News developments Archives - Page 207 of 223

Jordan’s Cabinet has Approved a Code of Conduct on Disclosing Conflicts of Interest

12/08/201811/12/2019
by Benjamin Filaferro

Jordan’s Cabinet has approved a code of conduct on disclosing conflicts of interest. The code sets out the duties and responsibilities of Ministers. It also defines principles obliging the president and members of the Cabinet to abide by the rule of law, transparency, disclosure of conflicts of interest, previous professional and trade relations, accountability, integrity, efficiency, effectiveness, justice and equal opportunities.

Ministers may accept ordinary official or honorary gifts and other forms of appreciation, but must not accept or seek any kind of gift, benefit or other allowance. Gifts to Ministers exceeding 50 Dinars will have to be disclosed. Any gifts exceeding 50 Dinars will be considered public funds and property to be transferred to the Department of General Supplies. Ministers will have to disclose to the PM any conflict of personal and professional interests. Ministers will not be able to use their influence to benefit themselves, family members, or other related bodies. In addition, Ministers may not use information gained while in office to benefit themselves after they have left. They must also wait one year after leaving office to contract with the Ministry they ran. Finally, Ministers and their relatives must not trade in shares of companies they are responsible for, or benefit from material and non-public information.

Bahrain: Tougher Utility Penalties Announced

12/08/201811/12/2019
by Benjamin Filaferro

Bahrain’s King has issued a Law adding a new Article 6 Bis to Bahrain Decree-Law No 1/1996 regarding electricity and water. The new article imposes fines up to 1,000 Dinars on those who erect electrical wiring extensions without the appropriate licenses or who don’t comply with the relevant safety requirements. Repeat violators will be jailed for up to three months and/or fined up to 2,000 Dinars. The Prime Minister and other Ministers will implement the Law and it will come into force on the day following its published date in the Official Gazette.

Saudi Arabia: Draft Pharmacies Law Under Consideration

05/08/201811/12/2019
by Benjamin Filaferro

A draft pharmacies law is under consideration according to the Director for Legal Affairs at the Saudi Food and Drug Authority. Under the proposed law, there will need to be at least 1000 metres distance in each direction between two pharmacies. Each company will only be allowed to own 30 pharmacies and individual pharmacists will be able to own up to five pharmacies. The online sale of medicines and unauthorised selling of medical and herbal products will also be banned. Licenses issued for medical or herbal products will be valid for five years but will be renewable. There are also provisions on pharmaceutical factories. The technical director of a factory will have to be a full time Saudi pharmacist and have the appropriate qualifications. The Authority will conduct regular inspections and will also review medicine prices every five years. They will destroy any illegal products and issue appropriate penalties. This includes jailing violators for up to 10 years, fining them up to 10 million Riyals and if the person is a non-Saudi, deporting them. The Authority will also be able to revoke licenses and prevent individuals from working in the pharmaceutical industry.

New Decree Amending Bahrain Law No 21/1989 – on Associations, Social and Cultural Clubs, Special Committees Working in the Field of Youth and Sports and Private Institutions

05/08/201811/12/2019
by Benjamin Filaferro

Bahrain’s King has issued a Decree amending Article 43 of the Law of Associations, Social and Cultural Clubs, Special Committees Working in the Field of Youth and Sports and Private Institutions (Bahrain Law No. 21/1989). The amendment reverses a previous amendment to the Law by allowing a member of the board of directors to enjoy all civil and political rights. The Decree amends the law to state no candidate for the Board of Directors of these organisations may belong to any political association. It also prohibits membership of more than one club or sports association. The changes will come into effect from the date of publication in the Official Gazette.

New Bahraini Health Insurance Law Imposes a Universal Health Insurance Mandate Beginning in 2019

29/07/201811/12/2019
by Benjamin Filaferro

The Bahraini Government has issued a new law mandating health insurance coverage must be provided to all citizens, residents and visitors in the country. Proof of insurance is expected to be compulsory for the issuing and renewal of employment and residence permits in January 2019, when the law will come into force. The mandatory health insurance will be funded through the payment of an insurance subscription, covering benefits which are set out in a package relevant to each category of an insured person (e.g.: citizens’ package, residents’ package, etc). Subscriptions for citizens will be paid by the Bahraini Government. Employers will need to enrol foreign national workers (and their dependents, if this is stated in the employment contract). Enrolment for visitors will be covered by the visitors themselves. A list of approved health insurance providers is yet to be published.

Abu Dhabi Global Market Launches Private Financing Platforms Consultation

29/07/201811/12/2019
by Benjamin Filaferro

Abu Dhabi’s Global Market Financial Services Regulatory Authority has launched a consultation on its proposed regulatory framework for Private Financing Platform (PFP) operators. The consultation ends on 16 August 2018. PFPs are online platforms which enable private enterprises to seek financing from private and institutional investors to launch and grow their businesses. The proposals include creating a new Regulated Activity of Operating a Private Financing Platform which allows loan-based and investment-based PFP transactions. Loans or investments may be held directly by lenders or investors or indirectly through a special purpose vehicle (SPV). The PFP Framework will be supported by the range of SPVs available in the Global Market which will offer flexibility in various financing, securitisation and asset transfer options. The participation in PFP transactions is aimed at Professional Clients given the higher risks associated with these transactions. The Authority may allow PFP operators to serve Retail Clients, subject to the PFP operator putting appropriate safeguards commensurate with the nature and scale of the PFP operator’s business in place.

Qatar: Anti-money Laundering Guidelines Issued

22/07/201811/12/2019
by Benjamin Filaferro

Qatar’s Central Bank, Financial Markets Authority and Financial Centre Regulatory Authority have announced they have each issued guidelines to their financial institutions addressing critical areas of compliance with their anti-money laundering and anti-terrorist financing rules and requirements. The guidelines were prepared collectively by the regulators and aim to provide clear and consistent guidance to all relevant financial institutions regarding the steps required to comply with certain critical aspects of the different regulatory rules in these areas. The new guidelines specifically deliver detailed guidance for all financial institutions in these areas in terms of customer due diligence, correspondent banking, reliance on third parties, high risk jurisdictions, beneficial ownership issues and legal entity transparency. They also provide guidance on the regulators’ expectations for the risk-based systems and controls financial institutions are required to implement to tackle money laundering and anti-terrorist financing.

Oman: Health Insurance Coverage to be Soon Provided to all Private Sector Employees and Visitors

22/07/201811/12/2019
by Benjamin Filaferro

Oman’s Capital Market Authority has announced a new policy is currently under review which would mandate health insurance coverage is provided to all private sector employees and visitors in Oman. The Authority is working with the Health Ministry and the Royal Oman Police on mechanisms for the issuing of health insurance to visitors at border posts. When implemented, the new law will have a significant impact on the immigration process in Oman as proof of insurance would likely become a requirement to obtain legal status in the country. It has not been announced when the new requirement will come into effect. The Authority’s announcement is in line with the amendments to the law made by the Health Ministry in the last quarter of 2017.

UAE: VAT Refund Scheme for Tourists Approved

15/07/201811/12/2019
by Benjamin Filaferro

The UAE’s Cabinet has approved a VAT refund scheme for tourists. It will be introduced later this year when the Cabinet Decision comes into force. 123 million passengers passed through the country’s airports last year and the tourism sector contributed 11.3% to the country’s economy or 154.1 billion AED. Non-resident tourists may refund VAT on purchases made at participating retailers, provided the goods are not exempt VAT, through designated refund outlets.

Sharjah: New E-commerce Regulations Issued

15/07/201811/12/2019
by Benjamin Filaferro

Sharjah’s Executive Council has issued a Decision approving new e-commerce regulations. Under Sharjah Executive Council Decision No. 23/2018, to get an e-commerce license applicants must be 21 at the time the application is submitted. However 18-year olds may practice e-commerce activities if approved by the judicial court. They must also be a UAE citizen and the application must not be objected to by the country’s Telecommunications Regulatory Authority. Individuals will have to be licensed by the Emirate’s Economic Development Department in order to practice e-commerce activities.