UAE Archives - Page 21 of 94 - LexisNexis Middle East

Dubai: DFSA Fines Company for Unauthorised, Misleading Financial Promotions

08/11/202408/11/2024
by Hannah Gutang

The Dubai Financial Services Authority (DFSA) has published a Decision Notice against Vedas International Marketing Management (Vedas Marketing) for unauthorised and deceptive Financial Promotions related to the Multibank Group.

The DFSA has stated that it had imposed a financial penalty of US$100,000 (AED367,000) on Vedas Marketing for conducting unauthorised financial promotions about the Multibank Group to individuals located in the DIFC.

Also, for engaging in misleading and deceptive conduct by representing that certain entities in the Multibank Group were regulated by the DFSA, when in fact, none of the promoted entities were.

The Multibank Group offers trading platforms, and the DFSA has made no allegations of wrongdoing against the Multibank Group itself in the Decision Notice.

On 2 June 2024, Vedas Marketing challenged the conclusions in the DFSA’s Decision Notice by referring it to the Financial Markets Tribunal (FMT).

However, the FMT directed on 22 July 2024 that the reference should be struck out due to Vedas Marketing’s failure to pay the required filing fee for the referral.

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News developments

Abu Dhabi: Occupational Safety and Health Awareness

08/11/202408/11/2024
by Hannah Gutang

Al Etihad, 1 November 2024: The Municipality of Abu Dhabi City has stressed to consulting offices and high-risk contracting companies the importance of fully complying with occupational health and safety requirements at construction sites.

It has emphasised the need to meet all standards set by the Abu Dhabi Occupational Safety and Health System.

This came during the awareness workshop organised by the Environment, Health and Safety Department in the Municipal Council hall in the Abu Dhabi City Municipality building, which aimed to enhance the awareness and commitment of consulting offices and contracting companies to preventive measures that would create an ideal, positive, and healthy work environment free of accidents.

The workshop’s topics included explaining the requirements of the Abu Dhabi Occupational Safety and Health System, and the mechanism for monitoring the implementation of these requirements in terms of submitting periodic reports, activity reports, auditing, and others.

The workshop was keen to raise the level of knowledge of newly registered construction and contracting entities about the requirements of the Abu Dhabi Occupational Safety and Health System.

Through these awareness workshops, the Municipality of Abu Dhabi City emphasises the necessity of maintaining the safety of workers in the construction sector and preserving their general health, as it is a top priority, as this sector is one of the most sensitive activities compared to all other sectors and businesses.

For the full story, click here.

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Sold Out LexisNexis Breakfast – Empowering Family Businesses in the UAE | 26 November 2024 | 8:30 AM to 10:30 AM | Waldorf Astoria DIFC

06/11/202422/11/2024
by Vincent Slingerland

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LexisNexis Breakfast - Empowering Family Businesses in the UAE | 26 November 2024 | 8:30 AM to 10:30 AM | Waldorf Astoria DIFC
26/11/2024
8:30 AM - 10:30 AM

REGISTER HERE Join us for an insightful event focusing on ‘Empowering Family Businesses in the UAE: Legal Framework & Strategic Challenges’ Attend and earn 2 CLPD Accredited Points! Family businesses play a pivotal role in the UAE’s economy, contributing significantly to its growth and sustainability. However, and despite their importance to the economy, (more…)

News developments

UAE: Regulator Sets Requirements for End-of-Service Gratuity Investment Funds

31/10/202431/10/2024
by Hannah Gutang

Mubasher, 28 October 2024: The UAE Securities and Commodities Authority (SCA) has established eight key requirements for companies licensed to manage end-of-service gratuity savings funds within the country.

These requirements are part of the optional alternative system for end-of-service benefits, known as the “savings scheme.”

Financial institutions that have obtained licenses from the SCA have highlighted that the most crucial requirements include determining the contribution rate, ensuring a safe investment of funds to address concerns about potential losses, and specifying the timing for receiving entitlements upon termination of employment.

The requirements also cover the possibility of employees increasing their contributions to maximise benefits, as well as the option to continue investing their entitled funds in the fund after termination of employment.

Additionally, the benefits for participating employees and employers who contribute to these funds have been outlined.

The SCA has granted the first-of-its-kind licences to “National Bonds Corporation” and “Daman Investments” to manage end-of-service gratuity savings funds within the UAE.

This move aims to facilitate the safe and reliable investment of employee gratuities, ensuring the protection of their rights and increasing the value of their entitlements while enhancing the UAE’s position as an attractive destination for work and investment in the region.

According to the National Bonds Corporation, the basic employer contribution rate for their capital-protected investment fund is 5.83% of the employee’s basic monthly salary for full-time employees with less than five years of service, and 8.33% for those with more than five years of service.

Employees can also voluntarily contribute a percentage of their salary or a fixed monthly amount, subject to a maximum of 25% of their annual salary.

Participating employees are entitled to receive all basic contributions made by their employer to the alternative end-of-service gratuity system, along with any accrued returns during the contribution period, within 14 days of termination of employment.

Beneficiaries have the option to continue investing their entitled funds in the fund, and employees can withdraw part or all of their voluntary contributions or investment returns at any time during their employment, subject to conditions set by the fund manager.

For the full story, click here.

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News developments

ADGM: Enhancing Regulatory Framework for Sustainable Financial Practices

31/10/202431/10/2024
by Hannah Gutang

The ADGM Financial Services Regulatory Authority (FSRA) has published a Consultation Paper aimed at enhancing its regulatory framework to ensure continued alignment with the guidelines outlined by the Basel Committee on Banking Supervision (BCBS).

The key areas of enhancements to the regulatory framework pertain to corporate governance expectations, requirements around notifications to the FSRA, related party transactions, provisioning for credit exposures, stress testing expectations, designation of domestic systemically important banks, and expectations around the management of country risk and transfer risk.

This consultation paper is of interest to all Authorised Persons operating in ADGM or seeking to do so, particularly banks, insurers, and entities authorised to provide credit or manage profit-sharing investment accounts (PSIAu) in ADGM.

The FSRA seeks feedback to establish a regulatory environment built on a solid foundation that supports sustainable financial practices.

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Expired LexisNexis Women in Law Awards 2025 | 20 February 2025 | Raffles The Palm Dubai | 7 PM to 11 PM

30/10/202418/02/2025
by Malini Dean

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LexisNexis Women in Law Awards 2025 | 20 February 2025 | Raffles The Palm, Dubai | 7 PM to 11 PM
20/02/2025
7:00 PM - 11:00 PM

BECOME A SPONSOR BOOK YOUR SEAT! WHAT ARE THE WOMEN IN LAW AWARDS? LexisNexis Middle East is proud to present the Women in Law Awards 2025. This prestigious event will highlight the contributions of exceptional women who have reshaped the legal landscape in the GCC region. WHY THE WOMEN IN LAW AWARDS? At LexisNexis, (more…)

News developments

UAE: FTA Publishes New Guide on Tax Residency and Tax Residency Certificate

24/10/202424/10/2024
by Hannah Gutang

On 18 October 2024, the UAE Federal Tax Authority (FTA) had published a new guide titled Tax Residency and Tax Residency Certificate – Tax Procedures Guide (TGPTR1).

The guide covers various aspects of tax residency, reviewing the relevant criteria under UAE tax laws and double taxation agreements (DTAs) and offering several examples.

It provides guidance on how a UAE tax resident can obtain a Tax Residency Certificate (TRC) or request the FTA’s stamp on an original TRC form issued by another jurisdiction.

One of the key aspects the guide addresses relates to the Place of Effective Management (POEM) as a criterion for determining UAE corporate tax residency.

The guide analyses the facts and circumstances that need to be considered when deciding if key management and commercial decisions, on the basis of which POEM is determined, are made in the UAE or elsewhere.

It indicates various criteria for identifying persons who make key management and commercial decisions for the company, outlining three tests: the board of directors test, the delegation of authority test, and the shareholder activity test.

The guide offers various examples of when the POEM is in the UAE (e.g., board meetings held virtually when the majority of directors are physically located in the UAE) or not (e.g., when key management and commercial decisions are made in the UAE on an occasional or one-off basis).

The guide also explains who can qualify for the TRC and the procedures to follow to obtain it.

A TRC cannot be obtained for future periods or periods exceeding 12 months.

When a TRC is needed for the current period, the FTA will review the application after three months into the period for juridical persons, as soon as the criteria to be a Tax Resident are met for natural persons, and one day into the period for Government Entities and Government Controlled Entities.

The new guide is essential for those handling corporate tax in the UAE or navigating global tax responsibilities.

Although not legally binding, it will certainly help businesses and individuals optimise their tax strategies.

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News developments

Sharjah: Digital Department Creates Platform for Real Estate Services

24/10/202424/10/2024
by Hannah Gutang

The Sharjah Digital Department (SDD) signed a partnership agreement with ADRES Real Estate Services to support and enhance all real estate services in the emirate of Sharjah through a single platform that provides reliable and accurate information about the real estate sector.

The agreement was signed in the presence of officials from the Ruler’s Office, Sharjah Digital Department, and Aldar Properties Group.

This event took place on the sidelines of GITEX 2024, where the signing of the partnership agreement was accompanied by the announcement of the integrated real estate platform “Aqari,” which aims to create a qualitative shift in real estate services in the emirate of Sharjah.

The “Aqari” platform is part of the distinguished Sharjah Digital initiatives, which aim to facilitate access to services through a platform available across multiple channels, including an electronic portal and smartphone applications compatible with both iOS and Android operating systems.

This platform will digitise and simplify real estate transactions, enhance transparency, and support economic growth in the emirate of Sharjah by providing a unified database for all properties.

It will include services such as lease contracts, property ownership, agency management, dispute resolution, as well as facilitating buying, selling, mortgaging, and issuing property certificates.

The platform will also work on developing a comprehensive real estate ecosystem that improves customer experience and provides a holistic view of the real estate market for decision-makers.

The “Aqari” platform is set to launch in December 2024, starting with property leasing services, including the endorsement and renewal of lease contracts, issuance of clearance certificates including investment contracts, as well as services from dispute resolution services.

In the first phase, the focus will be on rental services and positive dispute resolution, with plans to integrate all other real estate services in subsequent phases.

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News developments

Dubai: New Rules on Vehicle Impound

24/10/202424/10/2024
by Hannah Gutang

Khaleej Times, 22 October 2024: The Dubai Police will now impound vehicles for up to 30 days for a number of traffic offences.

Using mobile phones while driving, tailgating and sudden deviation are among the offences which will lead to a vehicle being confiscated for 30 days.

Federal Decree-Law No. 14/2024 specifies fines of between Dh400 and Dh1,000 and four black points for these offences. With this amendment, the 30-day impoundment will be an additional penalty in Dubai. Using a phone while driving has been defined as being distracted by devices while driving. Sudden deviation of the vehicle in a manner that poses a danger to lives and property, or traffic safety, and not leaving enough safe distance from the vehicle in front will also lead to a 30-day impoundment.

The additional penalty also applies if a heavy vehicle fails to adhere to lane discipline.

A 14-day impoundment for entering the road without making sure it is clear, reversing the vehicle in a manner that endangers life or property or traffic safety, lane indiscipline, stopping in the middle of the road for no reason, dangerous overtaking, lack of necessary safety and security conditions in the vehicle, stopping a vehicle on the shoulder of the road in non-emergency situations, or overtaking vehicles from the shoulder.

This penalty will also apply when driving a vehicle without a licence plate, driving in a manner that obstructs traffic and making changes to a vehicle’s colour without permission.

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News developments

Abu Dhabi: Digital Notary Service

24/10/202424/10/2024
by Hannah Gutang

The Abu Dhabi Judicial Department has launched a digital notary services platform for conducting notary transactions and attestations using AI technology.

The service provides approved templates and forms of powers of attorney, declarations, and contracts by notary publics. It enables approved transactions to be issued without human intervention, in both Arabic and English languages.

The digital platform has been designed to improve the process for completing notary transactions and authentications by shortening unnecessary steps and reducing the required inputs using user data from the government data interchange after a user has registered with the UAE Pass. It will be particularly useful for land transactions in Abu Dhabi, licensed vehicles, and for commercial licenses issued by the Emirate. It will also be possible to be used for registered cases, and powers of attorney issued by the Judicial Department.

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