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…
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…
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…
Direct Distribution 1. May a foreign supplier establish its own entity to import and distribute its products in your jurisdiction? A foreign supplier seeking to import and distribute its products in the UAE may do so either by: • entering into a commercial agency agreement with a UAE national or a company wholly owned by UAE…
The growing awareness of socially responsible investments (SRI) in the energy sector by financial institutions and the majority of major contributors to the world economy is part of a number of factors increasing ethical and green projects and playing a key role in identifying the future potential role of this sector. Rima Mrad writes. As…
Insurance Financial Reporting Standards (IFRS) 17 represents 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…
Federal Law No.2 of 2019 – Using IT and Telecommunications in the Healthcare Sector Further to our recent Regulatory Alert “UAE Legal Update – Regulatory Alert Healthcare Federal Law No.2 of 2019 – Using IT and Telecommunications in the Healthcare Sector” We now set out further details of the Law in this Regulatory Alert (2).…
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…
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…
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…