Myanmar Trademark Law 2019 (“MTL”) The MTL establishes a new trademark registration system in line with international standards and practices which will come into force when the President of Myanmar publishes an announcement to that effect (expected within Q1 of 2020) replacing the current system of Declaration of Trademark Ownerships (“DTO”) registration and Cautionary Notices… Read More
On 13th November 2019, the Microfinance Supervisory Committee of the Ministry of Planning and Finance issued its Directive No. 2/2019 on Customer Due Diligence for Anti-Money Laundering and Combatting Financing of Terrorism (“Directive”) for microfinance institutions (“MFIs”) operating in Myanmar to comply. The MFIs are required to conduct customer due diligence (“CDD”) and they are… Read More
On 3rd December 2019, the Consumer Protection Committee issued its Directive No. 2/2019 on the labeling requirements of the 8 groups of products listed below effective from 16th March 2020. – Group A: Food products; – Group B: Household products; – Group C: Kids products; – Group D: Telecommunication products; – Group E: Pharmaceutical and… Read More
On 15th November 2019, the Central bank of Myanmar (“CBM”) issued its Notification No. 21/2019 re: Regulation for Offshore Remittance Licenses under the Foreign Exchange Management Law to set out the requirements for application and granting of Offshore Remittance License (“ORL”). To obtain an ORL, an applicant must submit to the CBM an application and the following… Read More
The MSA has been amended to reduce the penalties for late payment of stamp duties or payment of deficient stamp duties required for agreements or instruments listed in Schedule 1 of the MSA, e.g. service agreements, bonds and financing instruments, conveyance and transfer instruments, and leases, from 10 times to 3 times of the outstanding… Read More
On 15th November 2019, the Directorate of Investment and Company Administration (“DICA”) issued its Directive on Disclosure of Beneficial Ownership Information under the Anti-Money Laundering Law 2014 and the Presidential Notification No. 104/2019 to enhance the transparency and accountability of beneficial ownership of legal entities and legal arrangements, and to prevent tax evasion, money laundering… Read More