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
Category Archives: Regulatory
Receive updates to Regulatory via RSSMiddle East and Africa Technology, IP and Sourcing Focus
Posted in Outsourcing, Regulatory, TechnologyLatham & 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, TechnologyAlthough 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, RegulatoryThe 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, RegulatoryFollowing 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 RegulatoryThe 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, RegulatorySeveral 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