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…
Around 80% of the UAE population have come to the country to work. BSA experts, Abdullah Ishnaneh, Rima Mrad and Shaikha Al Shamsi contributes to the Emirates Law expert panel, explaining how the legislation impacts them and their employers and the recent changes in this area. Read full article here
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…
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…
The new insurance law has made it easier for insurers to issue policies in a foreign language, thus expanding their business opportunities, but there are downsides when it comes to insurance disputes, says Francois Chemaly, Head of Corporate at BSA Abu Dhabi. Insurance is an important sector that contributes to the stimulation of the United…
Overview The article examines the material legal process involved when undertaking a corporate acquisition transaction in Saudi Arabia (Acquisition Transaction). The general process an Acquisition Transaction undergoes shares several similarities with similar types of transactions in other jurisdictions. Notwithstanding, the prevalent regulations and overriding legal system unique to KSA must be taken into consideration and…
