LexisNexis Middle East

Weekly Spotlight: New Financial Consumer Protection Rules for the UAE Under Consideration

16/02/202013/02/2020
by Benjamin Filaferro

The UAE’s Central Bank has announced it has launched a public consultation on new financial consumer protection rules. The Bank is proposing a new Financial Consumer Protection Regulatory Framework. The aim is to help the Bank develop and implement new regulations in these areas. It will also enhance disclosure and transparency requirements, ensure timely responses to customer complaints and require financial institutions to provide consumers with effective dispute resolution services. In addition, the proposed framework covers regulatory supervision, corporate governance, market conduct, business conduct and protection of consumer data and privacy.

The aim will be to introduce more comprehensive regulations in this area for entities it supervises.

News developments

Kuwait: Right to View Law Vote Soon

15/02/202013/02/2020
by Benjamin Filaferro

The Chairman of the Legislative Committee of Kuwait’s National Assembly has announced MPs will be voting on the draft right to view law next week. They said the law will enable nationals and residents as well as local and civil companies to view all information transparently. Some information like military and security matters will remain classified. The law has been thoroughly discussed with the Justice Minister, Waqf and Islamic Affairs Minister as well as other relevant departments.

News developments

Saudi Arabia: Supreme Judicial Council Approves Corruption Case Procedures

15/02/202013/02/2020
by Benjamin Filaferro

Saudi Arabia’s Supreme Judicial Council has approved a number of procedures necessary for the departments responsible for considering cases related to financial and administrative corruption. The procedures are aimed at reflecting recently issued relevant regulations. They also directed 81 judges to work in these courts and support the appeal courts and courts of first instance. In addition, the Council is considering increasing the number of labour tribunals in the courts and allocating departments to consider human trafficking cases.

News developments

Bahrain: Companies Law Amendment Approved

15/02/202013/02/2020
by Benjamin Filaferro

Bahrain’s Shoura Council has approved a draft law to amend Article 284(A) of Bahrain Decree-Law No. 21/2001 (the Commercial Companies Law). It covers an agent’s attendance at general assembly meetings of joint-stock companies and will allow representatives to attend on behalf of shareholders or partners if they have written authorisation. The Chairman of the Council’s Financial and Economic Affairs Committee said the amendment will give powers of attorney to representatives while they attend the assembly. The move is aimed at improving transparency and help avoid conflicts of interest.

News developments

Qatar: Universities to be Accredited by Education Ministry

13/02/202013/02/2020
by Benjamin Filaferro

Qatar’s Education and Higher Education Ministry will soon be responsible for accrediting universities. The Ministry is going to launch a quality control and accreditation programme for all of the country’s universities. It hasn’t yet decided whether it will be undertaken by the Ministry itself outsourced to other organisations abroad. Alternatively the universities may carry out self-assessment and submit these to the Ministry who will then assess these reports. A new private Lusail University is also going to be established by next year and an Indian University is going to be up and running by the end of the year. The aim is to ensure standardisation in the sector.

Weekly Spotlight

Weekly Spotlight: Draft Bahraini Maritime Law Under Consideration

09/02/202007/02/2020
by Benjamin Filaferro

Bahrain’s Parliament is considering a draft maritime law, which if approved, will increase penalties for various offences. At 392 articles it is the second longest law to be considered in the Kingdom’s legislative history. Parliament will debate and vote on the draft law within three months.

Among other things, the law states fines of between 1,000 and 10,000 Dinars or jail terms of up too six months will be imposed on those who operate without a license, handle cargo without authorisation or fall short of the safety standards. Ship owners, managers, captains or agents who evade fees or taxes or cheat officials will be jailed for up to six months and/or fined 10,000 Dinars. Vessel owners or operators who cause pollution will be fined between 5,000 and 50,000 Dinars and the ship will be temporarily seized. If they commit the same offence again, the fine will be doubled.

Those who dump oil and chemicals at sea will be jailed for up to five years in jail and fined between 15,000 and 150,000 Dinars. If they commit the same offence again, the fine will be doubled. Captains who don’t report pollution their ships cause will be fined between 1,000 and 3,000 Dinars and captains whose ships carry unauthorised nuclear waste will be fined between 50,000 and 100,000 Dinars.

News developments

UAE: Insurance Policies Cover Contagious and Viral Diseases

08/02/202007/02/2020
by Benjamin Filaferro

The UAE’s Insurance Authority has confirmed all insurance policies cover contagious, communicable, and viral diseases unless otherwise stated. The Authority added these basic insurance policies usually exclude epidemics provided there is an official announcement confirming the disease is a result of a communicable or contagious disease. The Authority went on to say the authorities in the country didn’t announce Corona is an epidemic and so insurance companies are still responsible for covering the necessary insurance for offering health services for individuals covered by these insurance policies.

News developments

Saudi Arabia: Bankruptcy Officials Can Access Bank Statements

08/02/202007/02/2020
by Benjamin Filaferro

Saudi Arabia’s Monetary Agency has issued a Decision to local banks informing them officials responsible for investigating bankruptcy should be given access to check bank accounts under the Bankruptcy Law and its Implementing Regulations. The Decision was issued after a request from the Justice Ministry to fulfil the requests made by courts responsible for considering bankruptcy cases. The Decision says banks should adhere to the law and should allow officials to obtain the details and follow the necessary procedures related to bank accounts of indebted individuals such as bank statements and enquiries related to their accounts.

News developments

Dubai: Gaming Free Zone Could be Established

08/02/202007/02/2020
by Benjamin Filaferro

Dubai’s Free Zones Council is considering launching a feasibility study into setting up a Gaming Free Zone. They debated the proposal at their last meeting but no final decision was reached and no further details were released. The Council also reviewed progress on the Free Zone Window e-initiative which is likely to be launched in the third quarter of this year. It will aim to help investors identify the most suitable free zone according to their needs.

News developments

Kuwait: Insurance Unit Established

07/02/202007/02/2020
by Benjamin Filaferro

According to local newspaper reports, Kuwait’s Commerce and Industry Minister has issued a Decision establishing an Independent Insurance Unit. It will have seven members, two of which will be full-time and have been appointed by Emiri Decree. It will regulate insurance businesses in the country in line with Article 10 of Kuwait Law No. 125/2019. Among other things, the committee will oversee the sector’s development and supervise it. They will be able to ask experts and consultants it considers appropriate to assist it and they will also be able to establish temporary advisory committees to study a specific topic within their remit.