Legal Updates

After long wait, Law Ministry has published the English translation of the Bangladesh Labour Act 2006. On September 28, 2015, the official gazette was published.

In the absence of no official English translation, people who do not speak Bangla, had to depend on unofficial translations. The official translation will solve that problem. However, in the event of conflict between the Original Bangla text and English translation, the original Bangla text will prevail. Also without the English translation of the Labour Rules 2015, it would be difficult to interpret the law properly by the English speakers.

Ministry of Industry on September 20, 2015 published Trademark Rules 2015 trough official gazette. It will supplement the Trade Mark Act 2009 and repealed the Trade Marks Rules 1963.

There are 72 rules and 6 schedules in the rules. It also introduce some new forms.

After much delay Bangladesh parliament passed the Financial Reporting Act 2015 on September 6, 2015. On September 9, 2015 it is officially published as gazette.

This is a big step for ensuring more transparency and accountability in financial reporting activities. After the recent crisis in the stock market, the need for monitoring the auditing and accounting activities grows louder. Back in 2003, the World Bank recommend to establish an independent oversight body in a report. The last caretaker government approved a financial reporting ordinance, however it was not approved by parliament later on. In 2012, a financial reporting law was proposed by the concerned community. After three years, the long awaited the law has been passed.

The government has introduced new export policy for the next three years (2015-18) prioritizing 12 sectors as the ‘most potential’ while 14 other sectors as ‘special development’.

The 12 highest priority sectors in the new export policy are high value added RMG accessories, software and IT-enabled services and ICT products, pharmaceutical products, shipbuilding, shoe and leather products, jute and jute-based products, plastic products, agro products and agro-processed products, furniture, home textile and terry towel, home furnishing and luggage.

The much awaited amendment is here folks. Finally the Parliament has passed the Foreign Exchange Regulation (Amendment) Act, 2015 and on September 9, 2015, the gazette has been published.

Let’s take a look what has changed and how you might be affected.

Government through a gazette on July 23, 2015 published the Power of Attorney Rules 2015. It was promulgated under the Power of Attorney Act 2012.

From practical perspective, it is a very important rules as it prescribed how a power of attorney should be drafted and in some cases, what power could be delegated.

Country’s two Stock Exchanges recently introduced new listing regulations. The new regulation will be known as Dhaka Stock Exchange (Listing) Regulations, 2015 and Chittagong Stock Exchange (Listing) Regulations, 2015.

Both the regulations of (DSE and CSE) have almost similar terms and conditions. Under the new regulations, any public offer must be approved by the Exchange first. Exchange will review the application and may require additional disclosure, information, documents, certification or clarification. Once satisfied, the Exchange will submit its recommendation to Bangladesh Security Exchange Commission for their approval.