UAE: Regulations to Federal Decree-Law on Commercial Register Approved
Al Bayan, 7 July 2022: The UAE’s Cabinet has approved the Implementing Regulations to the Federal Decree-Law on the Commercial Register (Federal Decree-Law No. 37/2021).
The regulations will ensure the provision of a comprehensive national economic database on economic activities and links with all licensing authorities in the country, including free zones.
It will also ensure the commercial registry is linked with the economic registry in the Ministry of Economy.
The Cabinet also approved a new Financial Leasing Law.
The aim is to expand the base of financing and lending in the country through financial leasing operations.
The Law states the Central Bank will be responsible for regulating, licensing and supervising the financial leasing activity practiced by banks and companies subject to regulation by it in line with the legislation in force in the country.
In addition, the Cabinet has approved a Decision linking UAE commercial banks with the Afaq payment system. For full story, click here.
To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.
Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.