Benjamin Filaferro, Author at LexisNexis Middle East

Saudi Arabia: Penalties for Passport Betting Clarified

09/05/202209/05/2022
by Benjamin Filaferro

Saudi Gazette, 5 May 2022: Saudi Arabia’s General Directorate of Passports or Jawazat has clarified the penalties which will be imposed on those who bet on passports.

Offenders could be fined.

They could even have a travel ban imposed on them.

If an individual loses their passport, they should inform the nearest embassy or their representatives to the Kingdom.

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News developments

Egypt: Draft Food Waste Law Considered

09/05/202209/05/2022
by Benjamin Filaferro

Egypt Today, 4 May 2022: Egypt’s House of Representatives has considered a new draft food waste law.

It aims to regulate the disposal of food and encourage it to be redistributed, recycled and donated.

It aims to ban food which is edible and can be redistributed from being thrown away.

Anyone who wastes edible food will be fined between 100,000 and 500,000 Egyptian Pounds.

Under the law, a national programme will be established by the Egyptian Food Safety Authority and the Social Solidarity Ministry.

The disposal of unsold food at retailers will also be illegal and this food will have to be donated.

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News developments

Egypt: Income Tax Amendments Confirmed

05/05/202205/05/2022
by Benjamin Filaferro

Dostor, 2 May 2022: The Egyptian Finance Minister, Mohamed Maeit, has confirmed that amendments introduced in the Income Tax Law, which have been approved by the Council of Ministers and referred to the Parliament, aim at reducing the burden on nationals and stimulating investment.

The amendments include increasing the personal tax exemption limit from 9,000 to 15,000 Egyptian Pounds which would makes the annual total tax exemption limit 30,000 Egyptian Pounds. They also include an incentive for individuals to request electronic invoices and receipts, and an incentive for those who report tax evasion.

He also added that the amendments include some reforms which have been designed to invigorate the Egyptian Bursa such as simplified accounting benefits for investing individuals and establishments.

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News developments

Bahrain: Crowdfunding Regulations Issued

05/05/202205/05/2022
by Benjamin Filaferro

The National, 1 May 2022: The Central Bank of Bahrain has set new rules governing crowdfunding-based activities.

The move follows a comprehensive review of existing regulations and contains rules on both equity and financing-based crowdfunding, according to a report by Bahrain News Agency.

The new regulations include principles governing the conduct of operations by the platform, rules on platform offers and disclosures. Methods for avoiding conflicts of interest are also covered as are segregating client money from platform operators to ensure safe operation of the activity.

Crowdfunding is seen by the authorities in Bahrain as potentially providing new alternative sources of funding for new businesses and start-ups and it is hoped it will serve as a catalyst for the growth of these types of businesses. The new regulations are principles-based, simple, easily understood and contain the minimum safeguards required to ensure crowdfunding platforms do not pose excessive risk to the financial sector.

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News developments

Oman: New Banking Consumer Protection Guidelines

04/05/202204/05/2022
by Benjamin Filaferro

Oman Observer, 28 April 2022: The Central Bank of Oman (CBO) has issued a Financial Consumer Protection Regulatory Framework for licensed banks, and Finance and Leasing Companies (FLCs), in Oman.

The Framework follows the Central Bank’s strategy to protect customers and help support the economy and financial inclusion. It aims to ensure customers have access to financial services and help build consumer confidence in the sector. The framework covers five areas which are disclosure and transparency, fair treatment and business conduct, data protection and privacy, provision of dispute resolution mechanisms and provision of financial education and financial capability.

It covers the format and manner of disclosures in advertising and sales materials, disclosure of terms and conditions as well as requiring information on product risks, conflict of interests and key fact statements.

Contract notes and statements and notifications of changes in rates and terms and conditions are also covered. There are also requirements governing unfair terms and conditions, unfair practices, sales practices and considerations of product suitability.

In addition, customer data must be lawfully collected and used, and held securely. Internal complaints handling is also covered.

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News developments

Abu Dhabi Global Market Amends Fees Regime for Late Submission of Regulatory Returns

01/05/202201/05/2022
by Benjamin Filaferro

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has amended its fees regime in relation to the late submission of regulatory returns.

A flat fee of $500 where a regulatory return has become overdue has been adopted.

The scope of the regulatory returns which are subject to this fee have been amended.

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News developments

Kuwait: Banks Must Disclose Records of Specific Individuals and Institutions

28/04/202228/04/2022
by Benjamin Filaferro

Arab Times, 26 April 2022: Kuwait’s Central Bank has issued a Circular requiring some local banks to disclose records of specific individuals and institutions.

They relate to several accounts belonging to a marine equipment company.

They also relate to financial records of seven citizens going back eight years.

The Central Bank has issued the request following a request from the Public Funds Prosecution and Anti-Money Laundering.

The country’s Public Prosecution must be provided with all of the relevant information about the company accounts and the seven individuals for 1 January 2014 to 1 January 2021.

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News developments

Kuwait: Regulations to Protect the Rights of Technology Users Approved

27/04/202227/04/2022
by Benjamin Filaferro

Alqabas, 23 April 2022: Kuwait’s Communications and Information Technology Regulatory Authority has approved regulations to protect the rights of users of communications and information technology services.

Among other things, the regulations include an obligation to obtain explicit consent from the service requester when subscribing.

The consent may be in writing, oral, or via electronic message.

The licensee has to keep a copy of the subscriber’s consent.

Unwanted messages must be regulated, including the creation of a database to stop receiving these types of message if requested by subscribers. For dull story, click here.

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News developments

Saudi Arabia: Sharia Advisory Committee Established

27/04/202227/04/2022
by Benjamin Filaferro

Arab News, 22 April 2022: Saudi Arabia’s Stock Exchange or Tadawul has announced it will establish a Sharia Advisory Committee.

The Committee will help the Exchange offer new Sharia-compliant investment tools and products.

It will have representatives from the Kingdom’s largest financial institutions. They will include Bader Al Omar, Head of Jadwa Investment; Abdulrahman Al Ghusn, Associate in Alinma Investment and Abdullah Al Barrak, Senior Sharia advisor at Al Rajhi Capital.

They will help draft a unified Sharia-compliant rulebook which will be approved by the members’ respective Sharia boards.

They will also have responsibility for overseeing and approving the list of Sharia-compliant listed companies from time to time.

The Exchange will supervise the Sharia Advisory Committee but will not participate in the company screening and selection process.

They will not do this to ensure independence and transparency in decision making.

It will also consult the Committee as necessary on its products and services.

The Exchange will also work with IdealRatings to provide Sharia screening services of listed companies in the capital market in the Kingdom.

The list will be reviewed and approved by the Advisory Committee.

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News developments

Qatar: Amendments to Implementing Regulations to Civil Human Resources Law Approved

26/04/202226/04/2022
by Benjamin Filaferro

Al-Sharq, 20 April 2022: Qatar’s Cabinet has approved a draft Decision to amend the Implementing Regulations to the Civil Human Resources Law.

The amendments include increasing the value of marriage advances from 100,000 to 300,000 Riyals for all Qatari employees.

The aim is to encourage young Qataris to marry and help them do so.

They also approved a draft Ministerial Decision to define the entry and exit ports to the country.

Finally, they approved a draft agreement on mutual administrative assistance for the optimal implementation of the Customs Law and the suppression, investigation and control of customs crimes between Qatar and Azerbaijan. For full story, click here.

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