The Personal Data Protection Act 2010 ("PDPA") came into force on 15 November 2013, and marks the introduction of a data privacy regime in Malaysia. The objective of the PDPA is to regulate the processing of personal data and to safeguard the rights of individuals. It applies to anyone who processes personal data ("data user") of an individual in commercial transactions.
Essentially, the PDPA establishes 7 personal data protection principles which data users must observe. Related regulations have also been introduced to provide clarification on these principles, as well as laying out the registration requirements and process for data users.
Data users have until 14 February 2014 to comply with the PDPA. Aside from the negative publicity, penalties for non-compliance with the PDPA include fines of up to RM500,000 for companies and / or fines and imprisonment of up to 3 years for officers of the offending company.
Certain aspects of this new regime remain unclear as the Personal Data Protection Department has not issued comprehensive guidelines on how the PDPA will be enforced. However, given the consequences of non-compliance, it is important that business review their processes, contracts and standard forms, and implement sound internal policies on personal data processing.
Under the current Bankruptcy Act 1967 ("Act"), the effect of being declared a bankrupt is effectively a 'financial death penalty', since a bankrupt is prohibited from entering into any dealings or transactions involving his assets. Due to the growing number of bankruptcies, the Attorney General's Chambers has released a Cabinet paper ("Paper") on proposed amendments to the Act.
One of the key proposed amendments to the Act is to overcome the procedural rigidity and administrative hurdles of the present statutory regime in discharging a bankrupt. The Paper proposes an automatic discharge or release of a bankrupt after a period of time. There will also be new provisions on alternative options for creditors to recover loans based on the insolvency legal framework, such as individual voluntary arrangements and debt repayment schemes.
The proposed amendments to the Act will not only facilitate the settlement and management of debts more effectively, but may prevent a 'financial death penalty' and social stigma of being declared a bankrupt. Further details of the proposed amendments will be available when a draft Bill is released.