Legal perspective on civil remedies in the Malaysian securities industry

Malaysia’s capital market has performed well in 2009 and this is reflected from the Malaysia’s biggest rise of capital in the form of Maxis Bhd’s RM11.2 billion of initial public offering in 2009. Nevertheless, self-interests may create behaviors that pose risks to the safety of investors and the integrity of markets.Therefore, the Malaysian Securities Commission (SC) implemented a civil action against the offender of securities crimes in order to protect investors and to cover losses faced by investors because of securities crimes. The objective of this paper is to discuss and analyze the law and enforcement of civil action in securities industry in Malaysia.This is a legal research and involved examining legal data such as statutes and court cases.The Capital Markets and Services Act 2007(CMSA 2007) regulate matters relating to the activities, markets and intermediaries in the capital markets.The CMSA 2007 provides provisions relating to civil remedies to the victims of securities crimes and further empowers the SC to enforce administrative and civil actions.The analysis on enforcement of civil actions of SC shows that the outcome of the said strategy is very encouraging and accepted well by the industry player

Kepekaan majikan terhadap hak dan tanggungjawab mereka ke atas pembantu rumah asing

This article attempts to identify the level of awareness among the employers towards the welfare and rights of foreign domestic workers (FDW) being employed.This survey involves 72 employers (management and professional staffs) of 3 public universities (IPTA) i.e UUM, KUKUM and UiTM at Arau. Factor analyses and correlations were used to identify the dimensions of employers’ awareness within their profiles and FDW. Results of analyses identified 13 dimensions relating to employers’ awareness, namely, (1) basic and human rights, (2) recruitment process of FDW at Immigration Department, (3) salaries offered based on employers’ wants, (4) monetary rights and work benefits to FDW, (5) FDW’s rights to union, (6) crime and civil liability of FDW, (7) filing of important documents belonging to FDW, (8) FDW’s rights to protection from embassy, (9) responsibility towards contract,(10) renewal of work permit and medical check-up,(11) discretionary power,(12) leave and training of FDW, and(13) religious rights of FDW. The findings of correlation analysis show that employers with low and high incomes were inclined to use discretionary power and there were significant differences in terms of the level of awareness based on gender, contract period, age of FDW, and FDW’s work experience. Among the recommendations discussed are such that if conflicts arise from the use of discretionary power and legal provision hence, employers should therefore resort to legal provision.The use of discretionary power is only confined to selected cases involving problem solving related to human rights and FDW’s personal needs requiring employers’ consideration

Corporate social responsibility, business and human rights standards in Indonesia

Business and human rights issues are very interesting themes to be discussed in the current emerging investment boom, especially in developing countries like Indonesia. Foreign Direct Investment (FDI) has provided a very positive impact in generating economic growth and significantly increasing per capita income of particular countries.But on the other side, it also resulted in several negative impacts for particular situations and conditions, such as environmental, labour, and social issues.The euphoria of foreign direct investments sometimes ignores several human rights principles that must be respected by those investors. This paper would discuss further about business and human rights standards in the Indonesian context, taken from international, national or sub-national cites. Recently, the United Nations Human Rights Council endorsed and adopted John Ruggie’s Guiding Principles for Business and Human Rights which became the United Nations Guiding Principles for Business and Human Rights.It is an international standard on how business practices should behave in the interest of the local people by respecting local wisdom, local values and local cultures which are constantly being highlighted and being concerns of several international and national human rights advocacy organizations. The international standard on business and human rights is quite new in the international law regime but it is highly necessary for stakeholders to deal with several issues related to business and the human rights domain.Corporate Social Responsibility policies and programmes are still being discussed intensively by interest groups on whether they meet the beneficiaries’ satisfactory level as a win-win solution for human rights abuses committed by multinational corporations or are they just a “make up” from multinational corporations to reduce social rejection from local people where they operate.The Content policy analysis and the comparison method with other countries would describe comprehensively the importance of corporate respect for human rights principles and corporate social responsibility practices

An analysis of insider trading law and cases in the Malaysian securities markets

The securities markets play a very significant role in the development of economic and business activities in the global environment. In Malaysia, it is evidenced through the achievement of the Malaysian capital market with fund raising approved by the Securities Commission Malaysia (SC) reaching RM118.93 billion at the end of 2011, compared to RM77.02 billion in 2010. In order to maintain investors confidence in the securities markets, there is a need for securities markets activities to be regulated and its must be rigorously enforced. Insider trading in securities markets is classified as one of the prohibited conduct under the Capital Markets and Services Act 2007 (CMSA 2007) of Malaysia. It is regulated under Sub Division 2, section 183 until 201 of the CMSA 2007. This paper critically analyzed the provisions of law and regulations and highlighted insider trading cases in Malaysia from the year 2010-2012. The source of legal data is from primary and secondary sources. The findings of research shows that the insider trading laws and enforcement are sufficient but there are a few improvements to be executed by the Securities Commission, self-regulatory bodies and corporations

Perubahan strategi perundangan dalam menangani kesalahan perdagangan maklumat dalaman dalam industri sekuriti

Perdagangan Maklumat Dalaman adalah merupakan salah satu jenayah sekuriti yang utama di Malaysia yang termaktub di bawah Akta Industri Sekuriti 1983 dan juga Akta Syarikat 1965.Bagi menangani kesalahan perdagangan maklumat dalaman ini hukuman traditional yang dikenakan mengikut kedua-dua akta utama ini ialah mengikut hukuman undang-undang jenayah.Dapatan kajian menunjukkan penggunaan strategi hukuman kategori ini menyebabkan beberapa masalah timbul dalam menangani kes ini.Pertama,kerumitan dari segi pendakwaan yang melibatkan masalah bahan bukti, kesaksian dan penggunaan nominee dan beban pembuktian.Kedua,pertindihan kesalahan dalam dua akta utama.Perubahan strategi perundangan yang diperlukan dalam ha1 ini adalah dengan memperkenalkan peruntukan tuntutan remedi secara sivil secara meluas bagi menjimatkan masa, wang, memperkukuhkan pendakwaan dan mengurangkan beban pembuktian.Di samping itu pendekatan 'serampang dua mata' dengan menggunakan kombinasi model undang-undang industri sekuriti dan perhubungan fidusiari perlu dilaksanakan oleh pihak berkuasa dalam pembentukan rangka perundangan industri sekuriti di Malaysia

The current development of futures industry law in Malaysia

The objective of this paper is to highlight and analyse the recent development and amendment of the law of futures markets in Malaysia with special reference to the Capital Markets and Services Act 2007(CMSA 2007). The CMSA 2007 is the main statute which regulates and provides legal provisions for matters relating to the activities, markets and intermediaries in the capital markets. The CMSA 2007 is an Act which consolidate the Securities Industry Act 1983 and Futures Industry Act 1993(FIA 1993) and a few provisions from the Securities Commission Act 1993. The functions of regulation are (1) to define the key features of the financial system and the role securities and futures market institutions, including the development of new types of market activities; (2) to steer market participants towards the adoption of best practices; and (3) to create disincentives against behaviour that would be detrimental to the market. Therefore, the reformation of law in futures industry is very crucial in order to provide the foundation of effective practices amongst participants of the industry and establish efficient functioning of modern capital markets. The discussion focused on the issues of the establishment of the futures market, the legal licensing requirements, protection of investors in futures market and the development of Islamic Capital Market. The method used in analysing data of this focus research is a combination of comparative and historical approach. Apart from the mentioned method, analytical and critical analysis (Zahraa,1998)(Charterjee, 2000) were also used by the writer. Sources of data for this research are provisions in the CMSA 2007, FIA 1993, SCA 1993 and selected court cases which are relevant to the discussion

Trade-related environmental measures under the World Trade Organization (WTO) in Malaysia: the analysis of its’ application

The objective of this study is to explore the application of trade-related environmental measures in Malaysia. Trade-related environmental measures are environmental measures that were invoked which may have an effect on international trade. These measures can be in the form of tariff and non- tariff. As a member of the World Trade Organization (WTO), Malaysia is compelled to apply and implement the environmental provisions of the General Agreement of Tariff and Trade (GATT) and the WTO agreements.However, the ability to fully comply with these agreements needs to be determined as Malaysia’s effort in environmental protection could affect its international trading. In this study the analysis was on Malaysia’s domestic legislations; the GATT, especially Article XX; WTO agreements such as the Agreement on the Application of Sanitary and Phytosanitary Measures (SPS), the Agreement on Technical Barriers to Trade (TBT) and the WTO Dispute Settlement Body decided cases. Secondary data such as journal articles were referred. It is expected that this study could assist in determining the efforts made by Malaysia in finding a balance between international trade and environmental protection

An Analysis of Consumer Protection in the Financial Service in Iraq: Consumer Loan Contract

Recently, the contract law is the basis of any economic system worldwide. As such, to which degree the Iraq laws are perfect for protected consumers from unfair terms between formal and informal institutions. In this regard, all relevant legal agreements inadequate due to weakness of the legislative and institutional role in enacting and amend the consumer protection laws. Therefore, consumers who are hunted by the unfair terms in loan contracts are calling the Iraqi lawmakers to act positively in order to parallel the developments of other countries in dealing with unfair terms in consumer loan contracts. It is time for Iraq to offer a complete regime of law for consumer protection due to the weaker party must be protected from deception and fraud that harm their interests. This paper examined the adequacy of relevant legal materials by critical review and analysis the problems underlying consumer protection institution and the statutory provisions in Iraq that governing the consumer protection from unfair terms in a standard form loan contract. By adopting pure legal research methodology, the present paper emphasized that the Iraqi consumer protection organization (Civil law 1951, Consumer Protection Law 2010 and consumer institutions) lacks ingredients of the business to consumer (B2C) transactions. Also, unfair terms in the consumer loan contracts are essential issues that must be considered by the government. Keywords: Consumer protection, unfair terms; Standard form, Iraqi law, Loan Contract

Standarisasi CSR sebagai kewajiban hukum di Indonesia

Indonesia has applied mandatory CSR as the way to strengthen the implementation of CSR in Indonesia.mandatory CSR applied for only companies whose operating in the field of natural resources.CSR funds in Indonesia are really potential to be managed properly for the benefits of relevant stakeholders and to support the national economic growth.Huge potential CSR funds in Indonesia should be managed by providing transparent and accountable policies.Currently, there is no mandatory CSR guidelines being used by companies who operating in natural resources or related to natural resources.Most of the companies are referring to international CSR guidelines or policies which are voluntary basis.The mandatory CSR legal provision is able to support local economic and providing alternative funding sources for cooperatives, micro, small and medium enterprises when it is well managed and regulated

Mandatory CSR law in Indonesia; new emerging policy

The changing CSR policy in Indonesia has yet to bring significantly social prosperity to its main beneficiaries.Article 74 of the Limited Company Liability Act has been passed since 6 years ago but unfortunately the provision is not well implemented until now.A lot of sectoral acts were related to the mandatory CSR provision.Some of the Acts are Environmental Management and Protection Act, Coal and Mineral Mining Act, Forestry Act, State Owned Company Act and Social Prosperity Act.Interconnected acts make the situation become worse because there are a lot of “players” on mandatory CSR itself.The aim of this papers is to examine mandatory CSR law in Indonesia (new emerging policy).This a concept paper to elaborate CSR implementation strategy framework from traditional to more responsive one. Not surprisingly if the provision cannot be well implemented, even though the government regulation has passed the Act in April, 2012 but there are some problems with its implementation and and detail mechanism of implementation is required for the fulfilment of mandatory CSR provision.Theory of legal system will be the tool of analysis in order to describe any constraint in the term of implementation.There are three key elements of the theory such as legal substance, legal structure and legal culture.Those elements would be analysed scientifically against related laws and regulations both national and sub-national level and law is as a tool of social engineering will be also additional tool of analysis for the research.Mandatory CSR is a concept in which it comes from the perspective of beneficiaries because in some cases corporations are more powerful than the country itself.In other words we can say that Mandatory CSR is a concept of Eastern society.Furthermore, in western society, they recognized CSR as a voluntary action.It can be well implemented there because their level of compliance to the law and other regulations are better than others society.The lives of human being is just like a cyclus of life, different age and place has different way of life or culture.Finally, mandatory CSR as an emerging policy will appear to be solution of new relationship standard between the government, corporation and society