Header graphic for print
Al-Mirsal Insights and commentary on legal developments in the Middle East

Category Archives: Regulatory

Receive updates to Regulatory via RSS

Qatar Amends Regulations and Issues Rules as MSCI Upgrade Comes Into Effect

Posted in Capital Markets, Qatar, Regulatory

Qatar, along with the UAE, has been upgraded from “frontier” to “emerging” market status by MSCI (an upgrade that is now in effect), which is among the criteria used by a large number of institutional investors and private equity funds to identify markets in which they can invest. It has been reported that the upgrade… Continue Reading

How LIBOR Administration Change will Impact Financial Contracts

Posted in Banking and Finance, Regulatory

This month, the UK Financial Conduct Authority formally authorised ICE Benchmark Administration Limited (IBA) to assume responsibility for the administration of the London Interbank Offered Rate (LIBOR). IBA is a subsidiary of the Intercontinental Exchange Group, a leading global network of exchanges and clearing houses that administers other benchmarks such as the French CAC40 and… Continue Reading

How Greater Regulation Will Lead to Islamic Finance Growth in Qatar

Posted in Islamic Finance, Qatar, Regulatory

Qatar is set to further enhance financial markets regulation by developing a consistent risk-based regulatory framework.  Governor H.E. Abdulla bin Saoud al Thani has announced a three-year strategic plan, which was jointly drafted by the Qatar Central Bank, the Qatar Financial Markets Authority and the Qatar Financial Centre Regulatory Authority. The goals of this plan… Continue Reading

Infographic: How #Healthcare is Regulated in the #UAE

Posted in Healthcare, Regulatory, United Arab Emirates

Investment in the UAE’s healthcare sector is steadily increasing as the government seeks to deliver world-class healthcare to its residents.  Latham has compiled the following Infographic to explain the regulatory framework behind the UAE’s first-rate infrastructure projects and advanced healthcare services. Read more about UAE healthcare regulations here.

How to comply with laws that protect personal #data in the #Middle East

Posted in Qatar, Regulatory, Saudi Arabia, Technology, United Arab Emirates

Digital Identity Dominates  Having a digital identity for online browsing, transactions and interactions has become necessary to operate in this information age.  As more and more lifestyle and business services shift to the digital platform, there has been an explosive growth in personal data capture.  The “Big Data” phenomenon has the potential to transform, innovate… Continue Reading

How #Saudi New Weekend Impacts Legacy #Financing Agreements

Posted in Banking and Finance, Regulatory

The Custodian of the Two Holy Mosques, King Abdullah, announced on Sunday June 23, 2013 that the official working days in Saudi Arabia will change to Sunday to Thursday and the weekend to Friday to Saturday, with effect from June 29, 2013 (the “Royal Decree”).  The change aligns Saudi Arabia with the other members of… Continue Reading

How new UAE Competition Law will impact businesses

Posted in Regulatory

The expiration date is looming for the six month transitional period granted to the Federal Law No. 4 of 2012 (the “Competition Law”) On 23 February 2013, the new Competition Law came into force in the UAE, prohibiting certain types of restrictive agreements and abuses of dominance, and introducing merger control. The 23 August 2013… Continue Reading

Middle East and Africa Technology, IP and Sourcing Focus

Posted in Outsourcing, Regulatory, Technology

Latham & Watkins’ Middle East Technology, IP and Sourcing team has just published the sixth edition of Middle East and Africa Technology, IP and Sourcing Focus. This edition includes a white paper on preparing a statement of work for a technology or sourcing transaction, guidance on US Trade Controls for companies operating in Qatar, Saudi… Continue Reading

Data Protection in the Kingdom of Saudi Arabia: A Primer

Posted in Intellectual Property, Regulatory, Technology

Although some surveys of privacy law suggest otherwise, privacy requirements do in fact exist in the Kingdom of Saudi Arabia (KSA)and are very relevant to companies operating there or seeking to provide services to customers in KSA. Background The paramount body of law in KSA is the Sharīʿah. The Sharīʿah is comprised of a collection… Continue Reading

LIBOR No More – The Wheatley Review and LIBOR Changes

Posted in Arbitration, Banking and Finance, Litigation and Arbitration, Regulatory

The second half of 2012 saw a number of major financial institutions censured for the alleged manipulation of submissions made to the British Bankers’ Association (BBA) for the compilation of BBA LIBOR. In addition to direct enforcement action against those alleged to have participated in such manipulation, regulators have also taken significant steps to reform… Continue Reading

Hong Kong – Getting Set for Sukuk

Posted in Capital Markets, Hong Kong, Islamic Finance, Regulatory

Following a public consultation process, Hong Kong has commenced the legislative process for the introduction of tax changes to permit the issuance of Sukuk. The proposed legislation was published in a Legislative Council Brief on December 28, 2012, which seeks to establish a level playing field for the taxation of conventional bonds and Sukuk (referred… Continue Reading

Key Expected Changes to the UAE’s Draft Commercial Companies Law

Posted in Regulatory

The UAE’s Draft Commercial Companies Law (CCL) introduces some significant changes to the existing CCL (Federal Law No. 8 of 1984). Already approved by the UAE Cabinet, the Draft CCL is expected to become law in the next few months. Chris Lester, Jade Laktineh and Saad Khananiof the Abu Dhabi office and Charles Fuller of… Continue Reading

Reforms to Banking Disputes in Saudi Arabia

Posted in Banking and Finance, Islamic Finance, Project Development and Finance, Regulatory

Several new laws have taken effect in recent months in the Kingdom of Saudi Arabia from arbitration to the establishment of a centre for registration of lien and the long awaited mortgage law. As part of the restructuring underway in the Saudi Arabian judiciary system, long standing regulations for the resolution of banking disputes in the… Continue Reading