JD Supra (JD Supra Myanmar/Burma)

Recently, on April 9, 2021, the US Commerce Department’s Bureau of Industry and Security (BIS) adopted new restrictions targeting Burma by applying Export Administration Regulations’(EAR’s) military-intelligence end-use and end-user controls.

On 4 March 2021, the Department of Commerce's Bureau of Industry and Security (BIS) announced that it would impose additional export controls measures on Burma, adding to measures already taken by the Biden administration in response to the Burmese military’s 1 Feb 2021 coup.

The amended Electronic Transactions Law (ETL) is one of several legislative changes that have emanated from the recent military takeover in Myanmar. These changes affect banks, insurers, providers of payments infrastructure and participants in the financial sector in Myanmar more generally. This bulletin summarises the new legislation and sets out the specific impacts on business. Please see...

On the morning of 1 February 2021, in response to allegations of voter fraud, Vice-President Myint Swe (who has since assumed the role of acting President) declared a State of Emergency for one year and conferred full legislative, administrative and judicial power to Senior General Min Aung Hlaing, the Commander-in-Chief of Myanmar’s armed forces. Please see full Publication below for more...

On 11 February 2021, President Biden issued Executive Order 14014 "Blocking Property with Respect to Burma" (EO), which authorizes the imposition of sanctions on specific persons or entities in Burma, including Burmese military and Government of Burma entities.

Further relief for Myanmar hotels - exemption on licence fees and deferment of land lease payments - The hotel and tourism sector in Myanmar and across the globe has been severely affected by the COVID-19 pandemic. Since 19 March 2020, Myanmar has closed all land borders with its neighbouring countries and from 31 March 2020 to 15 May 2020, all international commercial passenger flights are...

Myanmar Government introduced its economic relief plan which sets out the proposed actions to be undertaken and actions already effected by the Myanmar Government and the ministries. The economic relief plan is intended to be a living document and further details and revisions are expected over the coming weeks.

Report on Supply Chain Compliance 3, no. 5 (March 5, 2020) - ??????A major supplier of denim to global brands had extremely poor safety measures in place, which were exposed after a deadly fire raged through the factory Feb. 8, 2020. International brands immediately distanced themselves from the company, Nandan Denim, claiming they sourced little or no denim from the burned-out factory.

Under Myanmar’s new law, any existing Cautionary Notices must be refiled as trademark applications within the first few months of 2020 or risk losing their priority.

Contracts form the backbone of all commercial transactions, and can be a useful instrument to safeguard your commercial and legal interests.

State Counsellor Daw Aung San Suu Kyi’s National League for Democracy (the NLD) celebrates its third anniversary of government this year. Fourteen months from now, campaigning will commence for Myanmar’s 2020 general election, which will be its third since the country’s reintroduction of free elections in 2010. This offers an opportune moment to consider the performance of the NLD government in...

Requirement for written employment contracts - Under section 5(a) of the Employment and Skills Development Law 2013, companies must enter into written employment contracts with all its employees within 30 days of employment. However, we strongly recommend entering into employment contracts prior to the commencement of employment so as to clearly set out the rights and obligations of the...

Further liberalisation of the Myanmar banking and financial services sector The Central Bank of Myanmar (“CBM”) is making significant strides towards opening up Myanmar’s banking and finance sector.  In the past few months, it has taken steps towards expanding the range of financing services that foreign banks could potentially offer and allowed foreign equity investment in local private banks.

Welcome to the latest edition of our Myanmar update for 2019. We have distilled the top news items into this summary 'speed read'. Further liberalisation of the Myanmar banking and financial services sector - The Central Bank of Myanmar (“CBM”) is making significant strides towards opening up Myanmar’s banking and finance sector.

The Central Bank of Myanmar (CBM) continues to take steps towards liberalising the banking and finance sector.

The Myanmar Corporate Governance Scorecard 2018 was recently published as an assessment of the corporate governance practices of 24 Myanmar companies. It is published by the International Finance Corporation (IFC), in partnership with the Securities and Exchange Commission of Myanmar (SECM), Directorate of Investment and Company Administration (DICA) and the Yangon Stock Exchange (YSX).

Myanmar Business Climate - With Myanmar’s recent political and economic liberalisation, it is timely for foreign businesses to look for business opportunities in Myanmar. Previously known as Burma, Myanmar has an estimated population of 55.5 million. Yangon (previously known as Rangoon) is Myanmar’s largest metropolis and its commercial and intellectual hub.

Myanmar’s long awaited Trade Mark Act (TM Act) has finally received the President’s assent at the end of January 2019. This will hopefully make the Myanmar market more attractive for foreign brands to enter.

The Central Consumer Protection Committee Notification No. 1/2018 dated 26 October 2018 (the ‘Notification’) imposes a requirement for labels to be affixed to certain products sold in Myanmar, so as to ensure the safety of consumers.

The Myanmar government has at long last announced that foreign insurers will be entitled to seek market access to its insurance sector in 2019. This note builds on our previous publication: Liberalisation of the Myanmar Insurance Sector, Sept 2017 and sets out the licencing process and discusses issues surrounding the establishment of local joint ventures. Please see full article below for...

Myanmar has taken steps to welcome foreign investments into retail and wholesale trading.

Trade mark owners worldwide should watch out for the long-awaited first modern Trademark Law in Myanmar – very likely to come into force anytime in the coming months.

Myanmar’s recently issued Notification 25/2018 liberalises its wholesale and retail trade sectors, allowing both 100% foreign and JV entities to operate in Myanmar. This update summarises the requirements that foreign investors need to know to conduct retail and wholesale activities in the country.

It has been a year since opposition leader Aung San Suu Kyi took office as State Counsellor in Myanmar, becoming the de facto head of the country’s first elected government in half a century. How is her National League for Democracy-led NLD government dealing with the formidable challenge of transforming the country? This bulletin explains what potential investors need to know about Myanmar’

The new Myanmar Investment Law came into force on 18 October 2016 and the implementing rules came into effect on 30 March 2017 along with the other relevant notifications which were all published recently. These instruments create the new legal framework for the investment process for Myanmar. In our previous bulletin on the Investment Law “A big week for Myanmar: A new investment law and...

On 30 March 2017, the Myanmar Ministry of Planning and Finance published the Investment Rules (the Investment Rules) completing the framework for the new and long-awaited investment regime in Myanmar established by the new Myanmar Investment Law, which came into force on 18 October 2016 (the Investment Law). It is hoped that the Investment Law and Investment Rules will streamline the...

Daiwa Securities Group, a Tokyo-based securities brokerage, will be working with Myanmar’s Yangon Stock Exchange (YSX) to establish a Blockchain-based stock exchange by integrating Daiwa’s equity trading into the Yangon exchange platform. Daiwa and YSX are currently testing the Blockchain platform and are in discussions with government officials to fully use the Blockchain concept for all YSX...

Following two years of consultation, Myanmar’s highly anticipated new investment law (the Investment Law) was approved by the Amyotha Hluttaw on 5 October 2016, having been approved by the Pyithu Hluttaw on 28 September 2016. It was signed by the President on 18 October 2016. The aim of the law is to rationalise the investment framework by combining the Myanmar Citizen’s Investment Law with...

On September 14, 2016, President Obama met with Myanmar’s leader, State Counsellor Daw Aung Suu Kyi, at the White House and announced the United States’ intent to remove economic sanctions against Myanmar (formerly known as Burma) in the near future. The President cited Myanmar’s recent steps towards democracy after many years of violent control by a military junta: the State Peace and...

After nearly 20 years, the U.S. will lift economic sanctions against Myanmar (known as Burma until 1989). President Obama made this announcement on September 14, 2016 after meeting with the country’s de facto leader Aung San Suu Kyi. This was Suu Kyi’s first visit to Washington since winning landmark elections last year for her party, the National League for Democracy.