GCC Restructuring & Insolvency Report

The worldwide economic distress caused by the ongoing Covid-19 pandemic has certainly not spared the GCC region. The pandemic has exacerbated the region’s pre-existing economic challenges, many of which date from the prior distresses that occurred ten years ago and were never fully remediated. This has led to a knock-on effect whereby many corporate interests…

Revised Central Bank Guidance regarding Saving and Investment Insurance

On 13 June 2021 the UAE Central Bank issued a circular with reference no. CBUAE/BSD/N/2021/3148 (“the Circular”) addressed to all financial institutions operating in the UAE, offering structured conventional life insurance and takaful investment and saving products (“the Products”). The Circular refers to Central Bank’s Circular of May 2017 which was addressed to banks and…

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…

Economic Substance Report filing reminder

Economic Substance Report – ESR 2020 filing reminder In accordance with Cabinet Resolution No. 57 of 2020, entities that conduct Relevant Activities under the Economic Substance Regulations must file directly with the Ministry, regardless of whether they have previously filed their details with their appropriate registry. All licensees and exempted licensees must file their Notification…

Consumer protection, insurance, UAE Central Bank

Legal Brief

UAE amends criminal sanctions involving bounced cheques The On 26 October 2020, the UAE Cabinet approved a cabinet resolution amending certain provisions of the Federal Law No. 18/1993 promulgating the UAE Commercial Code, (“the Resolution”). The amendments made by the  Resolution, which will come into force by the end of 2022, include modification of rules dealing…

Recent Legal Developments in Business Interruption Insurance – Coverage Issues and Wider Implications perhaps for the Middle East

The English High Court has recently handed down a judgement in a test case related to “Business Interruption” insurance in the context of the COVID19 pandemic, which provides an interesting angle in respect of coverage issues and general English law [insurance] contract interpretation. The Financial Conduct Authority v Arch and Others[1] essentially addressed the legal…

Bankruptcy Law Update

Bankruptcy Law Update Additional Debtor Relief Options Announced “On 21 October 2020, the Cabinet of the UAE approved amendments to the UAE Federal Law No. 9 of 2016, known as the Bankruptcy Law, which is intended to alleviate financial distress caused by the COVID-19 pandemic as well as other “emergency situations”.While the details of the…