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The equity rule has been lifted in 27 services subsectors, including health and social services, tourism, transport services, business services, and computer and related services.
Since then, the association said, the producers have sought a new performance space, violating an Equity rule that producers cannot close and reopen a show within eight weeks without negotiating with the union.
Equity limits for foreign investors will be raised from 49% at present to 70% in existing local Islamic-finance institutions, including investment and commercial banks and takaful operators.The measures to liberalise the financial sector are likely to have a far greater immediate economic impact than the removal of the 30% bumiputera equity rule.
Mr Najib has said he believes that the services sector offers tremendous scope for growth over the medium term.The lifting of the 30% bumiputera equity rule in certain parts of the services sector is politically the most significant of the government's recent reforms, and has positive implications for foreign investment.
Fearing a backlash from its members against the elimination of the bumiputera equity rule, senior UMNO politicians have been at pains to stress that the move is merely an adjustment and should not be seen as a fundamental change of policy.
If the liberalisation policy succeeds in attracting foreign investment, the services surplus is likely to expand.More licences for foreign financial-sector firmsMeasures to liberalise the financial sector have proved to be less controversial than the decision to scrap the bumiputera equity rule.
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Another difference is that, where cash was once king, equity rules today.
But after that, Equity rules mandate that the players be paid $10 each per show.
Under Equity rules, agreeing to this procedure means that the producers have waived their right to take other legal action.
What are known as environmental equity rules would formalize community consultation during the issuing of permits for power plants or other industrial projects, said Rachel Hamilton, a department spokeswoman.
The new private equity rules are only one part of the agency's strategy to handle the coming wave of bank failures.
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