Consumer protection, insurance, UAE Central Bank

How the new Consumer Protection Regulations impact insureds

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…

Update Saudi Companies Law

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…

New SME Market Conduct Regulation

In late January 2021, the Small to Medium-Sized Enterprises (SME) Market Conduct Regulation (“Regulation”) was circulated to all banks and finance companies licensed by the Central Bank in the UAE (“Financial Institutions”). It comes as the UAE seeks to improve and enhance the financial services received by small and medium-sized enterprises (“SMEs”) in the UAE,…

Dubai Rent Freeze

The Dubai Land Department (DLD) has stated that a new draft law is set to keep rents in Dubai unchanged for a three-year period. This follows a prediction by the DLD’s Director General in early January this year, after the DLD’s recommended clauses for the new law were accepted. No date has been set for…

Brief on the new UAE Cabinet Decision No 58/2020 on the Regulation of the Procedures of Real Beneficiary

UAE Cabinet Decision No. 58 / 2020 is to be implemented to regulate the minimum obligations of the corporate entities incorporated in the UAE mainland and in the non-financial free zones (each an “Entity”) by requiring disclosure at the initial incorporation/registration stage, and maintenance thereafter, of a “Register of Real Beneficiaries” and “Register of Partners or…

Arsalan Tariq has been named Partner at BSA Al Rashdi & Al Barwani Advocates and Legal Consultants

Arsalan Tariq has been named Partner at BSA Al Rashdi & Al Barwani Advocates and Legal Consultants in Oman. Practicing since 2009, Arsalan specializes in Islamic and conventional finance, bilateral and syndicated project finance, acquisition finance, Islamic product development, cross-border financing and financial restructuring. Arsalan will continue working from BSA’s DIFC office in Dubai, attending…