Tanya Jain, Author at LexisNexis Middle East

Bahrain: Central Bank Launches Financial Market Infrastructures and Payment Oversight Framework

10/01/202410/01/2024
by Tanya Jain

Bahrain’s Central Bank has launched a Financial Market Infrastructures or FMIs and Payment Oversight Framework.

The Framework outlines the key roles, objectives, expectations, powers, standards, approach and tools of the oversight function.

It has been launched to respond to developments that have affected the financial sector.

It has also been launched to strengthen the legal basis of protecting settlement finality and netting arrangements.

In addition, it has been launched to identify FMIs that should be overseen by the Central Bank.

It was developed by the Bank’s FMIs and Payment Oversight division. The oversight function is defined by the Principles for Financial Market Infrastructures by the Committee on Payment and Settlement Systems. Its main aim is to ensure financial stability by mitigating and lowering systemic risk and presenting core principles for effective banking supervision.

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News developments

French Legal Tech startup Jarvis Joins LexisNexis to Advance Law Practice Management

09/01/202409/01/2024
by Tanya Jain

LexisNexis acquires French startup Jarvis. This strategic acquisition cements LexisNexis’ position as a key innovator serving legal professionals.

Paris, January 8, 2024 – Jarvis has developed a collaborative SaaS platform that simplifies and automates cumbersome tasks for law firms. It includes matter management automated drafting of letters, court hearing tracking, deadline and client follow-up, and automated invoicing. This solution is available in several languages and handles different currencies and tax systems.

By acquiring Jarvis, LexisNexis augments its range of solutions with a law practice management platform. Jarvis will be marketed in Continental Europe, Middle East and Africa (CEMEA), optimizing workflows and productivity.

“Jarvis has engineered a solution that leverages technology to support law firm management. This strategic acquisition further demonstrates our commitment to delivering innovative solutions that empower legal professionals daily. Jarvis’ expertise in legal workflow solutions complements our offering” said Eric Bonnet-Maes, CEO of LexisNexis CEMEA.

Jarvis Legal Founder and CEO Alexandre Yérémian added: “Joining LexisNexis will accelerate our international rollout and ability to deliver increasingly innovative solutions to customers. We eagerly anticipate contributing to the ongoing advancement of legal technology with LexisNexis.”

This acquisition is part of LexisNexis’ strategy to facilitate decision-making, ensure legal security, and enhance productivity for legal professionals.

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News developments

UAE: New Media Law Approved

21/12/202321/12/2023
by Tanya Jain

Arabian Business, 18 December 2023: The UAE government has approved a new Media Law.

Federal Decree-Law No. 55/2023 has been issued to regulate the media sector and organise media activities in the country.

This includes radio, television, newspapers and cinemas in the country.

The Law applies to individuals, organisations, media outlets and free zones dedicated to media in the country.

It allows individuals and legal entities to own media institutions and outlets in line with specific regulations and conditions.

Media activities include the production, circulation, printing and publishing of media content as well as audio, video and digital broadcasting regardless of whether they are subscription-based or free-to-air.

This includes all affairs relating to the issuing and oversight of licences and permits for the execution of media activities by individuals, establishments, and media institutions, including radio and television broadcasting, cinema movies and creative productions, newspapers and publications, digital and electronic media activities, book fairs, foreign publications, foreign media offices, printing, circulating and publishing media content and aerial, ground, and maritime imaging operations.

In addition, the Law organises the UAE Media Council and local government entities responsible for regulating media affairs.

All media individuals and institutions operating in the UAE have to comply with the national media content standards.

These include respecting the divine, and Islamic beliefs, as well as all other religions and beliefs.

They also include respecting the country’s sovereignty, symbols and institutions and the supreme interests of the UAE and its society and respecting the directions and policies of the country nationally and internationally.

In addition, they include avoiding any actions that may have an adverse impact on the UAE’s foreign relations and respecting the culture and civilisation, national identity and values of the UAE community.

Media outlets and individuals must refrain from disseminating or circulating information that may offend or compromise national unity or social cohesion.

They also have to refrain from disseminating or circulating information that may incite violence, hatred or propagate a spirit of discord among society members or the UAE’s legal and economic system.

Justice and security must not be exploited or abused either and privacy rules and individuals’ private lives must be respected.

The publication, broadcasting or circulating of rumours, false and misleading news or the publication of any matter that may constitute instigation to commit crimes must be avoided.

The UAE Media Council will be responsible for issuing permits for the screening of cinematographic and other creative productions.

They will also be responsible for defining the classifications of the Media Content Rating System for print and creative productions. This includes books, video games and cinematic production.

In addition, the Council will be responsible for determining the age groups suitable to view media and entertainment content and for issuing permits to individuals providing advertising or media content on social media and other modern technical means regardless of whether they are subscription-based or free-to-air.

Licensed or authorised individuals and media outlets will have to be overseen and supervised by the relevant authority.

The Council will be allowed to conduct surveillance and inspection of persons, outlets and media institutions, including in free zones.

The UAE Media Council, together with the relevant authorities will promote the protection of intellectual property among individuals, establishments and media institutions in the UAE.

Individuals, organisations and media outlets will have w12 months from the date of the Decree-Law being published to comply with it and its Implementing Regulations.

This may be extended by a Cabinet Decision.

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News developments

Saudi Arabia: Implementation of Electronic Family Protection System Project Ongoing

21/12/202321/12/2023
by Tanya Jain

Twasul, 18 December 2023: The Undersecretary of the Human Resources and Social Development Ministry with responsibility for Rehabilitation and Social Guidance has confirmed the Ministry is continuing to implement the electronic family protection system project.

The aim of the project is to allow reports of domestic violence and child protection infringements to be submitted.

It is also aimed at allowing cases to be managed by analysing data.

It is being implemented to offer various measures to follow up on abused person cases. This includes organising six programmes to help rehabilitate them, integrate them into society and empower them socially and psychologically.

For the full story, click here.

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News developments

Qatar: Deeds with New Identity Issued

21/12/202321/12/2023
by Tanya Jain

Al-Sharq, 19 December 2023: The Real Estate Registration Department at Qatar’s Justice Ministry has announced it has started issuing new deeds with specifications that match the national identity, in terms of the State’s official logo, colours, font types and icons used.

They are designed with new specifications and features in terms of form and content.

The Department explained that the new deeds are distinguished by the quality of the designs, their security fingerprint and the fact they are printed on non-forgivable security paper.

The new deeds have the capacity to accommodate a larger number of owners compared to previous deeds.

They are distinguished by the quality of paper that is resistant to scratches and damage, as they have been enhanced with comprehensive sustainability characteristics and considering take the requirements of environmentally friendly initiatives into account.

To read more, click here.

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News developments

Dubai: New Standards for Engineering Excellence Initiative Introduced

21/12/202321/12/2023
by Tanya Jain

Al Watan, 19 December 2023: The Dubai Municipality has announced it has introduced new updates to the Engineering Excellence Initiative.

They have added the Owner’s Opinion standard, which provides opportunities for owners to evaluate the engineering consulting offices and building contracting companies which implement their projects.

A standard for distinguished projects with architectural artistic value and a standard for using Building Information Modelling systems have also been added.

They are minimum requirements for an engineering office to obtain a five-star rating.

The Municipality is looking to improve the level of trust between the owner and the consultant or contractor.

They are also looking to increase competition between companies specialising in building and construction.

This will subsequently positively affect the quality of construction projects in the Emirate.

For more information, click here.

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News developments

Abu Dhabi: Penalties for Privacy Violations Clarified

21/12/202321/12/2023
by Tanya Jain

Gulf News (United Arab Emirates), 17 December 2023: The Abu Dhabi Judicial Department has clarified the penalties which will be imposed on those who violate privacy.

Under Article 44 of Federal Decree-Law No. 34/2021 on tackling rumours and electronic crimes, anyone who uses an information network, an electronic information system, or an information technology means, to violate people’s privacy will be jailed for at least six months and/or fined between 150,000 and 500,000 AED.

Anyone who makes a modification or manipulation to a recording, image, or scene with the intention of defamation or abuse will be jailed for at least one year and/or fined between 250,000 and 500,000 AED.

Violations include recording, broadcasting, or disclosing conversations, communications, or audio-visual materials or taking, revealing, or preserving images of others,

They also include publishing news, electronic or photographic images, scenes, or comments, data or information, even if they are true, with the intention of harming an individual,

Finally, they include taking pictures of those who are injured or dead or accident victims and publishing them without the consent of those concerned and tracking or monitoring the geographical locations of others, or disclosing, transferring or keeping them.

The Department has launched a Respect for Privacy: a Right and Duty campaign to help improve awareness of privacy obligations and consequences.

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News developments

Saudi Arabia: Civil Transactions Law Now in Force

19/12/202319/12/2023
by Tanya Jain

Saudi Gazette, 17 December 2023: The Bureau of Experts at Saudi Arabia’s Cabinet has announced Saudi Arabia Cabinet Decision No. 820/1444 (the Civil Transactions Law) has come into force at courts across the Kingdom.

It has done so 180 days after it was published in the Official Gazette on 19 June 2023.

The Law regulates the provisions of contracts and financial transactions between individuals.

It also governs all civil transactions, unless there is a special law that regulates special transactions.

It covers definitions of natural and legal persons, things, funds, types of right, use of right and obligations in terms of personal rights such as sources of obligation, effects of obligation, descriptions incidental to the obligation, transfer of obligation and expiration of obligation.

It also deals with contracts, including contracts relating to ownership, contracts relating to benefit, contracts relating to work, partnership contracts, and guarantee and insurance contracts.

It details original real property rights and accessory real property rights and clarifies the jurisprudential rules.

It regulates the provisions of contracts and financial transactions in public daily life, such as contracts for sale, rent, and partnerships and sets provisions for compensation for damage in the event of an act by a person causing harm to others, such as damage to property or harm to an individual.

It also specifies the rules for determining the amount of compensation an injured individual is entitled to and outlines the rules and provisions that guarantee creditors the fulfilment of their rights from debtors.

It also balances the interests of creditors and debtors, regulates ownership provisions and clarifies the restrictions that apply to ownership, such as restricting the right of a neighbour not to use their right in a way that harms their neighbour.

It has been issued to promote the stability of transactions, reduce the reasons for invalidating or terminating contracts and expand contractual freedom.

Also reported in Okaz on 17 December 2023. Click here to read more.

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News developments

UAE: New E-commerce Law Approved

15/12/202315/12/2023
by Tanya Jain

Arabian Business, 7 December 2023: The UAE’s Economy Ministry has announced it has approved a new E-Commerce Law.

Federal Decree-Law No. 14/2023 has been approved to facilitate the growth of e-commerce in the country.

It integrates the roles of federal and local entities involved in e-commerce. It covers the requirements of the Central Bank on digital payment gateways, the requirements of the Federal Tax Authority and the requirements of the Telecommunications and Digital Government Regulatory Authority or TDRA.

In addition, it covers the cybersecurity requirements of federal and local entities and regulates the roles of the relevant federal and local entities in terms of the requirements and approvals required from the local entities concerned with the digital transformation of business activities and the e-commerce licensing requirements of economic development departments.

It will enable an authority fto be established to integrate supervisory, regulatory and judicial control operations and organises relations between merchants and merchants and digital merchants and consumers.

It applies to free zones in the country, including financial free zones, regarding activities that are not related to financial activities too.

Finally, it organises the relationship between parties of digital contracts and protects online consumers and relevant parties.

It aims to improve the business environment, facilitate business transactions, improve efficiency, reduce costs and promote stability in the sector.

It emphasises the central role of entities and authorities responsible for licensing and regulating e-commerce and associated logistic services and digital payment gateways in the country.

However, it does not impose any additional requirements on digital traders or other service providers.

It also protects consumer interests by safeguarding intellectual property rights and the purchase of goods or services via e-commerce channels.

It authorises trade conducted through modern technology and makes it similar to physical trade carried out.

It provides optional jurisdictions for dispute resolution, including arbitration as well and introduces an optional insurance coverage principle regarding obligations arising from trade through modern technology.

The Ministry developed the law with federal and local stakeholders as well as the private sector and relevant experts.

Also reported in Al Bayan on 7 December 2023. Click here to read more.

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News developments

Saudi Arabia: E-payments in Public Benefit Markets Are Mandatory

15/12/202315/12/2023
by Tanya Jain

Saudi Gazette, 11 December 2023: Saudi Arabia’s Environment, Water and Agriculture Ministry has announced it has issued guidelines to regulate the operation of public benefit markets and monitor the work of service providers.

Among other things, under the Agricultural Law using e-payments when buying and selling in public benefit markets is mandatory. The Saudisation rules also have to be complied with in line with government regulations. A licence has to be obtained from the Municipal, Rural Affairs and Housing Ministry as well.

In order to establish a new market in a city or governorate where there is an existing market, the new market has to demonstrate it has a comparative advantage over the existing market. The population in the area must also be proportionate to the number of markets wanting to establish in the city.

The capacity of the existing market must be insufficient to accommodate all activities as well.

When a new livestock market is being established, the fact they are outside the urban area must be taken into account.

When the market conforms to the previous standards, it is up to the Ministry to decide on the application.

An aerial photograph showing the location of the new market must also be attached to the application.

In addition, there are specific requirements for holding seasonal markets and auctions. These include that an entity that organises the market or auction bears all financial and organisational burdens. The seasonal market or auction must also not affect the movement and activity of the public goods market in the region.

All market stakeholders including wholesalers, retailers, distributors, service providers, cooperative societies and transporters have to register.

The relevant authority will determine the appropriate working days and hours for each market in the cities, governorates and their affiliated centres on regular and seasonal days such as Ramadan and Hajj.

A sign will also have to be placed clearly at the market entrances. This will have to indicate the operational days and hours as well as the days of the seasons, the name of the season and its start and end dates.

Agricultural product prices in the main markets in the Kingdom will be made through approved channels and platforms through the price controller assigned by the Environment, Water and Agriculture Ministry and its branches and offices.

Investors have to enter prices and quantity information through approved channels and platforms.

All market stakeholders have to place waste in designated places and waste containers and places exposed to pollution must be periodically cleaned and sterilised.

If the market is closed, air curtains will be put at the entrances. Insects, rodents, and stray animals will have to be controlled via mechanical and chemical methods and must not affect the safety of food products.

The Environment, Water and Agriculture Ministry will issue licences for shops, barns and stalls and permits for service providers and market workers affiliated with shops, firms and companies licensed to work in the market.

In terms of the transportation of agricultural products, quality and safety of agricultural products must be maintained.

Vehicle owners who fail to comply will be fined. Only healthy agricultural products should be permitted to enter and agricultural products which are unfit for human consumption should be destroyed.

Confiscated materials which are not fit for human consumption will be destroyed.

The Ministry will carry out periodic oversight of all stores, sheds, and barns on a daily basis and it is responsible for reporting visits and violations through approved channels.

Also reported in Al Riyadh on 10 December 2023. Click here to read more.

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