News developments Archives - Page 170 of 223

Oman: Extension to Reconcile Non-Omani Employees Situations Announced

04/12/202004/12/2020
by Benjamin Filaferro

Oman’s Labour Minister has announced they have issued Oman Ministerial Decision No. 232/2020 on Omanisation and Professions and Visas of Foreign Workers. It gives employers between 6 December 2020 and 6 January 2021 to reconcile the situations of their non-Omani employees. The extension has been given to particular situations including, non-Omani employees who need to transfer to another profession because their current profession has been given to an Omani national and need to amend their details accordingly. Other illegible transfers of non-Omani employees include the transfer from a suspended profession to another and the transfer from a lower profession to a higher one or vice versa. The Decision also allows employers to amend the wages of non-Omani employees in line with the approved employment contract.

Kuwait: Online Service Launched for Issuing General Import Licences

04/12/202004/12/2020
by Benjamin Filaferro

According to local newspaper reports, Kuwait’s Commerce and Industry Ministry has announced it has launched an online service for the issuing of general import licences. Applicants can apply via http://eapp.moci.gov.kw/. All companies have been urged to use the e-service. It is part of the Ministry’s digitalisation efforts.

Bahrain: Tougher Penalties for Eavesdropping and Spying Proposed

04/12/202004/12/2020
by Benjamin Filaferro

The Foreign, Defence, and National Security Affairs Committee of Bahrain’s Parliament has proposed tougher penalties for eavesdropping and spying. They have proposed a draft law to this effect. If approved, it will mean those violating the personal or family privacy of others by eavesdropping, spying in any way or form, or taking photos of videos directly of a person in an inappropriate situation or in a private place will be jailed and/or fined up to 1,000 Dinars. They have also proposed amendments to the country’s Penal Code, to increase the penalties for those who incite pedestrians to make immoral gestures, utter immoral words or anything else on public roads or a popular location. If approved, those found guilty would be jailed for between three and six months or be fined between 100 and 500 Dinars.

UAE: Abu Dhabi Global Market Launches Public Consultation on Third Party Financial Technology Provider Regulatory Framework

04/12/202004/12/2020
by Benjamin Filaferro

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has launched a public consultation on a proposed regulatory framework for third party financial technology or FinTech services in the Global Market. It ends on 7 January 2021. Third Party Providers do not hold their customers’ funds but instead act as intermediaries in the relationship between customers and other financial institutions. In other jurisdictions like the UK and Australia, the growth of these entities has been accompanied by the introduction of Open Banking and Open Finance frameworks, which give customers more control over their data. The proposed regulatory framework prepares and regulates these FinTech firms to work with financial institutions in a secure and efficient way. This will protect the data and interests of their customers. It also provides a strong foundation on which to build an Open Finance strategy to support business growth and financial innovation in the digital platform economy.

KSA: Saudi Arabian Monetary Authority will be renamed the Central Bank of Saudi Arabia

27/11/202027/11/2020
by Benjamin Filaferro

Saudi Arabia’s Cabinet has approved the Saudi Central Bank Law. It means the Saudi Arabian Monetary Authority will be renamed the Central Bank of Saudi Arabia. They will report to the King but will still have financial and administrative independence, in line with the international practices of central banks. All of the obligations and rights of the Saudi Arabian Monetary Authority will be transferred to the Central Bank.

Qatar: Financial Centre Announces New Policy for Licensing of Global Law Firms

27/11/202027/11/2020
by Benjamin Filaferro

Qatar’s Financial Centre has announced a new policy on providing legal services in the Centre for new applicants. It comes into force immediately. It sets out the conditions to new applicants looking to provide legal services in or from the Centre. Under the new guidance, international law firms can be licensed in the Centre if they are ranked by Legal 500, Chambers and Partners, or a similar reputable ranking acceptable to the Centre’s Authority, the firm will conduct most of its operations from Qatar and at least 51% of the entity’s activities in the Centre are attributed to activities undertaken in Qatar. In addition, the firm will have to have at least three full-time lawyers on the ground whose individual salaries are at least 15,000 Riyals each and the firm will occupy an office with a minimum of eight square metres per person. Exemptions may be made at the Centre’s Authority’s discretion. Firms which have a strategically important substantial contract with the Government or subcontracts, where the Government is not a party will not be exempt.

Oman: Courts Experts Regulatory Charter Amended

27/11/202027/11/2020
by Benjamin Filaferro

Oman’s Justice and Legal Affairs Minister has issued Oman Ministerial Decision No. 18/2020 amending the regulatory charter for the court’s experts. The amendments replace Articles 28, 42 and 46. Under the amendments, a committee for experts affairs will be established. It will be chaired by the Undersecretary of the Ministry and the general director of justice affairs, chairman of the public department for courts and the manager of the experts affairs department will be members. Experts who want to have their names registered in the experts lists will have to submit a request to the department and they will present the application to the experts affairs committee.

Kuwait: Charter of Accounting Companies Law Issued

27/11/202027/11/2020
by Benjamin Filaferro

Kuwait’s Trade and Industry Ministry has issued a charter regulating the companies who offer accounting and auditing services. Under the charter, the minimum threshold for companies offering accounting and auditing services should be at least 10,000 Dinars. The license will last for four years and the company will have to have insurance cover of between 250,000 and one million Dinars. This will have to be provided by a local or global company with branches in Kuwait. The insurance policy should cover professional mistakes by partners or employees. In addition, under the charter, a partner or shareholder cannot be a partner or shareholder in another company which offers accounting services or in a company which offers auditing services.

Kuwait: Penalties for MPs Who Fail to Make Financial Disclosures Announced

20/11/202020/11/2020
by Benjamin Filaferro

Sources have confirmed MPs who have not been re-elected or those who decided to not put themselves through forward in the upcoming election will have to submit their financial disclosures within 90 days of leaving Parliament. Re-elected MPs will have to submit their disclosures within 60 days from the date on which they complete three years since submitting the last disclosure. MPs elected for the first time will be requested to submit their disclosures to Nazaha within 60 days of becoming MPs. Fines for delays in submitting the final disclosures will be 5,000 Dinars and if the delays are more than 90 days, a jail term of at least three years and a fine of between 3,000 and 30,000 Dinars will be issued to them.

Saudi Arabia: Intellectual Property Authority Launches Collective Trademarks Service

20/11/202020/11/2020
by Benjamin Filaferro

Saudi Arabia’s Authority for Intellectual Property has announced it has launched a service to allow the registration of collective trademarks. The service has been launched in line with international practices. Those interested in using the service should visit the Authority’s website to register.