Newsletter Archives - Page 223 of 246 - LexisNexis Middle East

Weekly Spotlight: New Trademark Application Procedures in the UAE

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

This week the spotlight is on intellectual property developments in the UAE where the Trademarks Department in the Economy Ministry has issued an administrative decision regarding trademark application procedures.

The Decision stipulates that as applications are now filed online, it will no longer be possible to request an amendment for an application after it has been submitted, except for corrections to the agent-on-record details, provided a proper power of attorney has been filed. In case an application contains the wrong information with respect to international classification number, list of goods and services, missing documents, or any other aspect, the examination section will issue an office action against these applications, and applicants (or their representatives) cannot amend applications before examination.

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.

Weekly Spotlight: UAE Illegal Immigrant Amnesty to Start on 1 August 2018

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

This week the spotlight is on immigration developments in the UAE where the Federal Authority for Identity and Citizenship has announced the amnesty for illegal residents in the United Arab Emirates will last for three months, starting 1 August 2018.

The ‘Protect Yourself by Modifying Your Status’ initiative will allow foreign nationals to regularise their status by either leaving the UAE without paying a fine and without facing a return immigration ban (only those who entered illegally will be subject to a two-year entry ban), or by changing their sponsorship inside the country. Those who decide to leave will be issued an exit permit valid for ten days, whereas those who wish to remain in the UAE will have to provide documents from their new sponsor before a residence visa can be granted. Those without a confirmed job offer will be given a six-month temporary residence status to secure new employment in the UAE under the supervision of the Human Resources and Emiratisation Ministry. It is not yet clear how the unemployed foreign nationals will be able to fill up the available positions. Nine service centres are established across the country to assist individuals with the application process, in addition to a toll-free number 800-80 for phone inquiries.

Weekly Spotlight: Bahraini Personal Data Protection Law Approved

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

This week the spotlight is on legal and regulatory developments in Bahrain where the King has approved the Protection of Personal Data Law. Bahrain Law No. 30/2018 sets out the responsibilities of the Personal Data Protection Authority. A Decree is to be issued to specify the administrative aspects of the Authority and establish its Board of Directors. Those found to access, disseminate, leak, or tamper with personal information will be jailed for up to one year, fined 1,000 to 20,000 Dinars, or both. Those receiving a bribe in relation to falsified information will be fined 3,000 to 20,000 Dinars.

The Authority’s Board of Directors will issue the necessary decisions to implement the law within six months of its publication in the Official Gazette. The law will come into effect one month following its publication in the Official Gazette.

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.

Weekly Spotlight: Draft PPP Law Published and First FinTech Licenses Issued in Saudi Arabia

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

This week the spotlight is on legal and regulatory developments in Saudi Arabia, where the National Centre for Privatisation and Public-Private Partnership has launched a consultation on a proposed PPP Law. The consultation ends on 29 July 2018. Following the three-week consultation, rules on foreign real estate ownership could be relaxed. The draft law outlines real estate ownership and labour law exemptions for foreign investors, amongst other prospective regulatory changes. If approved, bidders could also appeal PPP Government contracts within ten days though the relevant Government entity or the Centre’s website.

Elsewhere, the Capital Market Authority has issued the first two FinTech licenses in the Kingdom. The licenses have been issued to Riyadh-based start-ups Manafa Capital and Scopeer to provide crowdfunding investment services on a trial basis. The move is part of efforts to develop the FinTech sector in the country and the Authority will consider further license applications later in the year.