Newsletter Archives - Page 213 of 244 - LexisNexis Middle East

KSA: Update on Online Registration Process for Employment Contracts

09/03/201911/12/2019
by Benjamin Filaferro

Saudi Arabia’s Labour and Social Development Ministry (MLSD) has issued a draft Decision on the mandatory requirement for private sector employers to upload their entire workforce’s employment contracts to the General Organisation for Social Insurance’s (GOSI) electronic portal. The draft law has been sent for public consultation and is expected to come into effect in the next couple of weeks. Depending on the total number of workers, companies will have to upload contracts for a specific portion of their headcount within deadlines set out in the Ministerial Decision. The uploading process must be completed for the whole workforce by the end of 2019.

Weekly Spotlight: Final Rules on Crypto-Assets Activities Issued by Bahrain’s Central Bank

03/03/201911/12/2019
by Benjamin Filaferro

Bahrain’s Central Bank has issued the final rules on various activities related to Crypto-Assets, including licensing, governance, minimum capital, control environment and risk management. The Rules are the first of their kind in the region and are aimed at ensuring Crypto-Asset activities are regulated effectively. They also cover anti-money laundering and anti-terrorist financing, business conduct standards, avoiding conflicts of interest, reporting and cyber security for these activities.

In addition, there are provisions on supervision and enforcement standards including those provided by a platform operator as a principal, agent, portfolio manager, adviser and a custodian in or outside Bahrain.

Those licensed by the Central Bank as crypto-asset exchanges will have additional regulatory requirements to comply with. These additional requirements relate to order matching, pre and post-trade transparency, measures to avoid market manipulation and market abuse and conflicts of interest. They also state there is a need for enhanced due diligence when onboarding new clients, requirements to ensure no encrypted safe custody accounts or ‘wallets’ are maintained which cannot be retrieved, a mandate to ensure keyman risks are adequately managed including by having the necessary insurance covers and clients are educated and given clear instructions on using safe custody wallets.

UAE: New Medical Laboratory Regulations Announced

02/03/201911/12/2019
by Benjamin Filaferro

The Emirates Authority for Standardisation and Metrology has announced all medical laboratories operating in the country will have to adhere to new regulations. Affected entities will have to obtain the appropriate accreditation from relevant accredited bodies. The regulations were drafted together with Abu Dhabi’s Quality and Conformity Council. The aim is to enhance the efficiency of the country’s laboratories and the Authority’s National Accreditation Department will oversee the implementation of the system.

Oman: Social Media Law Being Prepared

02/03/201911/12/2019
by Benjamin Filaferro

Oman’s Shoura Council is considering a new social media law. The head of the Council’s Media and Culture Committee said the law will not limit freedom of speech. They added the aim is to protect individuals, institutions or the country from rumours about them on social media. As part of this, where rumours are posted, the affected entity will be able to lodge complaints directly against them.

Egypt: Draft SME Law to be Presented to Parliament Soon

01/03/201911/12/2019
by Benjamin Filaferro

The Chairperson of Egypt’s Micro, Small, and Medium Enterprises Development Agency has announced the Cabinet is finalising the draft SME law. Once they have approved the draft law, it will be submitted to the House of Representatives to consider. It is expected to be submitted within ten days and amongst other things will allow these entities to obtain financing which is not allowed under the existing Egypt Law No. 141/2004.

Weekly Spotlight: Key Company Law Changes in Oman Sultani Decree No. 18/2019

24/02/201911/12/2019
by Benjamin Filaferro

Oman Official Gazette, issue 1281 has included Oman Sultani Decree No. 18/2019 and at the same time some of the company law changes have become clearer. According to legal experts, Oman Sultani Decree No. 18/2019 has amended the company ownership rules for small firms. It also replaces individual institutions with sole proprietorships who will be regulated differently. Previously companies in the Sultanate could only be established with two proprietors.

Other changes include facilitating the process for companies to turn into SAOGs without the need to have a capital of 2,000,000 Riyals. In addition, these companies will now be regulated by the Capital Market Authority. It will also be easier for companies to merge and there are measures to help struggling companies, so they don’t have to declare bankruptcy. There are various guarantees including a public mandate for insurance to ensure bankrupt companies are insured. Voluntary liquidation must also be completed within three years now and judges can oversee liquidations.

Elsewhere the Government is considering a new Foreign Investment Law. If it is approved, it will allow foreign companies or individuals to increase their ownership in local companies to up to 100%. Currently foreign companies must have a local partner to do business in the Sultanate. The local partner must own 33% of the company. Additional restrictions on foreign entities having property assets or minimum capital requirements could also be introduced. Disputes will also be able to be settled by international arbitration.

Jordan’s Lower House Rejects Amendments to Cybercrimes Law

23/02/201911/12/2019
by Benjamin Filaferro

Jordan’s Lower House has rejected the amended cybercrimes law. The law was redrafted by the Government in December 2018 to try and address criticism of it, particularly in relation to the definition of hate speech. The definition was amended to ‘every writing and every speech or action intended to provoke sectarian or racial sedition, advocate violence or foster conflict between followers of different religions and various components of the nation’.

Egypt: Cybercrimes Law Issued

23/02/201911/12/2019
by Benjamin Filaferro

Egypt’s President has issued Egypt Law No. 175/2018 on cybercrimes which will recognise electronic evidence in trials. It has been published in the Official Gazette. The law criminalises the improper use of data, information and information systems and attacks on emails, accounts, websites, networks, state information systems. It applies to import, export or circulation of any designed, developed or modified equipment, tools, software, codes or similar data without the authorisation of the National Telecom Regulatory Authority. Relevant crimes include creating websites, special and email accounts, falsifying private or legal persons and abuses of privacy, whether by sending spam or transferring personal data without consent, whether true or falsified, or publishing pictures or the like.

UAE: Draft Federal Law Regulating the Practicing of Medical Professions Approved

18/02/201911/12/2019
by Benjamin Filaferro

The UAE’s Federal National Council has approved a draft federal law regulating the practicing of medical professions. It will apply to all those who practice or request to practice the profession in the country and the free zones.

Abu Dhabi: New Public Consultation by the ADGM to Revise its Anti-Money Laundering Regime

18/02/201911/12/2019
by Benjamin Filaferro

Abu Dhabi’s Global Market has launched a public consultation on proposed revisions to the Market’s regime for tackling money laundering, terrorist financing and proliferation and the financing of unlawful organisations. The consultation ends on 12 March 2019.