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Law reforms proposed for digital assets, including NFTs and other crypto-tokens
The Law Commission of England and Wales has published new proposals to reform the law relating to digital assets.
Enforcement of Employment Act amendment postponed to 1st January 2023
KUALA LUMPUR: The enforcement of the amendments to the Employment Act has been postponed to Jan 1, says human resources minister M Saravanan.
LHDN can’t check on law firms’ client’s accounts, rules Federal Court
PUTRAJAYA: The Federal Court has dismissed the Inland Revenue Board’s (LHDN) appeal to overturn a High Court’s decision refusing it the right to check and audit the client’s accounts maintained by law firms.
MAS and SGX Group Launch ESGenome Disclosure Portal to Streamline Sustainability Reporting and Enhance Investor Access to ESG Data
The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX Group) today jointly launched ESGenome, a digital disclosure portal for companies to report Environmental, Social and Governance (ESG) data in a structured and efficient manner, and for investors to access such data in a consistent and comparable format.

Ireland fines Instagram $400 million over handling of teens’ data
The Irish Data Protection Commission has fined Meta-owned social media platform Instagram €405 million for violations of the General Data Protection Regulation.

The decision by Ireland’s data privacy watchdog came after a two-year investigation into Instagram’s “business accounts,” which give users more advanced metrics for tracking views and likes but before 2019 were prone to publishing users’ phone numbers and email addresses under default settings. Instagram’s minimum age for users is 13.
Litigation Surge Reflects Evolving Climate Duties
Directors urged to integrate climate risks and opportunities into their governance roles.

Company directors are under increasing risk of climate-related litigation partly due to the increased willingness of activist and others to use legislation to hold firms to account for their climate impacts and policies, according to a recent publication on board members’ legal obligations.

More family businesses in Asia now paying attention to leadership succession
85% of the companies in the Asia Pacific region are owned by a family group, and of the top 750 global family businesses ranked by revenue, over 20% are Asia-based, with combined revenue of almost $2 trillion.

“In a 2017 study, INSEAD reported Asian family businesses are undergoing a pivotal shift and it is anticipated that over 30% will go through a generational change in the coming five years, and many are already in the midst of such a change.

Between RM70 billion and RM90 billion in assets in Malaysia have been frozen as of 2020
Assets were frozen and could not be disbursed immediately as their owners died without making wills or any proper inheritance plans.

As such, the assets remain registered under the name of the deceased.

“If the asset is in the form of cash, then if the cash is not claimed in seven years, it will be moved to the Treasury. However, if it is involving assets such as a house, then it will be left alone.

Only 28% of Malaysian workers have a will
Only two million (or about 28%) of the total seven million people that make up the Malaysian working population have a will.

According to Financial Planning Association of Malaysia (FPAM) chief executive officer Linnet Lee(pic) among the reasons people gave for not writing a will are lack of awareness, procrastination or preferring to wait until one is older to do so


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