A number of new laws and changes to existing laws were passed by the Dewan Negara on the last day of its sitting this year. While me are attracted to follow the jokes and acts of our Parliamentarians, what they do could have huge impact on our lives.
Among the new laws that were approved are:
- Labuan Limited Partnership and Limited Liability Partnership Bill
- Labuan Foundation Act 2009
- Labuan Financial Services and Securities Bill
- Labuan Islamic Financial Services and Securities Bill
A number of existing laws were amended as well. Among the interesting ones are changes to the Securities Commission Act to introduce the Audit Oversight Board to enhance the quality of audit in Malaysia.
The changes to the Capital Market and Services Act include making it an offence for directors to cause wrongful loss to listed corporations or to influence the issuance of misleading financial statements.
I am sure more discussions on the new laws would happen in the new year, particularly among the people involved in the areas affected by the new laws such as directors and auditors.