The UAE Central Bank, the Ministry of Economy, and the Ministry of Justice announced a new Federal Decree No. 14/2020 (“Decree”) on September 27th, 2020[1], which in effect amends the Commercial Transaction Law No. 18 of 1993 (“C T Law”) by partially decriminalizing on cheque bounce due to insufficient funds. The majority of the amendments...
Introduction President His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as Ruler of the Emirate of Abu Dhabi, issued Law on Personal Status for Non-Muslims in Emirate of Abu Dhabi (“Law”) to regulate and provide a flexible and advanced judicial mechanism for the determination of personal status disputes for non-Muslims. According to...
Introduction The Cabinet Decision No. (58) of 2020 regulating the Beneficial Owner disclosure Procedures, hereinafter referred to as the “Decision” replaced the Cabinet Decision No. (34) of 2020 dealing with the Regulation of Beneficial Owner Procedures and came into effect on 28.08.2020. The Decision was enforced in furtherance of combatting money laundering and terrorism funding, both of...
The UAE cabinet approved the Strategy for Talent Attraction and Retention to strengthen the UAE’s position as the best destination for living, working, and investing. The strategy plans to place UAE among the three top countries in talent attraction and retention. UAE is aware of the talents that contributed to its growth and is ready...
Singapore International Arbitration Centre (SIAC) announced the registering of 1,080 new cases in 2020 which is 125% more than the year 2019. This tremendous growth is attributed to Singapore’s connectivity with the biggest economies of the world. By utilizing its geographical advantage and its continuous efforts to be on par with the legal practice of...
The Supreme Court of India, while disposing of an appeal filed in the matter of PASL Wind Solutions Private Limited Vs GE Power Conversion India Private Limited (2021) SCC Online SC 331 reconfirmed that arbitration proceeding between two Indian parties can be validly conducted in a foreign seat. This decision further augments the concept of...
Insurance Product Value To improve work relationship stability, MoHRE, Ministry of Human Resources and Emiratisation, compelled private sector establishments to pay the wages on time under the Wages Protection System. This came up because of the COVID-19 challenges that affected the global labor markets. As a penalty for the wage issue, authorities have raised the...
To diversify focus away from oil and gas, the UAE cabinet decided to increase the local export market to 50% of the total export. Cabinet approved an export development policy to support the country’s foreign trade and thereby increase the GDP contribution from non-oil sectors. This was to be attained by opening new channels and...
Crypto assets businesses can obtain bespoke licenses from the DMCC Crypto Centre in Dubai. The Dubai Government Authority relating to commodities, trade license, and enterprise and DMCC Freezone signed a Memorandum of Understanding (MoU) with the SCA (Securities and Commodities Authority) to launch a regulatory framework for businesses using crypto assets in DMCC. SCA will...
The Financial Services Regulatory Authority (FSRA) of ADGM introduced a new framework for the authorization and supervision of third-party financial technology (FinTech) firms. Third-Party Providers (“TPPs”) are the intermediaries between customers and financial institutions. They help customers to make use of their data more effectively while conducting financial transactions. This new Regulatory Framework will parallelly...
