News developments Archives - Page 174 of 226

Abu Dhabi: Global Market Signs FinTech Cooperation Agreement with Israel Securities Authority

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

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has signed a FinTech cooperation agreement with Israel’s Securities Authority. The agreement is a first in the region and provides a framework for information sharing and facilitating the movement of start-ups, knowledge and talent between the two countries. The two bodies will work together to promote economic growth in financial services by adopting new technology and boosting their respective FinTech sectors. The agreement will allow information on trends, services and products to be exchanged and facilitate the collaborative development of FinTech initiatives between the two bodies. Both jurisdictions will also work together on professional knowledge transfer, accelerator programmes and promote the development of relevant technologies, like digital payments and blockchain. The agreement will also allow FinTech start-ups to access information from the respective jurisdictions through a single point of contact.

Saudi Arabia: Draft Implementing Regulations to Mining Investment Law Published

13/11/202013/11/2020
by Benjamin Filaferro

Saudi Arabia’s Industry and Mineral Resources Ministry has announced it has published draft implementing regulations to the Mining Investment Law. They have launched a public consultation on them and this ends on 30 November. The Ministry will then review the proposals and feedback and make any appropriate changes. The announcement follows the report last week that the authorities are looking to accept new mining license applications next month.

Qatar: Supreme Judicial Council Establishes New Departments

13/11/202013/11/2020
by Benjamin Filaferro

Qatar’s Supreme Judicial Council has announced it has established new departments. The new departments will be part of the Court of Cassation and Court of Appeal and there will be two new appeal-hearing chambers. A new criminal department will be established in the Court of Cassation. There will also be a chamber to hear implementation disputes and a specialist department for reviewing pretrial appeals.

Oman: International Agreements Portal Launched

13/11/202013/11/2020
by Benjamin Filaferro

Oman’s Justice and Legal Affairs Ministry has announced it has launched an Oman Portal for International Agreements or Duwaly. It will provide agreements in Arabic and English. It is part of the Omani Government’s digital transformation plans and will make information about international agreements and treaties which have been signed by the Sultanate or which the Sultanate became party to under Sultani Decrees available. It includes around 600 treaties and includes information on the ratification and accession dates.

Kuwait: New SMES Can be Registered

13/11/202013/11/2020
by Benjamin Filaferro

Kuwait’s Public Authority for Manpower has announced it has started receiving new applications to register SMES in line with the registration requirements in the decision for regulating SMEs. Applicants should be Kuwaiti nationals, younger than 45 and dedicate all their time to manage the project. Students and pensioners cannot apply. If there is a foreign partner in the business, their share should not be more than 20% of the total capital.

Bahrain: Labour Law Exemptions Approved

13/11/202013/11/2020
by Benjamin Filaferro

Bahrain’s Cabinet has approved exemptions to the Kingdom’s Labour Law. Players, coaches and members of technical, administrative, medical and arbitration teams of private bodies working in the youth and sports fields will be exempt from the Private Sector Labour Law. They will also be excluded from the remit of the Social Insurance Law as their clubs pay their insurance contributions. However, they will only be exempt if two draft laws to this effect are approved. The first draft law will replace Article 2(a) of Bahrain Law No. 36/2012 (the Private Sector Labour Law) and the second draft law will add Article 3(12) to Bahrain Decree-Law No. 24/1976 (the Social Insurance Law). The draft laws have been referred to the Legislative Authority to consider. The amendments were proposed by the Deputy Prime Minister and Chairman of the Ministerial Committee for Legal and Legislative Affairs.

UAE: Decision to establish a specialist money laundering and tax evasion court

13/11/202013/11/2020
by Benjamin Filaferro

The UAE’s Deputy Prime Minister, Presidential Affairs Minister and Chairman of the Abu Dhabi Judicial Department has issued a Decision to establish a specialist money laundering and tax evasion court. This is the first court of its kind in the country. It is part of the Department’s strategic priority to improve the litigation process and create a fair and just judicial system. It will support the continuous development of the Emirate’s judicial system and support the UAE’s efforts to tackle these crimes and prosecute perpetrators. A Decision to this effect has been issued by Sheikh Mansour. Abu Dhabi Decision No. 35/2020 will be part of the Abu Dhabi Criminal Court and appeals of the Court’s judgments will be heard by one of the Criminal Court’s Appeal Courts. The Undersecretary of the Judicial Department will issue the relevant decisions to implement it and anything which contradicts it will be revoked. It will be published in the Official Gazette and will come into force one after its publication.

UAE: Central Bank Issues New Digital Payment Service Regulations

06/11/202006/11/2020
by Benjamin Filaferro

The UAE’s Central Bank has announced it has issued new Stored Value Facilities Regulations. They are aimed at ensuring stored value products and services are operated securely, well and efficiently. They are also aimed at giving FinTech companies and other non-bank payment service providers easier access to the local market while safeguarding the customers’ funds, ensuring proper business conduct and supporting the development of payment products and services. The regulation covers licensing, supervision and enforcement provisions which will apply to companies who are licensed to provide Stored Value Facilities services. Affected entities will have a year to comply from when the Regulation comes into force. Those who already have a Stored Value Facilities license under the previous regulatory framework may continue operating. However, they will have to implement all of the relevant measures set out in the new regulation by the end of the transition period.

KSA: Saudi Arabia Mining Investment Law to Come into Force Next Year

06/11/202006/11/2020
by Benjamin Filaferro

The Vice Minister for Mining Affairs at Saudi Arabia’s Industry, and Mineral Resources Ministry has announced the Mining Investment Law will come into force next year. It is aimed at revolutionising the Kingdom’s mining sector and boosting its contribution to GDP by more than 240 billion Riyals. It is also aimed at reducing imports by 37 billion Riyals and creating 200,000 jobs by 2030. Under the Law, a mining fund will also be established and will provide sustainable finance for the sector as well as support geological survey and exploration programmes. Experts have valued mineral resources in the Kingdom at five trillion Riyals which the Law is aimed at tapping into. Finally, a National Geological Database has been set up to support the sector. It will provide access to 10,000 mining reports and 80 years of data.

Qatar: Financial Centre Approves New Representative Office Regulations

06/11/202006/11/2020
by Benjamin Filaferro

Qatar’s Financial Centre has approved new Representative Office Regulations. The regulations will govern how these offices can be run in Qatar. Financial institutions will be able to carry out a range of activities, including marketing the products and services of its group, carrying out market research or feasibility studies in relation to financial products or financial services on behalf of the head office and serving as a liaison office for its group. They are aimed at helping financial service entities establish in the country and promote their products and services.