New Promotion Regime for Domestic Funds
In late November 2018, the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA) of the Dubai International Financial Centre (DIFC) and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) announced that they had reached agreement on facilitating the licensing of domestic funds by each authority for promotion …
Federal Penal Code Amendments
In the latest development in an eventful year, Federal Decree-Law 24 of 2018 introduces amendments to the Federal Penal Code, originally enacted as Federal Law 3 of 1987. The amendments are designed to make the Penal Code consistent with other recent federal legislation and current federal enforcement policies. Only ten provisions of the statute have …
Confidentiality Under Renewed Focus
The UAE federal government has recently issued a raft of important legislation, addressing and in many ways updating areas of law that are key to businesses in the jurisdiction. Amongst this legislation is Federal Decree-Law 14 of 2018 concerning the central bank and the organisation of financial institutions and activities (the New Banking Law) and …
New Anti-Money Laundering Law
The new anti-money laundering (AML) law of the UAE took effect at the end of October 2018. Containing features recommended by the Financial Action Task Force (FATF), the new law introduces subtle but important changes to the AML landscape in the UAE. Read more…
The New Foreign Direct Investment Law
News on the new federal law on foreign direct investment in the UAE has many people asking: Does this mean I can now form a new company with majority foreign ownership? The answer is the same as previously, "No, not yet". Read more…
ADGM Announces Tech Start-Up Licensing Regime
The Abu Dhabi Global Market (the ADGM) recently announced the launch of a commercial license specifically catered towards tech start-ups that allows entrepreneurs to obtain an operational license in the ADGM and access to a Professional Services Support Program aimed at allowing entrepreneurs entry to a community of businesses, financial services and professional advisors. Read more…
Application for an Anti-Suit Injunction: Dismissed
Legal update on the dismissal of the anti-suit injunction in the groundbreaking DIFC case of ED&F Man Capital Markets MENA Ltd v RJ O'Brien MENA Capital Ltd (and others). Read more…
New Services by Dubai Rental Disputes Centre
On 8 October, the Rental Disputes Centre in Dubai launched the Rental Good Conduct Certificate service.
Netting arrangements in Qualified Financial Contracts made enforceable
Federal Decree-Law 10 of 2018 on Netting (the Netting Law) was published in the UAE Federal Gazette on 30 September 2018 and will take effect on 30 October 2018 (the Effective Date). It is a significant development to the derivatives framework in the UAE, in terms of both the legal enforceability of such arrangements and the …
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Dubai relaxes rules on filing appeals before the Court of Cassation
On 19 September 2018, H.H. Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai, issued Decree No. 28 of 2018 concerning the Acceptance of the Civil Petitions before Dubai Courts (the Decree). The Decree was issued by His Highness to address the procedures in filing appeals to the Court of Cassation. The Court of …
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