Weekly Spotlight Archives - Page 12 of 19

Weekly Spotlignt: The DIFC Has Amended its Company, Real Estate and Strata Law Regimes

17/11/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on regulatory developments in Dubai, where the Dubai International Financial Centre has amended its Company, Real Estate and Strata Law regimes. The changes to the Companies regime came into effect on 12 November 2018 and the changes to the Real Estate and Strata Law regimes came into effect on 14 November 2018. These changes have been analysed by Al Tamimi & Company and can be read at https://www.lexismiddleeast.com/doc/2720578_2720581 and https://www.lexismiddleeast.com/doc/2720588_2720593.

These changes and other legislative changes have also been analysed by BSA Ahmad Bin Hezeem & Associates LLP. Their insights can be read at https://www.lexismiddleeast.com/doc/2720154_2720163?highlight=bsa.

Weekly Spotlight: Abu Dhabi Global Market Courts Issued a Public Consultation on Litigation Funding Rules

11/11/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on regulatory developments in Abu Dhabi, where the Global Market Courts have issued a public consultation on litigation funding rules. The consultation ends on 5 December 2018.

They will provide parties with greater certainty on the enforceability of funding arrangements which have been entered into in connection with proceedings in Abu Dhabi Global Market. They are intended to apply to funding agreements used in connection with both court litigation and arbitration proceedings conducted in the Abu Dhabi Global Market. The public consultation includes the conditions and requirements of funders and the types of funding structures.

They will apply to litigation funding agreements which are defined in the Abu Dhabi Global Market Courts, Civil Evidence, Judgments, Enforcement and Judicial Appointments Regulations 2015.

They will set out the highest standards of best practice in litigation funding for Abu Dhabi and wider UAE and have taken the frameworks which are in place in other international jurisdictions where third party funding is common practice into consideration.

Weekly Spotlight: Draft Qatari DNA Law Approved

30/10/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on legal developments in Qatar, where the Cabinet has approved a draft DNA Law and referred it to the Shoura Council to consider. If approved it will replace Qatar Law No. 9/2013 and under the Law, the Interior Ministry will establish a DNA database and will be the relevant authority. It will be devoted to preserving genetic fingerprints resulting from samples taken under the Law. It will be illegal to take biological or biochemical samples and to carry out DNA tests, or store data in a DNA database, for evidence, investigation or trial, without a Public Prosecution decision or a competent court decision to do so.

Data recorded in the DNA database will be confidential and may not be viewed without the permission of the Interior Minister, the Public Prosecution or the competent court.
In addition, DNA tests and data kept in the DNA database will be authoritative unless proven otherwise, except where provided for in Chapter 2, Part 6 of the Family Law.

Weekly Spotlight: Five Oman Sultani Decrees Approved

22/10/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on legal and regulatory developments in Oman, where the Sultan has approved five Sultani Decrees, including a Decree amending the country’s Law on the Protection of Competition and Prevention of Monopoly.

Oman Sultani Decree No. 22/2018 amends Article 1 of Oman Sultani Decree No. 67/2014 replaces the word ‘Authority’ wherever it occurs in the Law with ‘Centre’ and replaces the definition of the ‘Authority’ wherever it occurs in the law with ‘The Centre: Centre of Protection of Competition and Prevention of Monopoly’. Anything which contradicts or contravenes the Decree is cancelled. It will be published in the Official Gazette and come into force the day after it is published.

The Sultan also approved a Sultani Decree amending Oman Sultani Decree No. 35/2012 which promulgates the System of the Public Authority for Investment Promotion and Exports Development. Under Oman Sultani Decree No. 23/2018, anything which contradicts or contravenes the Decree is cancelled. It will be published in the Official Gazette and come into force the day after it is published.

In addition, the Sultan approved Oman Sultani Decree No. 26/2018 establishing the Oman Commercial Arbitration Centre. It will be affiliated to the Oman Chamber of Commerce and Industry but will have its own legal identity and financial and administrative autonomy. The Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry will issue the operational systems and functions of the Commercial Arbitration Centre. Anything which contradicts it is cancelled. It will be published in the Official Gazette and come into force on the day it is published.

Weekly Spotlight: Bahraini VAT Law Approved

14/10/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on tax developments in Bahrain, where the Kingdom’s Parliament has voted to approve a Decree-Law to impose 5% VAT on goods and services in a special joint session. They will become the third GCC member to join the GCC-wide VAT agreement. It will potentially come into effect on 1 January 2019, according to a schedule laid out by the Finance Minister in February. However, the Finance and Economic Committee of Bahrain’s Parliament had reportedly recommended the law be rejected.

In addition, a Bahraini newspaper has published the list of products to be zero-rated for VAT. Customers will not be charged VAT on the goods although they will still be VAT taxable for accounting purposes. The list includes 34 types of meat and fish, including tuna, lamb, camel and chicken. It includes 37 types of fruit and vegetables, including potatoes, onions, garlic, lettuce, carrots, cucumbers, peas, zucchini, okra, parsley, apples, oranges, pomegranates and apricots. Eight types of coffee and tea are also included as well as grains, sugars, dairy products, water, oil and other foodstuffs. The Implementing Regulations for the VAT Law are expected to be published next week.

Weekly Spotlight: New Worker’s Insurance Scheme Upcoming in the UAE

07/10/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on employment developments in the UAE, where the country’s Human Resources and Emiratisation Ministry has announced that from 14 October, a worker’s insurance scheme will replace the existing bank guarantees system. The new insurance scheme will apply to all private-sector employees, including domestic workers.

Instead of a fixed amount of 3,000 AED which typically must be paid against every work permit application, employers will pay an insurance premium of 120 AED per person, for a two-year work permit. This will provide an insurance coverage of up to 20,000 AED in lieu of unpaid wages, return ticket and against work-related injuries, among other benefits.

Employers will be able to recover earlier deposited bank guarantees only on the cancellation or renewal of a work permit and after the payment of an insurance premium. They must be free from any wages-related violations for at least six months before the renewal date of the work permit.

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.

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.

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.

Weekly Spotlight: Foreign Workers in Qatar will No Longer Require an Exit Permit to Leave the Country

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

This week the spotlight is on legal developments in Qatar, where the country has announced they will no longer require exit permits for expatriates following an amendment to Article 7 of Qatar Law No 21/2015 by Qatar Law No. 13/2018.

Expatriates who are working in the country under the Labour Law will have the right to temporary or final exit from the country during the validity of their employment contract. Employers may submit a request to the Administrative Development, Labour and Social Affairs Ministry with the names of employees who would need a no objection certificate before leaving, with a justification based on the nature of their work. The number of workers under these restrictions will not exceed 5% of the company’s workforce.

In cases of expatriates being prevented from leaving the country for any reason, the expatriate will have the right to resort to the expatriate exit complaints committee. Its terms of reference and working procedures are also set out. The committee will decide on the grievance within three working days. For expatriates not subject to the Labour Law, the regulations and procedures for their departure from the country will be determined by the relevant Ministerial Decision.