Insight Category: Regulatory & Legal Updates
Introduction Insurance distribution in the Middle East has traditionally been procured through the insurance intermediary markets, such as brokers and insurance agents despite the fast-growing alternative distribution channels available to insurance providers. Bancassurance is one of the fastest growing distribution channels of insurance in the Gulf Cooperation Countries (GCC), in addition to the influence of… Continue reading Bancassurance Regulations in the GCC...
The UAE Bankruptcy Law is viewed as an improvement over the prior insolvency laws (as outlined in the Commercial Transactions Law), insofar as the Bankruptcy Law: 1. allows companies in financial difficulty the opportunity to reorganize their affairs in order to remain viable; 2. or in the absence of the ability to remain viable, allows… Continue reading An Introduction To Bankruptcy In The UAE...
1.What is the relevant legislative framework? The laws and regulations governing antitrust and competition (cartel) in the United Arab Emirates are as follows: (a) The Federal Law No. 4 of 2012 on the Regulation of Competition (“UAE Competition Law”), which has been in force since 23 February 2013 and which aims – according to Article… Continue reading Cartels: UAE Chapter...
Abstract The UAE Netting Law, Federal Decree-Law No. 10/2018 was issued on 20 September 2018. Its provisions will apply to all Qualified Financial Contracts and Netting Agreements specified under the law, which are entered into by any person in the UAE. The law seeks to strengthen the legislative framework for the settlement of Qualified Financial… Continue reading Middle East Legal Insight: UAE Netting Law...
When it come to UAE employment law, Federal Law No. 8/1980 (also know as the UAE Labour Code) or the Law Regulating Labour Relations the main law governing employee-employer relations in the private sector in the UAE. This law outlines the key employment aspects including working hours, annual leave and public holidays, sick leave, the… Continue reading Employment Law – An Overview...
In the interests of simplicity and efficiency, two new DIFC laws have changed the regulatory requirements for DIFC companies and registered persons as Robert Mitchley, Associate at BSA Ahmad Bin Hezeem & Associates LLP explains. WHAT’S HAPPENED AND WHY? “In November 2018, the DIFC enacted several new laws and regulations which are aimed at reorganising… Continue reading Streamlining DIFC Registration and Regulation...
1. What are the main laws governing money laundering in KSA jurisdiction? The main law governing money laundering in Saudi Arabia is Saudi Arabia Cabinet Decision No. 80/1439, approving the Anti‐Money Laundering Law (the “AML”), and its Implementing Regulations (the“Implementing Regulations”), published in 2017. This law supersedes Saudi Arabia Royal Decree No. M31/1433, the old… Continue reading A Practical Guide to Saudi Arabia’s Anti Money Laundering Law...
On 14 November 2016, the UAE Insurance Authority (“the Authority”) issued Circular No. 33 of 2016 as the first draft of the Regulations for Life Insurance and Family Takaful Business (“the Life Regulations”), which came as a surprise to the loosely regulated life insurance and linked investment market. The first draft of the Life Insurance… Continue reading UAE’s Draft Life Insurance Regulations – What You Can Expect...
Federal Law No. 20/2016; Cabinet Decision No. 5/2018; Cabinet Decision No. 6/2018; Federal Law No. 5/1985; Federal Law No. 11/1992; Federal Law No. 18/1993 Since the introduction of UAE Federal Law No 20/2016, the legal regime applicable to the mortgage of movable property in the UAE, its creation, perfection, priority and enforcement, has substantially changed.… Continue reading Updates on the New Security Regime Over Movable Property in the UAE...