Benjamin Filaferro, Author at LexisNexis Middle East

Saudi Arabia: Regulatory Framework for Equity Crowdfunding Approved

28/09/202228/09/2022
by Benjamin Filaferro

Saudi Arabia’s Capital Market Authority has approved a regulatory framework for equity crowdfunding.

They have issued an appropriate Decision to this effect.

Under the Decision, the Capital Market Institutions Regulations, Investment Accounts Instructions, Rules on the Offer of Securities and Continuing Obligations and the Glossary of Defined Terms Used in The Regulations and Rules of the Capital Market Authority have been amended.

They will allow Capital Market Institutions who are authorised to arrange activities to offer securities via Equity Crowdfunding platforms and hold their clients’ money in the course of securities crowdfunding.

They also specify the requirements for custody of clients’ money received by capital market institutions which are authorised to carry out arranging activities in the course of carrying out securities crowdfunding and opening and operating investment accounts.

They aim to support financial technology innovations in the capital market by setting out a regulatory framework for equity crowdfunding, including determining the requisite authorisation for capital market institutions to carry it out and enabling companies which have a Financial Technology Experimental Permit (FinTech ExPermit) to obtain the appropriate authorisation to practice as a capital market institution, in line with the relevant international best practices.

The amendments will come into force on their published date.

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News developments

UAE: Cooperatives Decree-Law Issued

28/09/202228/09/2022
by Benjamin Filaferro

Al Bayan, 27 September 2022: The UAE’s President has issued Federal Decree-Law No. 6/2022 regarding cooperatives.

Its provisions will apply to established or existing cooperatives when the Decree-Law is issued.

The Decree-Law aims to improve the role of cooperatives in achieving sustainable development, regulate the licensing and work of the cooperative sector and its activities in the country and enable community members to establish cooperatives.

Under the Decree-Law, cooperatives can allocate a percentage of their annual profits or accumulated profits to social responsibility after the approval of the competent authority and the issuance of a decision by the General Assembly.

The cooperative must also disclose its profits on its website.

The Cabinet will issue the Implementing Regulations to the Law based on a Ministerial proposal within six months from the implementation date.

For the full story, click here.

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News developments

The Qatar Lawyers Association participates as a partner at the Qatar Business Law Forum Conference 2022 – 7th Edition!

28/09/202228/09/2022
by Benjamin Filaferro

LexisNexis Middle East is pleased to announce that the Qatar Lawyers Association will partner with us at the Qatar Business Law Forum Conference, Awards Ceremony & Gala Dinner 2022 – 7^th Edition being held on 12 October 2022.

The conference is designed for in-house counsel and will cover Qatar’s latest legal developments and trends. It will be held in English and Arabic (simultaneous translation).

We hope you will join us for this unique and exclusive opportunity to meet existing and potential clients on 12 October 2022 in Doha, Qatar. For more information, visit www.qatarbusinesslawforum.com.

News developments

Saudi Arabia: Saudisation to be Implemented in Fun Cities

27/09/202227/09/2022
by Benjamin Filaferro

Saudi Gazette, 25 September 2022: Saudi Arabia’s Human Resources and Social Development Ministry has announced it will implement Saudisation in fun cities.

The programme is also being implemented in amusement parks.

The programme started to be implemented on 24 September.

Under the Decision, the new programme covers 70% of jobs in independent and seasonal fun cities and family entertainment centres.

It covers 100% of jobs in entertainment cities within closed commercial complexes or malls.

The Ministry has published the appropriate procedural guide on its website.

The guide states the Decision does not conflict with the Saudisation rates previously specified for various professions, which apply to the firm’s total employees in line with the Nitaqat Saudisation program.

It also states the Saudisation percentage will be calculated after subtracting workers who belong to the professions exempted.

Those who do not comply will be penalised—also reported in Okaz on 25 September 2022.

For the full story, click here.

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News developments

UAE: Penalties for Keeping Lost Property Clarified

26/09/202226/09/2022
by Benjamin Filaferro

Khaleej Times (United Arab Emirates), 22 September 2022: The UAE’s Public Prosecution has clarified the penalties imposed on individuals who find lost property and keep it for themselves.

Under Article 454 of Federal Decree-Law No. 31/2021, they will be jailed for up to two years or fined at least 20,000 AED.

Those who find lost and/or abandoned property must give the property or money to the police within 48 hours and may not take ownership of them.

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News developments

UAE: Fines for Illegal Stay Clarified

26/09/202226/09/2022
by Benjamin Filaferro

Alkhaleej, 23 September 2022: The UAE authorities have clarified the fines imposed on those who stay illegally in the country.

Under the Implementing Regulations to the Law on the Entry and Residence of Foreigners, offenders will be fined 100 AED each day they stay illegally in the country.

In some cases, the fines will be imposed from the day following the expiry of the period in which the individual is permitted to reside in the country after their residence permit is cancelled or has expired.

A decision will be issued by the Chairman of the relevant Authority for each category of residents to determine those periods, provided they do not exceed six months from the date of cancellation or expiry of the residence permit in total.

For the full story, click here.

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News developments

UAE to Enforce Rulings by UK Courts

23/09/202223/09/2022
by Benjamin Filaferro

Khaleej Times (United Arab Emirates), 21 September 2022: The UAE’s Justice Ministry has issued a Decision to ensure judgments issued by English courts are enforced in the country.

Under the Decision, courts in the UAE have to take all of the legal steps required to acknowledge and enforce orders by English courts.

The Decision covers financial cases and asset division disputes between couples or family members.

Before being submitted to a judge at one of the country’s civil courts, an English court ruling must be final and irrevocable.

UK rulings must not conflict with a UAE court judgment.

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News developments

Saudi Arabia: Non-Terrestrial Network Regulations Issued

21/09/202221/09/2022
by Benjamin Filaferro

Al Madina, 20 September 2022: Saudi Arabia’s Communications and Information Technology Commission has issued three regulatory documents for non-terrestrial networks (NTN).

The documents are regulations for the provision of non-terrestrial networks or NTN services, regulations for the provision of telecommunication services over non-terrestrial networks or NTN and regulations for the registration of telecommunications space stations.

They are aimed at enabling non-terrestrial networks and creating a regulatory environment which boosts investment and facilitate the adoption of the latest wireless technologies.

For the full story, click here.

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News developments

UAE: Penalties for Companies Failing to Comply with Changing Trade Name Rules Clarified

21/09/202221/09/2022
by Benjamin Filaferro

Alkhaleej, 19 September 2022: The penalties for companies failing to comply with changing trade name rules have been clarified.

Under Cabinet Decision No. 78/2022 related to the list of administrative sanctions for acts committed in violation of Federal Decree-Law No. 32/2021 regarding commercial companies, penalties will be imposed on companies and institutions operating in the UAE in the event of non-compliance with changing their trade name.

Violating companies and institutions will be fined 500 AED a month and up to 10,000 AED annually.

Limited liability companies will be fined 500 AED a month and up to 5,000 AED annually.

Private and public joint stock companies will be fined 1,000 AED a month and up to 10,000 AED annually.

The fine will be calculated after the expiration of 30 working days from the date of notification of the decision.

For the full story, click here.

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News developments

UAE: Judgments From Great Britain and Northern Ireland Can be Enforced

19/09/202219/09/2022
by Benjamin Filaferro

The UAE’s Justice Ministry has announced that judgements issued in Great Britain and Northern Ireland can be enforced in the UAE.

They can be in line with the reciprocity principle in the Treaty between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates on Judicial Assistance in Civil and Commercial Matters.

This principle is contained in Article 85 of Cabinet Decision No. 57/2018.

The move follows the English Courts’ enforcement of a Dubai judgement in the case of Lenkor Energy Trading DMCC v Puri (2020) EWHC 75 (QB) (Lenkor).

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