Highlight Myanmar News
Credit Bureau Set to Clean Up Financial Sector
Author: Myo Sandar : Some Micro, Small, and Medium Enterprises (MSMEs) take out multiple loans. Data from the new credit bureau will show credit history for potential customers, and aims to reduce the problem.
YCDC Warns That Empty Industrial Zone Lots Will Be Reclaimed
Author: Myo Sandar : A whopping 40 percent of lots in 29 of Yangon’s industrial zones do not have a project being developed, according to the latest data release by the government. The regional government is now urging the lot owners to implement their projects as soon as possible, or risk having ownership taken back.
Trade Companies Failing to Register Will be Banned: Ministry of Commerce
Author: Myo Sandar : The Ministry of Commerce announced that it will not allow wholesale and retail companies to import fertilizers, pesticides, seeds, medical equipment, construction equipment, and agriculture equipment if they failed to register.
Exchange Rate Updated
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Highlight Law and Regulation
Myanmar Enacts Copyright Law
Myanmar’s Copyright Law was finally enacted into law on May 24, 2019, effectively repealing the old Copyright Act of 1914. The law lays out the new legislative framework for the protection of literary and artistic works and other related rights, to be implemented through administrative bodies and subsidiary regulations that will be issued in due course.
Timeline Set for Changes to Import/Export Licensing and Registration Requirements in Myanmar
The Myanmar Ministry of Commerce has set the timeline for foreign-owned and joint venture companies importing or exporting specific categories of goods to apply for retail and wholesale services registration. These changes are outlined in Notification 23/2019 from Myanmar’s Ministry of Commerce (MoC) supporting last year’s opening-up of retail and wholesale to foreign companies.
New Consumer Protection Law Enacted in Myanmar
Pyihtaungsu Hluttaw Law No. 9/2019—Myanmar’s new Consumer Protection Law—was enacted on March 15, 2019, repealing the previous law and providing a clearer legal framework for the protection of consumers in Myanmar. The date of implementation is March 15, 2019, with the exception of the product label requirement, which will enter into force one year after the date of enactment.
Myanmar Passes Patent law
Pyidaungsu Hluttaw Law No. 7/2019—Myanmar’s Patent Law—was enacted on March 11, 2019, providing a framework for the protection of inventions related to products and processes. This is the first legislation specifically addressing the protection of patents in the history of Myanmar.
Myanmar Passes Industrial Design Law
On January 30, 2019, Myanmar’s long-awaited Industrial Design Law—the first legislation specifically addressing the protection of industrial designs in the jurisdiction’s history—was passed into law. The law lays out a comprehensive framework for the protection of rights over the external visual design of objects (i.e. the aesthetic design, rather than the practical). It will be implemented through administrative bodies (particularly the Intellectual Property Office) and enabling legislation that will be established and implemented in due course.
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