Banking and Finance
MEMBERSHIP OF FAST AND CENTRAL SHARED SWITCH SYSTEMS, Prakas № B14-016-147 Pror Kor, dated 19 May 2016
This Prakas, effective from 19 May 2016, requires banking and financial institutions to become members of FAST and Central Shared Switch systems. It aims at encouraging an easy, quick, effective, secure and reliable retail payment in order to foster the development of banking and financial sectors and the national economy. The scope of this prakas applies to commercial banks and micro-finance deposit taking institutions (the “Institutions”).
According to the prakas, the FAST (Fast and Secure Transfers) system is a retail payment system which facilitates payment transactions between member Institutions. Payment transactions via this system are carried out in riel, and it allows customers of the member Institutions to receive funds immediately.
Central Shared Switch system is an intermediary system for connecting automated teller machines (“ATM”) and electronic fund transfer point of sale (“EFTPOS”) of the member Institutions.
Member Institutions are required to organize their core banking systems and appropriate infrastructure to connect with such Fast and Central Shared Switch systems. Institutions are required to become members of the FAST system before 1 January 2017 and of Central Shared Switch system before 1 January 2018. Failure to comply will subject the Institution to sanctions provided in Article 52 of the Law on Banking and Financial Institutions.
SUB DECREE No.121 ON THE AMENDMENT OF SUB DECREE NO.48 DATED 31 MAY 2001 ON THE SPORADIC LAND REGISTRATION PROCEDURE (SUB DECREE NO.48), Articles 9 and 13
The amendment of Article 9 relates to the duration of a notice of demarcation. Under Article 9 of Sub-Decree No. 48, when City, District and Khan Governors issue a notice of land boundary demarcation to an applicant, the notice must be posted in public at least 14 days before the date set for demarcation. Following the new amendment, the duration of the public notice is reduced to 7 days.
In accordance with Article 13 of Sub-Decree No. 48, the adjudication record, which includes the land parcel map, location sketch map and list of the owners for each parcel map, must be posted for 30 days for public comment (the “Public Display”) and City, District and Khan Governor is required to issue and arrange for posting notice of the Public Display at least 7 days prior to the commencement of the Public Display. The new Article 13 reduces the duration of the Public Display to 15 days and notice of the Public Display must be made within 3 days prior to the commencement of the meeting of the land office.
NOTIFICATION NO. 042 ISSUED BY RATANAKIRI PROVINCIAL CADASTRAL OFFICE DATED 12 MAY 2011 ON “THE MEETING ON NOTIFICATION OF THE ADJUDICATION AREA FOR A SYSTEMATIC LAND REGISTRATION”.
The purpose of the meeting organized by the Administrative Commission is to declare an adjudication area which is located at Phum Ohspearn, Sangkat Spearn meanchey, Senmonorom city, Ratanakiri Province as well as to invite all the persons in the adjudication area, including landowners, holders of possession certificates and other concerned persons to attend the meeting to obtain information in regard to the adjudication area and land registration process.
PRAKAS № 220, DATED 13 JUNE 2016, ON DETERMINATION 0F CONTRIBUTION RATE AND FORMALITIES FOR CONTRIBUTION PAYMENT FOR HEALTH CARE
Following Sub-Decree No. 01, dated 06 January 2016, regarding the Establishment of Health Care Insurance Scheme Applicable to Persons Governed by the Cambodian Labour Law, the Ministry of Labour and Vocational Training issued Prakas No. 220 on the Determination of Contribution Rate and Formalities for Contribution Payment for Health Care, dated 13 June 2016, to determine the contribution rate to be paid by employers and employees to the National Social Security Fund (“NSSF”). The contribution rate to be paid by an employee should not exceed the rate contributed by their employer, meaning the rate paid by both employer and employee must be equal. The contribution rates are set out as follow:
- 3% of average monthly salary of employee to be contributed by the employer;
- 3% of average monthly salary of employee to be contributed by the employee; and
- 3% of their benefits for survivors (spouse or children who are dependants of NSSF member who passed away) and those receiving pensions.
The contribution rate starts at USD 0.65 and is capped at USD 3.25 per employee per month (regardless of the average monthly salary). Employers must deduct employees’ contributions from their monthly salary and makes the payment to the NSSF on a monthly basis no later than the 15th day of the following month. Details of the contribution rate are attached in the annex of Prakas No. 220. It is expected that contribution to the health care insurance scheme will start after completion of employee re-registration with the NSSF.
LABEL OF SMOKING BAN OR SMOKE OF TOBACCO PRODUCT, Prakas № 273 Pr.ABS (MoH) 18 May 2016
The purpose of this prakas is to set out the sample and procedure of placing signs stating that smoking is banned or the smoke of tobacco products at working places and public places is prohibited. Such signs must be written in Khmer language and English language, and attached with the ban sign. The signs must be a visible location.
*The information provided is for information purposes only, and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.