Insight Category: Regulatory & Legal Updates
Insurance Financial Reporting Standards (IFRS) 17 represent a new and unprecedented international reporting and disclosure regime for the insurance industry [1]. IFRS 17 takes effect in January 2021 [2]. There have been many publications and a wealth of information on the reporting and disclosure standards in IFRS 17 offering guidance to the insurance industry, many… Continue reading What To Look Out For In 2020 – Are You Covered?...
UAE Compliance Update Over the past year, several key compliance regulations have been introduced across the UAE. See below a brief summary of these changes and how they may affect your business. Our expert team of corporate lawyers are ready to assist you in ensuring full compliance with these important changes as well as in… Continue reading UAE Compliance Update...
The recent emergence and rapid spread of the COVID-19 novel coronavirus has resulted in unprecedented disruptions to virtually all aspects of global and locally based commerce, as well as almost everyone’s normal routines. While we collectively and individually should now focus on protecting our personal, family, and greater community health and safety in this emergent… Continue reading Do You Have Insurance Coverage for Coronavirus-Related Interruption to Your Business?...
With the recent outbreak of the COVID – 19 Virus, the hardest hit are establishments within the hospitality, F&B and retail industry, with many restaurants, gyms and many other businesses being forced to shut their doors temporarily or at least downscale their production and/or services drastically. The greatest expense for most businesses is the payment… Continue reading Can Employers Terminate Employees Due to COVID-19?...
What is the recently announced Targeted Economic Support Scheme? The Central Bank of the UAE (CBUAE) has launched a AED100 billion ($27.2 billion) stimulus scheme to contain the economic repercussions of the coronavirus outbreak and a subsequent drop in economic activity in the UAE. This scheme called the “Targeted Economic Support Scheme” is made up… Continue reading Central Bank Stimulus Package...
The UAE’s New Regulation on Medical Liability and Its Impact on the Health System “Long and healthy lives” – This is the United Arab Emirates (‘UAE’) Government’s strategy set up by the Ministry of Health and Prevention (the ‘MoHAP’) to reinforce the country’s health system and the efficiency of medical services. The Government intends, through… Continue reading The UAE’s New Regulation on Medical Liability...
1. What are the sources of payments law in your jurisdiction? The United Arab Emirates (“UAE”) consists of “onshore” (“UAE Onshore”) and financial free zone jurisdictions, to which different sources of payments law apply. There are currently two financial free zones in the UAE: the Dubai International Financial Centre (the “DIFC”) and the Abu Dhabi… Continue reading UAE: Fintech (2nd Edition)...
Anti-corruption Q&A 1. Legal and enforcement framework 1.1 Which legislative and regulatory provisions govern anti-corruption in your jurisdiction, from a regulatory (preventive) and enforcement (criminal) perspective? 1.1.1 The United Arab Emirates (UAE) has been fighting bribery and corruption since the 1980s with the enactment of Federal law 3/1987 otherwise known as the UAE Federal Penal… Continue reading UAE Anti-corruption & Bribery 2019...
1. What legislation applies to arbitration in your country? Are there any mandatory laws? The legislation which applies to an arbitration is dependent on whether the arbitral process (i.e. the lex arbitri) is subject to the Federal Civil Law system of the United Arab Emirates (“UAE”), or by the laws of two distinct jurisdictions I.e.… Continue reading UAE: International Arbitration...
1. Governing Texts 1.1. Legislation relevant to employee monitoring The United Arab Emirates (‘UAE’) is a federation of seven emirates, and all emirates are subject to the UAE constitution and a set of federal laws while retaining the right to administer their own internal aairs and to manage their wealth through a local legal infrastructure.… Continue reading Employee Monitoring in the UAE...