April 2018 - Page 2 of 2 - LexisNexis Middle East

Ras Al Khaimah: Government Launches Petroleum Licensing Round

07/04/201811/12/2019
by Benjamin Filaferro

Ras al Khaimah’s Government has announced it has formally established the Emirate’s Petroleum Authority. The Government has also announced they have officially launched the Emirate’s first petroleum licensing round which will be supported by the Emirate’s Oil Company, RAK Gas. Bids will be invited until November 2018 and data rooms cam be reserved in the Emirate and London. The Authority will be responsible for the licensing round tendering process and the management of petroleum rights.

News developments

Abu Dhabi City Municipality Urges Contractors to Expedite Registration of Property Units

07/04/201811/12/2019
by Benjamin Filaferro

Abu Dhabi City’s Municipality has urged all contractors to register their property units as early as possible. The Municipality has also called on property owners to respond to property developer requests regarding their updated details and documents. The Municipality’s calls follow the issuing of Abu Dhabi Circular No. 2/2018 which gave all property developers until 14 March 2018 to complete any outstanding cases and register all property deals in the Municipality’s Property Register. The aim is to facilitate the implementation of the Emirate’s Real Estate Law (Abu Dhabi Law No. 3/2015) which came into force on 1 January 2016.

Weekly Spotlight

New Consultation Launched by the QFC Regulatory Authority to Amend General Rules

01/04/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on regulatory developments in the Qatar Financial Centre (QFC), where the QFC Regulatory Authority has launched a consultation on proposals to introduce requirements for rule-based ongoing monitoring of close links and annual reporting of these links for QFC authorised firms. The consultation ends on 9 May 2018. These proposals are relevant to all QFC authorised firms and if approved would apply from July 2018.

The Regulatory Authority is proposing to amend the General Rules to include ongoing requirements relating to an authorised firm’s close links, including introducing systems and control requirements for the ongoing monitoring of changes to an authorised firm’s close links. They are also proposing requirements for authorised firms to submit an annual report to the Regulatory Authority about its close links (to be submitted with the annual controllers report). In addition they are suggesting a new definition for close links in Chapter 8 of the General Rules which would expand monitoring and reporting requirements to links between two or more persons who are linked through a holding or subsidiary company structure or through ownership or control of 10% or more of their voting rights or shares. Finally they are proposing clarifying the application of various Parts of Chapter 8 of the General Rules and consequential changes to the Interpretation and Application Rules 2005.