Newsletter Archives - Page 221 of 246 - LexisNexis Middle East

Bahrain: New Laws Aimed at Improving the Country’s Investment Environment

06/10/201811/12/2019
by Benjamin Filaferro

Bahrain’s King has issued four new laws aimed at improving the country’s investment environment including the Competition Law. The Competition Law is aimed at tackling monopolies and anti-competitive behaviour. In addition, a new Health Insurance Law granting the Supreme Council of Health responsibility to implement the system and establishing a national health insurance fund was approved. The King also approved the Bankruptcy Law which will introduce reorganisation procedures, allow management to stay in place and business operations to continue. It also covers cross-border insolvency and insolvencies of SMEs. Finally the King approved the Personal Data Protection Law which covers big data for commercial use and includes guidelines on cross-border data transfers.

Weekly Spotlight: Dubai International Financial Centre Launches Consultation on New Insolvency Regime

30/09/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on insolvency law developments in the DIFC, where the Centre has launched a consultation on a proposed new Insolvency Law regime. The consultation ends on 17 October 2018. The aim of the amendments is to bring the Centre more into line with international best practices.

The key proposals include introducing a new debtor in possession rehabilitation procedure, which includes a stay and cram down mechanism which will be supervised by the court and introducing a new administration process, including the appointment of an insolvency practitioner accessible via rehabilitation where there is evidence of mismanagement or misconduct. It will also enhance the rules governing voluntary winding up procedures and the rules governing compulsory winding up procedures. In addition, it will include more detailed provisions on wrongful trading, the re-use of company names and adding an offence in respect of any misconduct taking place during a winding up, enhance the provisions relating to the enforcement of financial collateral and incorporate the UNCITRAL Model Law on cross border insolvency proceedings into the DIFC law, with certain modifications for application in the DIFC.

Kuwait: E-payments to be Regulated

29/09/201811/12/2019
by Benjamin Filaferro

Kuwait’s Central Bank has announced it has issued Instructions to all service providers to register on their electronic payments system. Under the Instructions, all service providers will have to regulate their e-payment transactions in line with the relevant regulations. The Central Bank will be able to scrutinise all e-payment methods.

Qatar: Free Media Zone to be Established

29/09/201811/12/2019
by Benjamin Filaferro

Qatar’s Cabinet has approved the establishment of a free media zone aimed at attracting international media, technology companies and research institutions. The aim will also be to integrate activities with other state projects and support the establishment of investment funds focusing on media organisations. Media which will be supported will include digital, film and television. The Director of the Government Communications Office said the decision will allow foreign journalists to register in the zone. It follows the Cabinet’s recent approval of a draft law on freedom of the press.

Jordan’s Legislation and Opinion Bureau has Published a Draft Zakat Law

23/09/201811/12/2019
by Benjamin Filaferro

Jordan’s Legislation and Opinion Bureau has published a draft Zakat law. If approved it will establish a General Zakat Organisation which will have its own financial and legal independence, a Board of Trustees and branches and offices across the country. A fund to succeed the Zakat Fund established under Jordan Law No. 8/1988 will also be established and that law and its regulations will be repealed. The Board’s members will be drawn from individuals recommended by the Cabinet, including the Awqaf, Islamic Affairs and Holy Sites Minister. It will identify Islamic banks in which Zakat funds are placed, make plans for expenditures, regulations and carry out other budgetary and administrative duties. It will also issue recommendations on Zakat payments. The law specifies the way in which Zakat funds will be spent. It will come into effect on its publication in the Official Gazette.

UAE: Expatriate Retirement Visa Law Approved

23/09/201811/12/2019
by Benjamin Filaferro

The Cabinet of the UAE has announced a new law on residency visas for retirees. From 2019, foreign nationals looking to retire in the UAE will be able to obtain a renewable five-year residency visa, according to the announcement by the Cabinet. General conditions state that the new visa will be available to applicants over 55 who meet the following eligibility criteria, among other yet unannounced conditions such as investment in a property worth a minimum of two million AED in the UAE; or financial savings of no less than one million AED; or active income of at least 20,000 AED a month. It is expected a list of additional requirements and further visa conditions will be announced closer to the implementation date of the law.

Weekly Spotlight: Abu Dhabi Global Market Launches Digital Sandbox

23/09/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on Abu Dhabi’s Global Market Financial Services Regulatory Authority who has announced its launch of a FinTech digital sandbox to allow financial institutions and FinTech innovators to work together to experiment on products and solutions in a digital platform environment.

The digital sandbox will provide a marketplace for open collaboration between financial institutions, FinTech firms and regulators to facilitate the testing and adoption of innovative digital financial products and services which can benefit the industry regionally.

It will allow financial institutions to source and procure FinTech solutions locally and globally, run digital tests on the platform and adopt and orchestrate the best ones which meet their business needs. It will also enable FinTech firms to offer their innovative solutions to international market players and tap cross-border market access and opportunities to grow and scale their business and participants in the UAE and regional markets to connect with other international markets and vice versa.

Saudi Arabia: Plain Cigarette Packaging Could be Adopted

16/09/201811/12/2019
by Benjamin Filaferro

According to the World Trade Organisation, Saudi Arabia could follow Australia and other countries and adopt plain cigarette packaging. The Kingdom has apparently notified the Organisation. No date for the introduction was given but when it does it will become the first GCC country to do so.

Dubai: Landlords Cannot Remove Contents of Rented Properties Without Judicial Orders

16/09/201811/12/2019
by Benjamin Filaferro

The Rental Dispute Centre of Dubai’s Land Department has confirmed landlords or property managers cannot remove contents of a rented property without having obtained a judicial order first. The Centre said legal procedures should be respected when a legal dispute arises between a landlord and tenants including serving a notice of eviction to the tenant using one of the methods provided for by the relevant law. The Centre said the execution of the judicial order should be done by specialists from the Centre then a landlord can access a disputed property.

Weekly Spotlight: Abu Dhabi Global Market Launches New Private Financing Platform Regulatory Framework

16/09/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on regulatory developments in the UAE, where Abu Dhabi’s Global Market Financial Services Regulatory Authority has announced it has launched its framework to regulate Private Financing Platform operators to meet the equity investment, debt financing and trade receivable funding needs of start-ups, private enterprises and small and medium enterprises.

It follows a consultation on the proposed framework which ended on 16 August 2018. Private Financing Platforms are online platforms which enable start-ups and smaller enterprises to obtain financing from private and institutional investors to launch and grow their businesses. These Platforms allow innovative business models which serve different business and client segments. The new framework requires Platform operators to have appropriate systems and controls in due diligence of those enterprises listed on the Platform, risk disclosures, safeguarding of client assets, anti-money laundering and anti-terrorist financing (AML/CFT), amongst other things. The Authority has also published the Guidance-Regulatory Framework for Private Financing Platforms’ and the application form for interested applicants to operate a Platform in the Market. The Guidance elaborates on the Market’s approach towards regulating Platform operators.