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- Latest cases, legislation and regulation updates and commentaries
Loy Ee Lin from Christopher & Lee Ong wrote an article titled "Legal Overview of The Upstream Oil & Gas Sector in Malaysia" in a January 2015 issue of The Sun, a Malaysian newspaper of general circulation.
The article distinguished between the oil and gas industries which are generally divided into upstream, midstream and downstream activities. It also discussed the principal legislation in relation to Malaysia's oil and gas industry, namely, the Petroleum Development Act 1974 ("PDA"), the Petroleum Regulations 1974 ("Petroleum Regulations") and the Gas Supply Act 1993 ("GSA").
In conclusion, the author stated that the Malaysian government is also taking steps to leverage the potential of oil and gas even further by reviewing existing business regulations and tax incentives. Other initiatives to achieve this end include promoting partnerships and joint ventures between local companies with global multi-national corporations ("MNCs"). Local companies should therefore strive to collaborate with, amongst others, blue-chip MNCs and become active players in Malaysia's oil and gas sector.
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Cheryl Lim Sze Huei from Christopher & Lee Ong wrote an article titled "Equity Crowdfunding – the way forward?" in a December 2015 issue of The Sun, a Malaysian newspaper of general circulation.
The article highlighted the four types of crowdfunding which are donation crowdfunding, reward crowdfunding and peer-to-peer lending, in addition to equity crowdfunding ("ECF"). It also noted that in recent years, the use of social media and the internet has greatly increased connectivity, which in turn, has become one of the main drivers for the proliferation of crowdfunding.
As a result, the Securities Commission of Malaysia ("SC") proposed to regulate ECF to ensure that this new market will develop in an orderly fashion, and to provide a regulatory safe harbour by which small businesses may raise capital. The SC published a public consultation paper on 21 August 2014 outlining the proposed regulatory requirements for corwdfunding.
According to the author, the proposed regulatory framework will encourage the growth of innovation, productivity and competitiveness in Malaysia by bridging of the capital gap between small to medium enterprises and listed companies who typically raise funds from traditional sources of financing such as equity or debt capital markets. With such improved access to funds and capital, the cost of capital will foreseeably decrease and in just a short few years, new business start-ups may be commonplace and we may see a large category of medium- to larger-sized businesses.
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