs, Mergers and Compulsory Acquisitions (Rules). The effective date of the revisions is 29 December 2021. This Alert focuses on the key amendments introduced to the Rules and a comparison against equivalent provisions under the United Kingdom’s Takeover Code, the Singapore Code on Take-Overs and Mergers and the Hong Kong Codes on Takeovers and Mergers and Share Buy-Backs.

Subsequent to our client alert issued in November 2021 in relation to cloud service regulation in Malaysia, the Malaysian Communications and Multimedia Commission has since shed light on the scope of the licensing regime and the availability of a grace period until 31 March 2022 to those affected to fully comply with the new licensing requirement.

In this annual webinar series, we are putting a spotlight on warehousing arrangements. Our speakers will update you on legislative and customs developments, share insights into the current practices of authorities, and provide practical tips on how you can identify opportunities, maximize benefits and mitigate risks when utilizing these warehouses as part of your supply chain solutions.

The Communications and Multimedia Content Forum of Malaysia has issued a public consultation paper titled “Revamp of the Malaysian Communications and Multimedia Content Code”, proposing a number of changes to the prohibitions, restrictions and requirements on electronic content, particularly in relation to advertising, as well as broader implications for online service providers and online marketplace operators. The closing date for submission of feedback to the Content Forum is 10 December 2021.