Insight Category: News
Update to the Saudi Companies Law,Reporting of losses in Saudi Companies, Appointment of auditors, and Remote Board of Directors Meetings As a result of the COVID-19 pandemic, some Saudi Arabian companies have been struggling economically and facing difficulties implementing some requirements under the Saudi Companies LawNo. (M/3) dated 10/11/2015G. As such, on 02/11/2020G, the Saudi… Continue reading Update Saudi Companies Law...
Background The Federal Cabinet has recently issued Cabinet Decision No. 29/2021 regarding the Executive Regulations (the “New Executive Regulations”) for the Federal Law No. 4/2020 (the “New Movables Pledge Law”). The New Movables Pledge Law, which was promulgated last year, stated that until the issuance of New Executive Regulations, the old executive regulations (the “Old… Continue reading Movables Pledge Law: New Executive Regulations...
What & Why? Foundations are a form of hybrid entity similar to both a private company and a trust structure. Combining the mechanisms of both a Foundation is established for beneficial purpose determined by the ‘Founder’ yet retains a corporate level of independent legal personality. With the benefit of the independent legal personality Foundations are… Continue reading UAE Foundations in ADGM, DIFC & RAK ICC...
Last month we provided an overview of the new Movables Pledge Law, in the following article we take a more in-depth look. Introduction The Federal Cabinet has recently issued Cabinet Decision No. 29/2021 regarding the Executive Regulations (the “New Executive Regulations”) for the Federal Law No. 4/2020 (the “New Movables Pledge Law”). The New Movables… Continue reading Executive regulations for new Movables Pledge Law: What do they mean for the secured lenders?...
The laws around consumer protection in the UAE are continuously evolving and on 25 November 2020, the UAE Central Bank issued the Circular No 8 of 2020, Consumer Protection Regulations (Consumer Protection Regulations), which are applicable to all “Licensed Financial Institutions”. This was further supplemented by Consumer Protection Standards (Consumer Protection Standard) issued by the… Continue reading How the new Consumer Protection Regulations impact insureds...
A family business is any business in which two or more members of the same family are involved and most of the ownership or control lies within such a family. The earliest example of a family business may be farming in which members of the same family worked together, thus intertwining both the personal life… Continue reading Family Business Regulations in the UAE...
The Federal Cabinet issued the Cabinet Resolution No 58/2020 (the “UBO Regulations“) last year. The UBO Regulations applies to: mainland (or onshore) companies (the “Mainland Companies“); and companies incorporated in non-financial free zones such as Dubai Multi Commodities Centre, Jebel Ali Free Zone, etc. (the “Non-Financial Free Zone Companies“). There are separate set of regulations… Continue reading Companies in violation of UBO Regulations may face up to AED 100,000 fine...
On 13 June 2021 the UAE Central Bank issued a circular with reference no. CBUAE/BSD/N/2021/3148 (“the Circular”) addressed to all financial institutions operating in the UAE, offering structured conventional life insurance and takaful investment and saving products (“the Products”). The Circular refers to Central Bank’s Circular of May 2017 which was addressed to banks and… Continue reading Revised Central Bank Guidance regarding Saving and Investment Insurance...
BSA Ahmad Bin Hezeem & Associates is proud to have been named Regional Law Firm of the Year at the annual Law.com Legal WeekMiddle East Legal Awards. BSA is noted as having “an impressive regional footprint in the Middle East, which offers a full service to its clients, delivering excellence each time.” The judges took… Continue reading BSA Named Regional Law Firm of the Year...
Background The General Assembly of the Dubai Court of Cassation issued the Resolution No. 1/2021 (the “Resolution”) very recently. The Resolution which was passed unanimously has now changed the previous judicial practice regarding interest rate calculations for the awarded amount of debt in the absence of a mutually agreed rate of interest in a loan… Continue reading Important Change to Interest Rate by Dubai Court...