UAE: Sustainable Green Building Codes Launched

The UAE has announced it has launched a range of new green building codes.

They were launched to help save energy and water during Expo 2020 Dubai’s Water Week.

The Energy and Infrastructure Minister introduced the list of terms, conditions and specifications which Government buildings and organisations should uphold to get sustainable and environmentally-friendly.

They specify a list of standards, conditions and requirements which will ensure a more sustainable environment for future generations, reduce energy and water consumption, mitigate the carbon footprint of construction and building sites and improve the quality of buildings and their surrounding environment.

They aim to unify local and federal efforts and goals related to energy and water efficiency standards at the national level and contribute to creating high-efficiency buildings. They also aim to work on updating current construction manuals and streamline the development of new guidelines and regulations which align with the UAE’s objectives for the next 50 years as well as its plans to become a global leader in the field of sustainable economic development.

The codes were prepared by the Ministry together with relevant federal and local authorities in line with the UAE Energy Strategy 2050 and the Water Security Strategy 2036. Also reported in Alroeya on 25 March 2022. For full story, click here.

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Abu Dhabi Global Market Launches Consultation on Proposals to Boost Capital Markets Framework

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has announced it has launched a consultation on proposals to boost its capital markets framework. It ends on 20 May 2022.

The amendments cover virtual assets, spot commodities, securities, derivatives, benchmarks and emissions allowances.

The consultation has been launched as the Market looks to transition to Virtual Assets Framework 2.0. There are proposed amendments on the requirements on the use, sharing and reuse of public keys, risk disclosure requirements and allowing regulated MTF/Custodian groups in the Global Market to carry out non-fungible token activities.

The Market is also proposing to introduce a new and novel regulatory framework regulating spot commodity trading. If approved, they would become the first international financial centre in the Middle East and North Africa region to offer a framework for the regulation of spot commodities and emission allowances. There are also proposed amendments on mining and petroleum listed entities and new regulatory requirements for benchmarking activities.

In addition, the Market is proposing to improve its regulatory framework by enabling offers and listings by petroleum and mining companies and attracting growing companies by offering more flexible capital structures and avenues to raise capital.

Among other things, there is a proposal to include offering new shares to new investors, representing up to 20% of a company’s existing share capital a year, without triggering the pre-emptive, anti-dilution rights of existing shareholders.

There are also proposals to strengthen its requirements in line with International Organisation of Securities Commissions and comparable jurisdictions in respect of continuous disclosure obligations, preference securities and weighted voting rights.

They are aimed at benefiting markets-related activities, including Virtual Assets, Securities, Derivatives, Commodities and Benchmarks.

They are also aimed at reinforcing and securing the Market’s market-leading capital market ecosystem across the Middle East and North Africa region.

They will affect Recognised Investment Exchanges, Recognised Clearing Houses, MTFs, OTFs, Remote Bodies, Remote Members, Offerors, Issuers, Listed Entities, Reporting Entities and Sponsors.

They will enable greater participation in the primary and secondary markets and ensure market participants continue to operate in line with the highest regulatory standards.

If approved, the amendments will affect the Authority’s Financial Services and Markets Regulations, the Market Rules, Market Infrastructure Rules, General Rules, Conduct of Business Rules, Islamic Finance Rules and Fees Rules.

The existing Rules of Market Conduct will also be replaced with a Code of Market Conduct.

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UAE to Join Singapore Convention on Mediation

The UAE will join the Singapore Convention on Mediation. It aims to help facilitate international trade and investment and promote mediation as a means of resolving cross-border commercial disputes.

They will become the 56th signatory to the Convention.

The announcement was made at the Abu Dhabi Global Market’s dispute resolution forum, RESOLVE 2022.

The Convention will provide the UAE with a uniform and efficient mechanism to enforce the terms of agreements in other jurisdictions similar to the New York Convention on the Recognition and Enforcement of Arbitral Awards does for international arbitral awards.

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Dubai Financial Services Authority Approves Legislative Amendments

Dubai’s Ruler has approved the DIFC Regulatory Law Amendment Law, DIFC Law No. 1/2022  approving amendments to the Authority’s legislative framework.

They will come into force on the 28th business day after the Law was issued, i.e. 7 April 2022.

Among other amendments, a new Article 68A of DIFC Law No. 1/2004 has been added. It relates to protections for whistleblowers. Article 67 of DIFC Law No. 1/2004 has also been amended to ensure employees are not sacked for ensuring legal obligations are complied with.

Article 104 of DIFC Law No. 1/2004 has been amended with the same aim.

The definition of money laundering has also been repealed and replaced and a new definition of Regulated Entity inserted in Section 3 of the Law on Defined Terms.

In addition, the Authority has approved four Rulemaking Instruments which will come into force on 7 April 2022.

General Module (GEN) Rule-Making Instrument No. 318/2021 will repeal and replace the General Module of the Rulebook.

Auditor Module (AUD) Instrument No. 319/2021 will repeal and replace the Auditor Module of the Rulebook.

Authorised Market Institutions Module (AMI) Instrument No. 320/2021 will repeal and replace the Authorised Market Institutions module of the Rulebook.

Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) Instrument No. 321/2021 will repeal and replace the Anti-Money Laundering, Counter-Terrorist Financing and Sanctions module of the Rulebook.

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Abu Dhabi: Environment Agency Approves Implementing Regulations to Integrated Waste Management Law

Abu Dhabi’s Environment Agency has announced it has approved the Implementing Regulations to the Integrated Waste Management Law.

They aim to regulate and improve waste management in the Emirate in line with Abu Dhabi Law No. 21/2005.

It covers all key sectors in the Emirate, including the residential, industrial, commercial, agricultural, craft, professional, service, health and institutional sectors as well as Government and semi-Government entities, universities, institutes, schools and training centres.

It also specifies the Agency’s commitment to developing a sustainable, effective and integrated approach to waste management in the Emirate. They will work with relevant organisations to achieve this.

They will do this by ensuring all types of waste are reduced and reused.

They will also do this by applying the best methods and techniques for waste recycling, treatment, resource recovery and safe disposal.

The regulations have been prepared together with all of the relevant Government entities and issued in line with Federal and local plans and strategies and the 2030 environmental vision of the Emirate.

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Dubai: Virtual Asset Regulation Law Approved

Dubai’s Ruler has issued a Dubai Virtual Asset Regulation Law to create an advanced legal framework to protect investors and design international standards for virtual asset industry governance which will promote responsible business growth in a regulated environment.

The Law applies throughout the Emirate, including special development zones and free zones, except the DIFC.

A Dubai Virtual Asset Regulatory Authority will be established. It will have its own legal personality and financial autonomy but report to the Dubai World Trade Centre Authority.

It will be responsible for licensing and regulating the sector across the Emirate. It will also provide a full range of virtual asset services together with the Central Bank and Securities and Commodities Authority.

The Law defines the tasks and competencies of the Authority. It will be considered the competent body in the Emirate to regulate, supervise and control virtual asset services.

It also states the Authority will be responsible for organising and setting the rules and controls which govern the conduct of virtual asset activities. This includes management services, clearing and settlement services and classifying and specifying types of virtual assets.

Under the Law, no one can engage in activities without authorisation from the Authority. Any one wanting to practice a virtual asset activity must establish a presence in Dubai to conduct business.

The Authority will be responsible for operating and managing virtual assets platforms services, exchanging services between virtual assets and currencies, whether national or foreign and exchanging services between one or more forms of virtual assets.

They will also be responsible for virtual asset transfer services, virtual asset custody and management services as well as services related to virtual asset portfolios and services related to the offering and trading of virtual tokens

Acts which violate the Law and its related decisions and the fines imposed on violators, will be determined by a Decision which will be issued by the board of directors of the Dubai World Trade Centre.

As well as a fine, the Authority may suspend a violator’s permit for up to six months, cancel the permit and cancel the commercial license together with the relevant commercial licensing authority in the Emirate.

The Law will be published in the Official Gazette and come into force on the day it is published. Also reported in Alroeya on 9 March 2022. For full story, click here.

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Key Dubai International Financial Centre Laws Amended

Mubasher, 8 March 2022: Dubai’s Ruler has issued DIFC Law No. 2/2022 regarding the Dubai International Financial Centre to incorporate amendments to some of its key laws.

The amendments approved affect the 2020 Data Protection Law, the 2019 Insolvency Law and the 2018 Trusts Law.

They also affect the 2017 Electronic Transactions Law, 2018 Common Reporting Standard Law and 2007 Strata Title Law.

The amendments also affect the rules of interpretation for various DIFC laws.

The amendments include clarifying the process of judicial legislation to individuals so it is more in line with international practice, especially in light of recent rulings in Europe regarding the rights of data subjects.

The amendments also set out better conditions for the legal accountability of controllers and data processors in which the privacy of individuals may be affected by repeated attempts and requests to access their data. For full story, click here.

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Dubai International Arbitration Centre Finalises New Arbitration Rules

Dubai’s International Arbitration Centre (DIAC) has announced it has finalised its new Arbitration Rules.

They were finalised following a review by its Arbitration Court.

A dedicated task force consisting of regional and international arbitration practitioners and members of their Secretariat drafted the new rules.

The new rules contain provisions dealing with consolidation, joinder, expedited proceedings, alternative process for appointing arbitrators and exceptional proceedings, like emergency arbitrator and conciliation.

In addition, legal fees will now be part of arbitration costs and could be claimed by the parties to the arbitration.

The rules will come into force on 21 March 2022.

They will apply to all new requests for arbitration and exceptional procedures submitted after this date.

The new rules reflect the latest international arbitration developments and evolving business needs.

They aim to improve the efficiency of arbitration procedures and ensure users benefit from multiple enhancements.

The Centre has also announced it Arbitration Court has formally been established. The Court replaces the Centre’s Executive Committee and assumes responsibilities for undertaking general supervision of the alternative dispute resolution services offered and supervising the management of all cases administered by the Centre.

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Dubai: Savings Scheme for Foreign Employees in Government Launched

Dubai’s Crown Prince and Chairman of the Executive Council has announced a Savings Scheme for Foreign Employees in the Government has been launched.

It has been launched to improve the end-of-service benefits system and retain Dubai’s position as an attractive place to work.

It will be supervised by the Dubai International Financial Centre together with several international investment firms.

It will offer an integrated system which will offer employees various saving opportunities across financial portfolios who can grow their benefits and savings.

It will be available to both citizens and residents.

It will provide employees with various financial benefits, particularly the opportunity to save across different financial portfolios to grow their savings and provide financial sustainability to them and their families. It will also protect and manage amounts owed more effectively by depositing them in the Scheme from the date of enrolment.

It will therefore not include any amounts owed from former years of service which the current legislation applies to. In addition, employees will be able to choose multiple investment structures including traditional investment funds and others which are compatible with Islamic Sharia. Employees who do not wish to invest their benefits will also be provided with options which ensure capital protection.

The Crown Prince has also ordered a steering committee be established which will be led by the General Secretariat of the Executive Council. Committee members will include the Department of Finance, the Dubai Government Human Resources Department, the Government of Dubai Legal Affairs Department, the Supreme Legislation Committee and the Dubai International Financial Centre. They will be responsible for developing an action plan, setting executive procedures, overseeing the workflow of the Scheme and ensuring it achieves its objectives. They will also be responsible for studying the possibility of extending the system to the private sector in Dubai on a voluntary basis, in line with the legislation in force and the relevant federal and local authorities.

The board of trustees and international investment firms will assume the duties of overseeing the Savings Scheme within a governance system which ensures the efficiency and effectiveness of the Scheme to guarantee it serves employees’ interests first and foremost. They will also be responsible for ensuring it provides multiple investment avenues and supports the planning and management of human resources in Dubai by securing end-of-service benefits for employees on a regular and sustainable basis within an efficient integrated system. Also reported in Alroeya on 2 March 2022. For full story, click here.

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Dubai International Financial Centre Launches Consultation on Proposed Amendments to Real Property Law for Consultation

Dubai’s International Financial Centre has launched a consultation on proposed amendments to its Real Property Law (DIFC Law No. 10/2018). It ends on 29 March 2022.

The proposed amendments relate to Part 9 of the Law. They relate to default remedies for mortgagees. The key changes include the removal of the mortgagee’s right of foreclosure in its entirety. They will also clarify the mortgagee’s rights and obligations in terms of the exercise of their statutory power of sale in the event of a default by a mortgagor and remove the reference to ‘under the principles of English common law and equity’ in Article 29(b) of DIFC Law No. 10/2018.

The amendments are aimed at facilitating the administration and enforcement of the Law and improving the regulatory framework within the DIFC, in line with current common law practice.

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