DRAFTING DIVISION - Attorney General's Chambers

SELECTED BILLS PASSED BY PARLIAMENT IN 2005/2006ATTORNEY GENERAL’S CHAMBERS MALAYSIA REPORT 2005/2006MALAYSIA DEPOSIT INSURANCE CORPORATION BILL 2005The Malaysia Deposit Insurance Corporation Bill 2005 provides for the establishment of theMalaysia Deposit Insurance Corporation (MDIC). The MDIC is provided with the powers,functions and duties to develop a deposit insurance system that will ensure the stability ofthe financial system in Malaysia. MDIC has four objectives, namely, to administer a depositinsurance system, to provide insurance against the loss of part or all of the deposits of amember institution, to provide incentives for sound risk management in the financial system,and to promote or contribute to the stability of the financial system.LANGKAWI INTERNATIONAL YACHT REGISTRY (AMENDMENT) BILL 2005The Langkawi International Yacht Registry Act 2003 [Act 630] provides for the establishmentof an international registry in Langkawi for yachts and yachting entities, known as theLangkawi International Yacht Registry (LIYR). LIYR aims to make Langkawi the port ofdestination that is of equal standing to existing yachting centres in other countries suchas the Caribbean Islands, Marshall Islands, Monaco and Cayman Islands.Through the Langkawi International Yacht Registry (Amendment) Bill 2005, amendmentsare proposed to Act 630 to ensure that the LIYR fulfills current requirements in providingthe best facilities in respect of the registration of yachts. The amendments proposed inthe Bill provide for the interim registration of yachts, especially for owners of yachts whointend to transfer the port of registry of their yachts to Langkawi. The Bill also enablesnon-Malaysian individuals to register their yachts in Langkawi, and protects the interestsof financial institutions that offer financial facilities to procure yachts.ROAD TRANSPORT (AMENDMENT) BILL 2005The Road Transport (Amendment) Bill 2005 proposes amendments to the Road TransportAct 1987 [Act 333] to eradicate touting activities that are rampant in this country, especiallyat airports such as the Kuala Lumpur International Airport, bus terminals and ferryterminals.Prior to this, the enforcement of action to eradicate touting activities could not be doneeffectively because of the absence of specific provisions regarding touting in the RoadTransport Act 1987.98Amendments proposed in this Bill explain actions that may be interpreted as “touting”, suchas soliciting or touting for the purpose of offering services in connection with the acceptingfor hire or reward the carriage of passengers in public places including airports. Through