UAE:Abu Dhabi Global Market Launches Public Consultation on Proposed Electronic Transactions Regulations
The Abu Dhabi Global Market have announced they have launched a public consultation paper on proposed Electronic Transactions Regulations. The consultation ends on 14 October 2020. The aim of the Regulations is to clarify e-signatures are enforceable and electronic records have an equivalent impact to physical copies. They highlight references to ‘writing’ in legislation include electronic form and therefore confirm the validity of electronic contracts. It comes as businesses and consumers are adapting to electronic dealings, including online contracting and e-signatures. Legal concepts have traditionally been based on the existence of a tangible or physical medium. Concepts like document, an ‘original’ or a ‘signature’ still remain relevant in legislation and need to be considered in today’s ever-changing digital environment, particularly when taking the impact of Coronavirus into account.