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Weekly Spotlight: The UAE Unifies Company Disclosure Templates

16/03/202016/03/2020
by Benjamin Filaferro

The UAE’s Securities and Commodities Authority has announced it has approved an initiative to unify the templates used for listed company disclosures. The unified templates have been circulated to all the listed companies and financial markets with the aim of unifying procedures and disclosure requirements in the country’s financial markets.

The Authority’s CEO said the new initiative aims to improve services for investors and traders in the market and ensure the quality of the disclosures published. He added the initiative is also aimed at increasing transparency and ensuring no important information is overlooked.

News developments

Dubai: First Portal for Opening Accounts Using Blockchain Launched

07/03/202006/03/2020
by Benjamin Filaferro

Dubai International Financial Centre has announced it has launched the first portal for sharing details between companies to facilitate identifying customers using Blockchain technology. The aim is to empower companies and licensed enterprises to open digital bank accounts immediately. The DIFC launched the portal together with Almashreq Bank to implement the initiative which was launched in July 2019. Businesses and companies operating in the UAE can now use this platform.

News developments

Abu Dhabi Global Market Updates Virtual Asset Regulatory Framework

02/03/202002/03/2020
by Benjamin Filaferro

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has updated its Virtual Asset Regulatory Framework. The key amendments include changing the terminology of Crypto Asset to Virtual Asset to align the Market’s terminology with that of the Financial Action Task Force. The applicable regulations and rules from a bespoke category of Operating a Crypto Asset Business have also been moved to the Regulated Activities (e.g. Providing Custody, Operating a Multilateral Trading Facility, Dealing in Investments etc). The aim is to better reflect the nature of the underlying activities related to Virtual Assets.

Weekly Spotlight

Weekly Spotlight: New Multi Commodities Centre Authority Established in Dubai

02/03/202002/03/2020
by Benjamin Filaferro

Dubai’s Ruler has issued Dubai Law No. 3/2020 on the Dubai Multi Commodities Centre. The aim is to improve Dubai’s position as a regional and international destination in trading commodities and commercial and Islamic financing. It is also aimed at attracting investment and local and international companies to make Dubai a centre for their businesses. The Law applies to the Centre in its capacity as a free zone and to the Centre’s authority in its capacity as a public authority. The Centre’s Authority will supervise the Centre and it will be able to establish and develop infrastructure and administrative services in the Centre together with the relevant bodies in the Emirate.

Weekly Spotlight

Weekly Spotlight: Compulsory Health Insurance for UAE Visitors Under Consideration

23/02/202021/02/2020
by Benjamin Filaferro

The UAE’s Insurance Authority has announced it is working with a number of other bodies to prepare a draft law on compulsory health insurance for visitors. They stated during a health insurance conference in Dubai that it was important to continue to develop the regulatory and legislative base for this sector. The Authority’s Chairman said it is important to bolster the role of the insurance industry in securing individuals, possessions, and responsibilities against risks in order to protect the national economy.

News developments

Dubai: Online Service Being Used in Financial Status Cases

22/02/202021/02/2020
by Benjamin Filaferro

The Dubai Police’s online service which enables individuals to check their status when a financial case has been registered against them has been used by 57,483 people. The service was initially launched in 2018 and allows people to log on to the Dubai Police website or download the Dubai Police e-app, using a valid Emirates ID to use the service. They can then quickly get information on their case status, including checking if a travel ban has been issued against them. The online service can be used free of charge. The Dubai Police are also understood to be studying the possibility of adding an option for customers to pay up their debts and resolve their cases faster via the online route and have been working with the Dubai Court service on this. The new option will allow people to pay up the full or partial amount to the individual or company which made the complaint to reach a settlement.

Weekly Spotlight

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

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

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

Dubai: Court Issues Landmark E-cigarettes Ruling

31/01/202031/01/2020
by Benjamin Filaferro

Dubai’s Court of Cassation has issued a landmark ruling upholding a judgment which sentenced a European woman to 10 years in jail and deportation because she brought 370 electronic cigarettes into the country. The cigarettes contained a slimy yellow liquid made from cannabis extract. The public prosecution office in Dubai accused the woman of bringing in and possessing drug substances. The Criminal Court of Dubai sentenced the woman to 10 years in jail but she appealed claiming she didn’t hide the material which meant she had no criminal intention and she didn’t know the material was banned in the country. The Court of Cassation upheld the ruling and decided to deport the woman once she serves the prison sentence.

Tag: UAE