Benjamin Filaferro, Author at LexisNexis Middle East

Weekly Spotlight: ADGM Courts Issue Litigation Funding Rules

21/04/201911/12/2019
by Benjamin Filaferro

Abu Dhabi Global Market’s Courts have issued the Litigation Funding Rules. They have come into effect immediately. They are the first of their kind in the region and are designed to provide parties and funders with greater certainty on the enforceability of funding arrangements in proceedings for resolving disputes.

They have been issued following growing interest in third party funding of parties to manage their litigation and arbitration proceedings. Amongst other things, the Rules state a Funder’s principal business must be in funding proceedings to which the Funder is not a party and the Funder must have qualifying assets of at least $5 million. In addition, the Litigation Funding Agreement must contain some minimum terms including to ensure there are no conflicts of interest, the Funder’s involvement in the settlement of proceedings and the Funder’s obligations about dealings with lawyers.

Updated anti-money laundering rules are also now in force in the Global Market as well. It comes ahead of an assessment of the UAE by the Financial Action Task Force this summer. The updated rules also cover anti-terrorist financing.

The Litigation Funding Rules are now available on Lexis Middle East : https://www.lexismiddleeast.com/regulatory/AbuDhabiGlobalMarket/ADGM_ADGM_Litigation_Funding_Rules_2019/

News developments

Kuwait CMA Holds Awareness Campaign for Launching Qualifications Exam Project

20/04/201911/12/2019
by Benjamin Filaferro

Kuwait’s Capital Market Authority has announced it is launching an awareness campaign for its qualifications examinations project for registered employment positions. The project is being launched with the Chartered Institute for Securities & Investment. The project will result in the Professional Qualifications Programme which the Authority will implement by 30 September 2019.

News developments

Bahrain: Draft Law to Regulate Hygiene Approved

20/04/201911/12/2019
by Benjamin Filaferro

Bahrain’s Shoura Council has approved a draft law to regulate hygiene, following Bahrain Royal Decree No. 86/2014. It will apply to waste and its transportation and disposal. It will also cover waste dumping and depositing waste in incorrect facilities. In addition, it will ban abandoning scrap vehicles on streets and leaving vehicles in public streets and squares to sell. Finally it will allow waste to only be transported by licensed companies and institutions.

News developments

Oman: Bank Resolution Framework Issued

20/04/201911/12/2019
by Benjamin Filaferro

Oman’s Central Bank has issued a Bank Resolution Framework which sets out the recovery and resolution regime for the Sultanate’s banking sector. It will apply to all banks who are designated as important domestic banks by the Central Bank. The Bank at its discretion may apply all or parts of the framework to any other bank licensed by it. The aim is to prepare banks for self-recovery and in the relevant circumstances allow the authorities to help them with minimal disruption to them and the wider banking sector and at the lowest possible cost.

Weekly Spotlight

Weekly Spotlight: The UAE Announces Changes to Guarantees System for Domestic Workers

14/04/201911/12/2019
by Benjamin Filaferro

UAE officials have announced changes to the country’s guarantees system for domestic workers. Under the changes, domestic workers will now be able to be replaced or the hiring fees fully or partially refunded within the two-year recruitment contract.

The guarantee for those domestic workers who are recruited through the Tadbeer system has been extended to two years, in line with the Implementing Regulations to the Domestic Workers’ Law. The Law had previously granted a six-month guarantee period during which time an employer could get their recruitment fees refunded or replace a worker.

Under the new rules full recruitment fees will be refunded or an employee is replaced as an employer may want during the first six month of the contract or the probationary period in the event of termination of the contract by an employee illegally, quitting without an acceptable reason, the employee being unfit or unable to carry out their duties as required and agreed on.

After the probationary period and up to the end of the recruitment contract, part of the recruitment fees will be refunded if an employee terminates the contract illegally or quits without an acceptable reason. The amount refunded will be calculated on the basis of the remaining period of the contract. Recruitment firms will have to refund the fees to an employer within a month of the date an employer returns an employee or reports their absence from work. Where an employer specifically named a domestic worker to be recruited and the recruiting firm hired them, no recruitment fees will be refunded.

News developments

Qatar Central Bank Issues Decision on Services of Supporting Insurance Providers

13/04/201911/12/2019
by Benjamin Filaferro

The Governor of Qatar’s Central Bank has issued a Decision on the instructions for licensing, organising and supervising the services of supporting insurance providers, in line with Qatar Law No. 13/2012. Qatar Decision No. 7/2019 came into force on 1 April 2019. Amongst other things, they establish a code of conduct for their operations and ensure insurance providers meet their obligations under the Decision. They also cover licensing procedures and the requirements to practice as an insurance provider. Those entities affected have to comply with the Decision and the relevant authorities have to implement the Decision.

News developments

Kuwait: Indemnity Changes Under Consideration

13/04/201911/12/2019
by Benjamin Filaferro

Senior Kuwaiti Government officials have confirmed there is a Parliamentary consensus on amending Kuwait Law No. 17/2018 which includes amendments to Kuwait Law No. 6/2010 (the Private Sector Labour Law). The proposed amendment states Kuwaiti nationals are entitled to full indemnities at the end of their service without employers deducting sums from their salaries to pay for the Public Authority for Social Security subscription. Indemnities will be paid in full by the current employer at the end of their service retrospectively actively from the date of Kuwait Law No. 6/2010 being implemented.

News developments

Bahrain: Final Consultation on Batelco Split Launched

13/04/201911/12/2019
by Benjamin Filaferro

Bahrain’s Telecommunications Regulatory Authority has launched a final consultation on the reference offer of the split Batelco entity. The consultation ends on 25 April 2019. The new wholesale-only entity (NBNetco BSC) will be formed by the separation of Batelco into two distinct entities. NBNetco will operate and deploy the single national broadband infrastructure in the Kingdom. This is how all telecom services including 5G will be provided. Service providers must therefore be granted access to the infrastructure on fair and reasonable terms.

News developments

Egypt: Implementing Regulations to Consumer Protection Law Published

08/04/201911/12/2019
by Benjamin Filaferro

The Chairman of Egypt’s Consumer Protection Authority has announced the Implementing Regulations to the country’s Consumer Protection Law have been published. The Implementing Regulations to Egypt Law No. 181/2018 are contained in Egypt Regulation No. 822/2019. The Regulations emphasise the importance of informing consumers about all basic data on products, which is the consumer’s right to know before purchasing. It covers obligatory provisions by sellers or service providers of an invoice. They also cover the rights of consumers to recover or replace products within 14 days and within 30 days in the event of a product defect.

News developments

Saudi Arabia: New Investment Bank for SMEs to be Established

08/04/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Trade and Investment Minister has announced a new bank for Small and Medium Enterprises will be established. The Minister confirmed permission to open the bank has been issued and relevant bodies will have to cooperate with the International Bank to prepare the necessary study. He added the law for Competition and Procurement are being finalised and will empower SMEs.