Newsletter Archives - Page 180 of 250 - LexisNexis Middle East

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.

Bahrain: DNA Test Required for Passport to be Issued

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

Bahrain’s Interior Minister has issued a Decision adding an article to the Implementing Regulations for passports. Under the Decision, the Immigration and Passports Department will now require parents to attach a DNA test report for those born outside Bahrain when requesting a new passport or replacement of an existing passport. Applicants may also be required to include an age determination certificate, any laboratory test or any other examinations. Only medical reports issued by the competent and accredited agencies in Bahrain will be accepted.

UAE: Abu Dhabi Global Market Launches Consultation on Proposed New Data Protection Regulation

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

The Abu Dhabi Global Market has announced it has launched a public consultation on proposed new Data Protection Regulations. The consultation ends on 19 December 2020. If approved, they will replace the Data Protection Regulations 2015 and because of the significant changes they will introduce for Data Controllers and Data Processors, there will be a 12-month transition period for existing entities regulated by the Global Market and six months for new entities. They include a provision to establish an independent Office of Data Protection which will be led by a Commissioner of Data Protection. They will have the power to monitor compliance with the regulatory framework and ensure non-compliance is appropriately treated. The aim is to increase the protection of personal data processed and controlled in the Global Market and will aim to align with the EU’s General Data Protection Regulations which were introduced in 2018.

UAE: UAE’s President has issued amendments to the country’s Commercial Companies Law (Federal Law No. 2/2015)

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

The UAE’s President has issued amendments to the country’s Commercial Companies Law (Federal Law No. 2/2015). Under the amendments, Federal Decree-Law No. 19/2018 will be repealed and the requirement for onshore companies to have a major UAE shareholder will be removed. The removal of the major UAE shareholder requirement is aimed at helping companies reduce overhead costs, make it easier for foreign investors in the country to do business and enable them to operate more flexibly.
In addition to that, the requirement for a UAE national or UAE owned company to be appointed as an agent will be abolished. Requirements for a company chair to be an Emirati and the board of directors to have an Emirati majority will also be repealed. They mean companies will be able to be fully established by non-Emiratis regardless of nationality.
Under other changes, joint stock and limited liability company provisions will be amended. Among other changes, the chair or senior executives of a company will be able to be removed if they are found guilty of fraud or abuse of authority. Shareholders will also now be able to sue a company in civil law for any failures of duty which cause damage. In addition, electronic voting at annual general meetings will be allowed.
There are also amendments aimed at boosting local capital market liquidity by amending the rules for companies wanting to go public. A company wanting to go public will have to have the approval of the relevant authorities and will be able to sell up to 70% of the company instead of the existing 30%.
The amendments will also allow local authorities to continue determining the level of participation by Emiratis in any company. Companies in strategic sectors, like oil and gas exploration, utilities and transport and State-owned entities will be exempt from the amendments. In terms of capital increases or decreases in public companies, a company will be able to approve its capital increase by issuing bonds and converting them into shares.
The Securities and Commodities Authority will be able to establish the controls and procedures required for evaluating in-kind shares and the names of stakeholders attending the general assembly meetings of companies.
Under the new Article 10 to Federal Law No. 2/2015, a committee including representatives of the relevant authorities will oversee activities which have a strategic impact and the measures required to license companies operating in these areas. Following the recommendation of the committee, the Cabinet will state which activities will be considered to have a strategic impact and the measures to enable these companies to be licensed.
Affected companies will have one year to comply from when the amendments come into force. However, this may be extended by an appropriate Ministerial Decision proposed by the Economy Minister.
While most of the amendments come into force next month, the changes related to foreign ownership, agency and boards of directors will come into force six months after they are published in the Official Gazette.

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.

Qatar: Amendments to Government Regulation for Sale and Purchase of Chemical and Petrochemical Products Law Discussed

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

Qatar’s Shoura Council has discussed amendments to the Government Regulation for Sale and Purchase of Chemical and Petrochemical Products produced in Qatar Law. The amendments to Qatar Decree-Law No. 11/2012 have been approved in Qatar Decree-Law No. 16/2020. They have referred it to the Cabinet to consider.