Newsletter Archives - Page 89 of 242 - LexisNexis Middle East

Dubai: Virtual Asset Regulatory Authority Signs Cooperation Agreement with the Department of Economy and Tourism

23/08/202323/08/2023
by Tanya Jain

Gulf News, 17 August 2023: Dubai’s Virtual Asset Regulatory Authority has signed a cooperation agreement with the Emirate’s Economy and Tourism Department.

The agreement outlines a framework for cooperation to deliver effective and synchronised virtual asset market assurance across the Emirate. This encompasses customer care and complaints, business on-site inspection and enforcement; business Virtual Asset Service Provider registration and licensing, education, training and knowledge sharing.

Under the agreement, the Department will add the Authority’s activities to its system for all virtual asset license issuing. The Department will be responsible for inspections and supporting the Authority with in situ enforcement. This will include imposing penalties such as suspensions or revocations in cases of proven negligence or non-compliance with the Authority’s rules.

It can also handle business as usual application renewals for virtual asset service providers who meet Authority requirements in full.

The Authority will be included in the Department’s e-permit system, which will enable one-touch point approvals on virtual asset events. Elsewhere the Dubai Corporation for Consumers Protections & Fair Trade Department within the Economy and Tourism Department will be upgraded with specialist virtual asset know-how, which will support the provision of a transparent and seamless customer experience.

The two entities will also cooperate on campaigns to raise consumer protection awareness about virtual assets. This will include providing consumer protection information and advice. The Department will also publish relevant notices and warnings, including penalty notices and consumer protection advisories on its websites.

The agreement has been signed following the issuing of new guidelines, which require entities qualifying for a regulated Full Market Product license to transition to an Authority-regulated regime by 31 August.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Saudi Arabia: Companies Must Disclose Training Information

22/08/202322/08/2023
by Tanya Jain

Arab News, 19 August 2023: Saudi Arabia’s Human Resources and Social Development Minister has issued a Decision requiring companies with more than 50 employees to disclose their training information.

This information will have to include hours and trainee counts, training plans, activity reports, trainee numbers and budget allocation for the next year.

The information will help the Ministry assess training indicators in the job market and work with the private sector to improve training programmes for employees. The Decision has been issued to improve training in private sector companies as well as improve workforce capabilities and promote development and growth opportunities.

In addition, it aims to improve performance and productivity and support the national programme to incentivise private sector training for job market readiness.

Also reported in Albilad Daily on 19 August 2023. Read the full story here.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Saudi Arabia: Ministry Urges Companies to Submit Financial Results Electronically

21/08/202322/08/2023
by Tanya Jain

Okaz, 16 August 2023: Saudi Arabia’s Commerce Ministry has urged companies to prepare and deposit their financial statements electronically via the Quaem platform to avoid violating the provisions of the Companies Law (Saudi Arabia Cabinet Decision No. 678/1443).

The Ministry stated that simple companies, simple joint-stock companies, limited liability companies, partnerships, and simple recommendations must prepare financial statements at the end of each fiscal year in line with the accounting standards approved in the Kingdom.

They should then deposit them within six months of the end of the fiscal year in line with Article 17 of Saudi Arabia Cabinet Decision No. 678/1443 (the new Companies Law).

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

UAE: New Regulations for Seventh Freedom of Air Transport Rights Issued

16/08/202316/08/2023
by Tanya Jain

The UAE General Authority of Civil Aviation (GCAA) has announced new regulations on the exercise of the seventh freedom of air transport rights have been issued.

The seventh freedom of air transport rights is a privilege granted by one country to another to allow its airlines to operate air services between the granting country’s territory and any third country without the need for the flight to pass through the territory of the operating airline’s country.

This freedom gives airlines unprecedented flexibility.

It allows them to increase their connectivity between destinations and boost global connectivity. The new regulations will also provide this freedom to UAE airlines which want to take advantage of it in foreign countries with which the UAE has air services agreements that include the seventh freedom of air rights.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Saudi Arabia: Compulsory Health Insurance Eligibility Changes Announced

16/08/202316/08/2023
by Tanya Jain

Arab News, 12 August 2023: Saudi Arabia’s Council of Health Insurance has announced orphans whose parents are not known or whose mothers are not known will qualify for compulsory health insurance now. They will qualify through their foster families.

Their coverage is effective from the issued date of their ID certificate. The certificate will be issued by the Human Resources and Social Development Ministry and will be delivered to the foster parent who is the beneficiary of the coverage.

The coverage will end when male dependents reach 25, female dependents marry or custody ends. It will also end if the Ministry cancels the foster family’s custody of the orphan, the orphan dies or the foster parent’s coverage expires.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Oman: New Real Beneficiary Regulations Issued

16/08/202316/08/2023
by Tanya Jain

Shabiba, 6 August 2023: Oman Ministerial Decision No. 424/2023 which issues the regulation of procedures for establishing a real beneficiary has been issued.

The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has issued new regulations to strengthen the country’s anti-money laundering (AML) and countering the financing of terrorism (CFT) regime.

The decision also repeals the regulation organising procedures for identifying real beneficiaries issued by Oman Ministerial Resolution No. 630/2022.

The new decision defines a real beneficiary as a natural person who owns or exercises final effective control directly or indirectly over an entity.

The new decision requires commercial companies to create a special register called the “Real Beneficiary Register” which includes data on the real beneficiaries of partners and shareholders who own at least 25% of the company’s shares. Those who fail to comply with this requirement could be subject to a range of penalties including a written warning, administrative fine of 1,000 Rials, or suspension from the commercial register for up to three months.

The data in the register must also be updated, and a real resident person must be designated to carry out the task of coordinating with the Ministry and the competent authorities to provide this information and data.

For the full story, click here.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Kuwait: Allowances for Microentrepreneurs and Freelancers Approved

16/08/202316/08/2023
by Tanya Jain

Kuwait Times, 14 August 2023: Kuwait’s Cabinet has approved allowances for microentrepreneurs and freelancers. They will be paid labour support allowances monthly.

The allowance is similar to the pay citizens in the private sector receive. The aim is to support young Kuwaitis and improve the local business environment.

The Cabinet has affected this change by an amendment to Kuwait Decision No. 391/2001.

The amendment states: “Owners of licenses for micro-entrepreneurs and activities of a special nature determined by the Minister of Commerce and Industry.”

In this situation, in addition to the conditions specified in Article 5 of Kuwait Decision No. 391/2001, the Commerce and Industry Ministry must submit periodic reports to the Public Authority for Manpower on the regularity of the beneficiaries of the provisions of this Decision in practicing the activities they are licensed for.

Additional reporting from Alqabas on 14 August 2023. For the full story, click here.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Dubai: DIFC issues First of its Kind Data Protection Adequacy Decision

16/08/202316/08/2023
by Tanya Jain

The DIFC Commissioner of Data Protection has issued a first-of-its-kind adequacy decision on the California Consumer Privacy Act 2018.

The California Consumer Privacy Act 2018 was amended by the California Privacy Rights Act 2020 which came into force on 1 January 2023. The adequacy decision establishes a determination of the amended law’s equivalence to the DIFC Data Protection Law, DIFC Law No. 5/2020.

It facilitates personal data transfers between DIFC and California-based entities in accordance with DIFC Law No. 5/2020, without having to apply additional contractual measures. It also sets a first-time precedent for building similar relationships with various other US states.

The California Privacy Protection Agency (CPPA) has been recognised as an international organisation ensuring adequate data protection for purposes of personal data processed and transferred by the entities that it supervises.

The amended law provides consumers control and protection over personal data collected by businesses with built-in methods for confining data collection and processing what is fair and lawful, and necessary, in adherence with global data protection standards as well as the Commissioner’s objectives in administering DIFC Law No. 5/2020.

To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Abu Dhabi: ADGM Implements Amendments to Financial Regulatory Framework

15/08/202315/08/2023
by Tanya Jain

15 August 2023: Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority has announced that it has implemented amendments to its regulatory framework in relation to client classification, client assets, and certain conduct requirements relating to Investment Business.

The amendments affect client classification, marketing materials, the disclosure of fees and charges to Retail Clients, the treatment of Client Assets, and the Regulated Activity of Providing Custody.

They support the Market’s ongoing commitment to align with international best practices and provide a fair, well-regulated, and internationally-recognised platform that meets the needs of its markets. Among other amendments, the net asset requirement for existing Professional Clients, where the continuing eligibility of those clients must be assessed prior to providing new types of services or products has been increased.

The amendments affect the Financial Services and Markets Regulations and the Authority’s Conduct of Business, General and Glossary Rulebooks and have immediate effect.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.

Saudi Arabia: Penalties and Violations Schedule to Labour Law Amended

14/08/202314/08/2023
by Tanya Jain

Gulf News, 11 August 2023: Saudi Arabia’s Human Resources and Social Development Ministry has announced it has amended the schedule of violations and penalties under the Labour Law (Saudi Arabia Cabinet Decision No. 219/1426).

Among other amendments, employers who retain the passports or residency permits of their employees or their family members will be fined 1,000 Riyals. In addition, employers who hire members of staff without the appropriate work permit or without notifying the Ajeer programme will be fined 5,000 Riyals.
An employer who recruits a non-Saudi worker without the requisite work permit or without notifying the Ajeer programme will be fined 10,000 Riyals.

Employers who neglect occupational protection, safety, and health standards approved by the Ministry will be fined between 1,500 and 5,000 Riyals while the firm’s owner or representative will be held accountable for any accidents on the premises.

Entities employing over 50 workers have to provide designated childcare or nursery spaces. If they do not and there are at least 10 children under the age of six in care, they will be fined 5,000 Riyals. Those who hire children under 15 will be fined between 1,000 and 2,000 Riyals. Those who employ women within six weeks post-childbirth will also be fined 1,000 Riyals.

Any employer who commits any form of discrimination against current employees or job applicants will be fined 3,000 Riyals. This includes disparities in work conditions, advertisements, or wages for jobs of equal value between male and female workers.

Employers who retain passports or residency permits of employees or their family members will be fined 1,000 Riyals.
Employers who fail to comply with disbursing wages in the official currency through approved bank accounts will be fined 300 Riyals.
Employers who do not establish an abuse investigative committee or fail to address behavioural violations within stipulated timeframes will be fined 5,000 Riyals.

Fines have to be settled within 60 days of the notification being received. Anyone who fails to comply could have Ministry services suspended.

Also reported in Okaz on 10 August 2023. Read the full story here.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.