News developments Archives - Page 125 of 224

Oman: Details of Securities Law Published

23/06/202223/06/2022
by Benjamin Filaferro

Alroya, 20 June 2022: The new Securities Law has been published in the Omani Official Gazette.

Oman Sultani Decree No. 46/2022 aims to ensure fair, competitive and transparent regulation, support and encourage SMEs by regulating the access of these institutions to funding from the public.

It also aims to protect the interests of dealers, as well as ensure the integrity and efficiency of the stock market and achieve justice and transparency in the transactions that take place through it.

Article 34 of Oman Sultani Decree No. 46/2022 states it is illegal to carry out any harmful practices, which are dealing or inducing others to deal based on undisclosed internal information, as well as not disclosing any material information about a security that the law requires disclosure, as well as the misuse of undisclosed or confidential inside information to achieve personal goals or gains for others and publishing or giving incorrect or misleading information or data which may affect the price of any security or the reputation of any issuer or the investment decision of any dealer.

It is also illegal to tamper with any security by giving bogus orders or initiating an improper transaction. In addition, it is illegal to trade or allow the trading of securities without the periodic settlement of the related obligations in line with the regulations. For full story, click here.

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Bahrain: PPP Guide Approved

22/06/202222/06/2022
by Benjamin Filaferro

Bahrain’s Crown Prince and Prime Minister has issued Bahrain Edict No. 30/2022 promulgating a guide regulating public–private partnerships.

The Minister of Finance and National Economy will be responsible for issuing the edicts, instructions and guidelines necessary to implement the Edict.

This includes the technical and financial provisions and procedures to be taken into account by the administrative authorities while designing partnership projects or implementing them through partnerships.

The Ministry of Finance and National Economy will also be responsible for verifying the compliance with the provisions of the guide accompanying the Edict and the edicts, instructions and guidelines issued subsequently in line with it.

The Minister of Finance and National Economy and other relevant Ministers will be responsible for implementing the Edict.

It will be published in the Official Gazette and come into force on its published date in the Gazette.

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UAE: Penalties for Getting Paid to Publish Illegal or Fake Content Clarified

21/06/202221/06/2022
by Benjamin Filaferro

Alroeya, 17 June 2022: The UAE’s Public Prosecution has clarified the penalties which will be imposed on those who get paid to publish illegal content or fake information.

Under Article 55 of Federal Decree-Law No. 34/2021 anyone who requests, accepts, takes directly or indirectly, a gift or a financial or a moral benefit or has been promised one inside or outside the state in return for publishing or republishing illegal content or any fake information in the state using one of the information technology mediums will be jailed and fined up to two million AED.

The gift or financial benefit will also be confiscated. For full story, click here.

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Saudi Arabia: Intellectual Property Authority Opens Up Written Work Protection

20/06/202220/06/2022
by Benjamin Filaferro

Arab News, 16 June 2022: The Saudi Authority for Intellectual Property (SAIP) has announced the opening up of optional registration for written works, including computer software and applications, architectural, technical and applied artistic works, photographic and graphic works, and 3D topographic works.

The intellectual property authority has defined written works as those that are expressed in words of any kind, such as books and brochures of a literary, scientific or artistic nature. SAIP has added that books, poems, novels, articles, speeches, dissertations, school books and references, brochures and broadcast texts are all included in this optional registration.

The aim of registering written works is to encourage creative people, enhance competitiveness and maximise intangible assets.

The authority has added students can receive discounts on their registration applications and can benefit from all their services.

In order to register the written work submitted must be creative, original, distinguished, and expressive to thoughts and emotions, regardless of the quality of the content.

Requests to register copyright do not include written ideas, daily news, work diaries, procedures and abstract facts, as these are excluded from the copyright protection system.

SAIP provides its services through official channels, including its website (saip.gov.sa), direct number (+966920021421), through email and through its social media accounts.

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Qatar: Draft Law Limiting the Use of Cash in Transactions Approved

20/06/202220/06/2022
by Benjamin Filaferro

The Peninsula, 15 June 2022: Qatar’s Cabinet has approved a draft law regulating the use of cash in transactions.

It aims to limit the use of cash in some transactions, which exceed a certain amount and to avoid risks related to dealing in some areas.

It has been referred to the Shoura Council to consider.

They also approved a draft law on the protection of victims witnesses, and other cooperating people.

It confirms the importance of providing the necessary protections to groups covered by protection, and in fulfilment of the relevant international agreements.

They also approved Emiri decisions on the organisational structures of Ministries and a draft Ministerial Decision approving 121 regional technical regulations as Qatari technical regulations.

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Oman: New Regulations on Car Shades

17/06/202217/06/2022
by Benjamin Filaferro

Oman Daily Observer, 14 June 2022: The Minister of State and Governor of Muscat has issued Resolution No. 134/2022 regulating parking shades outside residential buildings in the Governate.

The new regulations will come into effect as soon as they are published in the Official Gazette. They are based on Oman Sultani Decree No. 101/2020 and Oman Local Order No. 23/1992. They state that vehicle shades cannot be erected outside the boundaries of a residential building without first obtaining permission from the civic authority. Vehicle shades cannot be erected at all outside residential buildings in certain areas including the Al Sarooj area or streets specified in Annex 1 to the regulation or main streets of over 30 meters or double streets. They can only be erected if they leave a distance of at least one meter between the edge of the shade and the street. In addition, the height of the canopy should not exceed 2.4 meters from the lowest part of the interior of the canopy to the parking floor or 3m to the highest part of the canopy.

The Regulations also specify the material canopies should be made from and their colours.

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Dubai: Operational Controls for Remotely-operated Marine Crafts and Vessels Approved

17/06/202217/06/2022
by Benjamin Filaferro

Following directives from the Chairman of the Dubai Council for Border Crossing Points Security, the Dubai Maritime City Authority at the Ports, Customs and Free Zone Corporation has announced it has amended the regulations relating to the registration and licensing controls for remotely-operated marine crafts and vessels.

They have also amended the operational requirements for them.

They have done so to ensure the regulations in this area align with the highest international standards and best practices.

They have also been introduced to develop the maritime sector in the Emirate and create a safe and sustainable maritime sector there as well as improve the performance, safety, efficiency and competitiveness of the sector.

They include a number of operating controls for remotely-operated marine crafts and vessels, including compliance with all treaties, regulations and laws issued by the International Maritime Organisation related to the outputs of the Maritime Safety Committee circular and its amendments.

They also include a requirement to coordinate and obtain approval from the Dubai Maritime City Authority on the time and place of operation first.

Under the regulations, an inspection report and a safety certificate from an approved technical body has to be obtained. This will validate the safety of remotely-operated marine crafts or vessels in situations where communication and control are lost.

Marine crafts and vessels have to operate in line with best international practices and follow guidance in international operating codes.

In addition, operators have to provide a comprehensive risk assessment report when registering the marine craft or vessel based on the nature of operation, the size of the vessel or craft and the area of operation.

The report must be approved by the Maritime City Authority.

There must be adequate insurance coverage to protect people and property from loss and damage. The value of the coverage for a single accident should not be less than 10 million AED.

Marine crafts and vessels should comply with all requirements and standards set by the Authority on testing and operating remotely-operated crafts or vessels.

An emergency plan which details the potential risks of operating remotely-operated marine crafts and vessels should be prepared.

They should also be equipped with communication and sensor devices and day and night cameras to ensure safe operation.

The regulations apply to both remotely-operated marine vessels and marine crafts used in research, experiments and monitoring within specific geographic areas of the Authority.

They also apply to marine crafts used to transport passengers or goods and which sail within specific water areas and shipping lines approved by the Authority.

The regulations do not apply to autonomous marine devices, regardless of their dimensions and the purpose they are going to be used for.

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Saudi Arabia: National Project Management Guides Introduced

15/06/202215/06/2022
by Benjamin Filaferro

Arab News, 13 June 2022: Saudi Arabia’s Finance Minister has announced a National Guide to Project Management has been introduced.

It has been introduced to increase efficiency in the Kingdom.

It was introduced by the Government Expenditure & Projects Efficiency Authority.

It was prepared to ensure it complies with the best local and international standards and practices.

It includes 16 volumes. Each specialises in a specific project management function. This will help public authorities plan, implement and move from one phase to another.

The Authority has also introduced a National Guide for Asset and Facilities Management. It includes 17 volumes. Each focuses on a specific function of asset and facilities management.

It covers six key sectors of Government assets and efficiency. It is considered to be the first technical reference of its kind in guiding public authorities on ways to optimally utilise the resources of asset management and facilities for each entity.

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Saudi Arabia: Implementing Regulations to Civil Status Law Amended

14/06/202214/06/2022
by Benjamin Filaferro

Saudi Gazette, 10 June 2022: The Saudi Arabian authorities have approved amendments to the Implementing Regulations to the Kingdom’s Civil Status Law.

Under the amendments, national ID cards have to display the full name of the holder in English.

The card also has to include the date of birth of its holder and the date of expiry of the card according to the Hirj and Gregorian dates.

The amendments apply to all digital and printed civil status documents, including family records, birth certificates and death certificates.

Government and non-Government agencies whose work requires verification of the national identity must not accept photocopies of the ID.

The personal picture in the ID has to be new, coloured with a white background, clear and show all facial features. The individual must not be wearing glasses or contact lenses.

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Saudi Arabia: Communications and Information Technology Law Approved

13/06/202213/06/2022
by Benjamin Filaferro

Saudi Gazette, 9 June 2022: Saudi Arabia’s Cabinet has approved a Communications and Information Technology Law.

Under the Law, service providers and digital content platforms have to conclude agreements between them to ensure the protection of cybersecurity and critical infrastructure.

Violators could have their licence suspended or be fined up to 25 million Riyals.

Service providers have to take all necessary measures and make arrangements to ensure the protection of the confidentiality of the user’s personal information and documents and not disclose them without their consent.

Service providers also have to inform the user immediately about this if their information and documents have been compromised in any way and take the necessary measures to protect them.

The National Cybersecurity Authority is responsible for introducing the appropriate framework for announcing, promoting or amending price tariffs, or entering into agreements with a service provider outside the Kingdom to provide international roaming or any other service, or to establish, sell, or promote or use calling cards.

Telephone calls and information sent or received through public telecommunication networks must be kept confidential and may not be viewed, listened to, or recorded except in cases specified by the regulations.

No one must possess, sell, lease, manufacture, produce or circulate any device, hardware, tool, service, system, programme, or anything similar, related to telecommunications or information technology which does not comply with the approved technical specifications and standards or with the requirements and controls set by the Authority.

Anyone who engages in any practice which undermines competition in the communications and information technology sector, or damages, infringes or cuts telecommunication networks, or benefits from them in illegal ways, or disrupts communications or prevents the exchange of information in general will also be committing an offence.

Penalties will be imposed on those who commit these crimes intentionally or negligently, or possesses any communication and information technology devices without obtaining the necessary licence.

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