Newsletter Archives - Page 227 of 255 - LexisNexis Middle East

Bahrain: Consultation on Draft Crypto-Asset Platform Operator Rules launched

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

Bahrain’s Central Bank has launched a consultation on draft crypto-asset platform operator rules. The consultation ends on 31 December 2018. The proposed framework will cover licensing requirements, financial resources and measures to safeguard client or customer interests, technology standards and cyber security risk management measures, reporting and other requirements. The aim is to provide a regulatory framework for licensing and supervising crypto-asset services including those provided by a platform operator as a principal, agent and as a custodian, in or from the Kingdom.

Weekly Spotlight: Draft UAE Federal Maritime Law Being Prepared

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

This week the spotlight is on legal and regulatory developments in the UAE, where the Federal Government reportedly plans to adopt a new maritime law. It is understood the first draft will be ready in early 2019. It will then be circulated for a consultation and submitted to the Government to review.

It will support port infrastructure in the country with the aim of attracting participation in its shipping industry and address the issue of diversity of shipping facilities. It will also include provisions for freight forwarders, cargo and ports. In addition, it will cover the UAE National Ship Registry, as well as environmental pollution, health and safety and logistical operations.

Elsewhere, the country’s Health and Prevention Ministry has approved a draft federal law on legal protection for non-medically trained persons providing emergency assistance and relief. The Head of the Emirates Emergency Division of the Emirates Medical Society said the law will come into force in 2019 and will make the UAE the first Arab nation to apply this type of law. It will protect people from civil or criminal prosecution when providing bona fide assistance or relief to another person in an emergency. The law also covers the requirement to inform the authorities in emergency situations and the provision of ambulances or other rescue operations.

Bahrain: Real Estate Regulatory Authority License Deadline Confirmed

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

Bahrain’s Real Estate Regulatory Authority has urged property managers and owner association managers to apply for a license from the Authority ahead of the 4 January 2019 deadline. Real estate brokers, sales agent and developers have already had to apply for licenses. Property managers and owner association managers are the latest categories to be regulated by the Authority. From 5 January 2019, property managers and owner association managers who operate without a license will be breaking the regulatory regime and will have the penalties outlined in Bahrain Law No. 27/2017 imposed on them.

Oman: VAT Implementation Could Be Introduced Earlier than Expected

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

Preparations for VAT in Oman are continuing. Comments made by a representative of the Finance Ministry in a seminar organised by the Oman Chambers of Commerce and Industry indicate VAT implementation could be introduced as early as 1 September 2019. Industry body meetings, including the financial sector and the telecoms industry, are now starting, with a view to the Government devising practical guidelines for dealing with VAT compliance requirements.

Weekly Spotlight: New Omanisation System Introduced

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

This week the spotlight is on legal and regulatory developments in Oman, where the Sultanate’s Manpower Ministry has announced it has launched an updated version of its automatic updates licensing service on Omanisation in firms. The new system provides Omanisation rate indicators electronically and has a colour coding system. Green means the target has been achieved while yellow means the firm is 50% of the way towards meeting the target. Red means the target is not being met at all. The aim is to improve Omanisation rates in the Sultanate. The rates will be displayed when firms submit work permit applications and will affect the speed of work permits being issued in the case of those firms categorised as green or yellow. If a firm is categorised as red it will be shut down.

Elsewhere, according to local newspaper reports, the Manpower Ministry has announced employees in three sectors will have to agree to alcohol and drug tests. The oil and gas, port and airport and electricity and water sectors are affected. The aim is to increase workplace safety in these sectors and amends occupational health and safety provisions.

Under the amendments, employers must proactively ensure workplace facilities are alcohol and drug free. They may also carry out unannounced searches on company property and managers will be able to decide when a search or screening process may be carried out. In a separate development, the Oman Society for Petroleum Services has announced they are preparing to introduce guidelines to require their members to put policies and procedures in place to enforce this new regulation.

UAE: Anti-corruption Law Amendments Approved

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

The UAE’s President has issued a Decree-Law amending the country’s 1987 Penal Code (Federal Law No. 3/1987) and Federal Decree-Law No. 24/2018 was published in the Official Gazette on 7 October 2018. Under the changes, the law now covers foreign and domestic bribery in both the public and private sectors and international organisations. Its provisions apply outside the UAE’s territory, to anyone who commits any of the offences set out in the Code, if the criminal or victim is a UAE citizen or if the crime is committed by a public or private sector employee, or if it involves public property. The amendments to Articles 82, 170, 201, 225, 234-237, 257 and 280 have immediate effect and bring the country more into line with other countries.

Qatar: Real Estate Committee for Expatriates Established

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

Qatar’s Cabinet has approved a Decision establishing a committee to regulate non-Qatari ownership and real estate use. The Decision has been issued in line with Qatar Law No. 16/2018 which states non-Qataris may own and use real estate in the areas in line with the relevant conditions, controls, benefits and procedures. It stated a committee would be established and would be Chaired by a Justice Ministry representative. Individuals from the relevant authorities would also be members. The committee will propose areas where non-Qataris can own and use real estate and propose the terms and conditions of their ownership and use of real estate. It will also propose the benefits, incentives and facilities granted to property owners and non-Qatari users. In addition, it will propose fees and services in the areas determined by the Cabinet and any other functions ordered by a Ministerial Decision. The Decision also sets out how its members will be paid.

Weekly Spotlight: Licensing and Promoting Investment Funds Agreement Reached in the UAE Between Multiple Regulators

02/12/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on regulatory developments in the UAE, where the country’s Securities and Commodities Authority, Dubai’s Financial Services Authority and Abu Dhabi Global Market’s Financial Services Regulatory Authority have announced they have finalised an agreement on the licensing of domestic funds by each authority for promotion across the UAE. The regulators have agreed to establish common rules to implement the agreement which amongst other things introduces passporting ‘mutual recognition’ for promoting and supervising investment funds and encourages foreign firms licensed in financial free zones in other countries to operate in the UAE.

In addition, the regulators have agreed a common legislative framework in their respective jurisdictions will be introduced to enable them to facilitate regulatory coordination between them in licensing domestic funds once the legislation has been approved.

They have also confirmed funds, licensed in line with the agreement and the licensing regulations, may be promoted in or from the financial free zones in the UAE, in line with the provisions of the agreement and the licensing regulations. Under the agreement, a notification and registration facility will be established by each regulator to facilitate the promotion and sale of domestic funds, set up in the UAE, in either the Dubai International Financial Centre or Abu Dhabi Global Market, to potential investors based anywhere in the UAE and under a single licence. The agreement was signed by the Securities and Commodities Authority’s CEO, the Dubai Financial Services Authority’s Chief Executive and Abu Dhabi Global Market’s Financial Services Regulatory Authority’s CEO.

Saudi Arabia: Online Registration Process for Employment Contracts Forthcoming

01/12/201811/12/2019
by Benjamin Filaferro

The General Organisation for Social Insurance and the Labour and Social Development Ministry has launched a new initiative which allows employers in the private sector to upload and update electronic version of employment contracts for their Saudi and foreign employees. It is expected the registration process will become mandatory for all employers in Saudi Arabia in the near future. The new initiative is aimed at ensuring employment contracts conform with private sector regulations, ensuring the accuracy of data recorded in agreements and reducing labour disputes between parties. It also allows employees to review their contract online. Unlike some other jurisdictions in the region, employers in Saudi Arabia are not required to use any specific employment contract template as long as the agreement does not contravene the country’s labour regulations. However, in practice, there is no proper mechanism in place for verification of contracts. The fact the initiative is launched by the GOSI may also suggest the authorities are preparing to scrutinise the area of social contributions paid by employers and which are calculated proportionally to the employee’s remuneration.

Oman: Suspension Extended on Recruitment of Foreign Nationals in Certain Professions

01/12/201811/12/2019
by Benjamin Filaferro

Oman’s Manpower Ministry has extended its Decisions not to issue new visas for workers in several private sector professions for another six months. Three new Decisions were issued on 13 November 2018. The first profession-by-profession bans came in to force in late 2013. Under the new Decisions, visas for construction workers, cleaners, sales and marketing professionals are affected. The Decision restricting new visas for sales and marketing professionals will come into effect on 30 November, for cleaning and construction workers from 2 December 2018 and for carpenters, metallurgists, blacksmiths and brick kiln workers on 2 January 2019. Firms who are registered as excellent or international grade, consultancies and those implementing Government projects will not be affected.