News developments Archives - Page 186 of 223

Qatar: Central Bank Finalises FinTech Strategy

16/03/202016/03/2020
by Benjamin Filaferro

Qatar’s Central Bank has announced it is finalising a trial for a regulatory Sandbox environment to boost FinTech innovations and tackle possible cyber risks using Blockchain strategies. The Bank is using FinTech strategies to boost financial innovation which is the second objective of its strategic plan for developing the financial sector by 2022. The Sandbox will be an experimental lab enabling for testing programme software and financial and commercial services in an experimental environment to be evaluated later.

Oman: Draft Hidden Trade Law Under Consideration

16/03/202016/03/2020
by Benjamin Filaferro

Oman’s State Council is considering a draft hidden trade law. If approved, it will help companies identify loopholes and boost Omanisation across various sectors. Hidden trade occurs when a company is owned on paper by an Omani national but, in practice is run by someone else. This person does not create employment for the company’s employees but instead makes them find their own jobs while still being employed by the company. Under the new law, those found guilty of engaging in hidden trade will be punished. The State Council will review the draft law and then refer it back to the Council’s Economic Committee.

Saudi Arabia: Draft Commercial Courts Law and Procedures Approved

16/03/202016/03/2020
by Benjamin Filaferro

Saudi Arabia’s Shoura Council has approved a draft Commercial Courts Law and their procedures. Under the law, if approved commercial departments will be established in public courts in all areas and provinces which don’t have commercial courts. Appeals against decisions issued by these courts will be before the appeal courts located in the nearest commercial court until a commercial court is established in the same area. The law is aimed at reducing litigation time and giving lawyers and other relevant parties’ bigger roles. It also aims to provide an environment for commercial cases which understands commercial conventions and conditions.

Qatar: New Commercial Dispute Departments to be Established

07/03/202006/03/2020
by Benjamin Filaferro

The UAE’s Telecommunications Regulatory Authority has prohibited service providers from putting conditions and clauses in subscription contracts which are vague or do not clearly list the administrative fees. The Authority said if the service providers don’t keep a record to show the agreement of the customer to the terms of the contract, the providers lose their right when there is a dispute regarding the service. The customer’s agreement will be considered unavailable if the record is not kept. The Authority added the sale conditions for telecommunications services listed in its amended charter for protecting customers provide customers should be provided with documents to explain the terms and the fair usage policy and tariffs. Service providers have been urged to redraft their contracts and amend them if they don’t comply with the Authority’s regulatory framework.

Dubai: First Portal for Opening Accounts Using Blockchain Launched

07/03/202006/03/2020
by Benjamin Filaferro

Dubai International Financial Centre has announced it has launched the first portal for sharing details between companies to facilitate identifying customers using Blockchain technology. The aim is to empower companies and licensed enterprises to open digital bank accounts immediately. The DIFC launched the portal together with Almashreq Bank to implement the initiative which was launched in July 2019. Businesses and companies operating in the UAE can now use this platform.

Oman: Companies’ Activities Limited to their Specific Sector

06/03/202006/03/2020
by Benjamin Filaferro

Oman’s Commerce and Industry Ministry has announced companies must operate in the sector or sectors they were licensed to operate in. Those who do not comply will be punished in line with the country’s legal and regulatory regime. They could even be shut down. They must also dissolve and liquidate in line with the appropriate laws and regulations.

Qatar: Guide to Protect Marine E-assets to be Issued

02/03/202002/03/2020
by Benjamin Filaferro

Qatar’s Transport and Communications Minister has announced the country will issue a first of its kind guide in the region to protect marine assets and information about ships and goods from cyber attacks. The announcement was made at the Qatar Maritime and Logistics Summit. The guide will facilitate greater cooperation between the national navigation companies and the National Information Security Centre, Q-cert to improve cybersecurity in this area.

Kuwait: Penalties Announced for Those Who Violate House Quarantine Rules

02/03/202002/03/2020
by Benjamin Filaferro

According to local newspaper reports, some constitutional experts have said some Kuwaiti nationals who have recently returned from Iran are not following the house quarantine rules for those who have not definitively ruled out having Coronavirus. Under Article 17 of Kuwait Law No. 8/1969 (the Health Precautions Law) those who break the house quarantine rules will be jailed for up to one month and/or fined up to 50 Dinars. Those who violate Article 15 of Kuwait Law No. 8/1969 will be jailed for up to three months and/or fined between 50 and 200 Dinars.

Oman Launches a National Aviation Strategy for 2030

02/03/202002/03/2020
by Benjamin Filaferro

Oman’s Transport Ministry has announced it has launched a National Aviation Strategy 2030. The aim is to strengthen the economy by improving the aviation industry in the Sultanate. The Strategy will help develop an effective organisational framework to boost support and develop the aviation sector, strengthen the country’s economy and create jobs. It will also boost marketing and operational support for Oman Air and restructure the company. It will also establish Airport Cities to help the country cope with the anticipated increase in tourist numbers. Finally, it will support aviation operations by logistics companies. Among other things, a logistics service regional centre will be established for international companies.

Abu Dhabi Global Market Updates Virtual Asset Regulatory Framework

02/03/202002/03/2020
by Benjamin Filaferro

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has updated its Virtual Asset Regulatory Framework. The key amendments include changing the terminology of Crypto Asset to Virtual Asset to align the Market’s terminology with that of the Financial Action Task Force. The applicable regulations and rules from a bespoke category of Operating a Crypto Asset Business have also been moved to the Regulated Activities (e.g. Providing Custody, Operating a Multilateral Trading Facility, Dealing in Investments etc). The aim is to better reflect the nature of the underlying activities related to Virtual Assets.