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Category Archives: Regulatory

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UAE Central Bank Issues Guidance on Anti-Money Laundering Risks in the Payment Sector

By Latham & Watkins on Posted in Banking and Finance, Regulatory, United Arab Emirates
The guidance is part of the rapidly evolving rules on anti-money laundering and aims to promote UAE as a jurisdiction compliant with best practices. By Brian Meenagh, Ksenia Koroleva, and Matthew Rodwell On August 1, 2022, the UAE Central Bank (CBUAE) issued the Guidance for Licensed Financial Institutions on the Risks Relating to Payments.[1] The … Continue Reading

UAE Publishes First Federal Data Protection Law

By Latham & Watkins on Posted in Regulatory, United Arab Emirates
Organisations subject to the law should carry out a gap analysis of their current compliance position against the new requirements. By Brian A. Meenagh, Alexander Hendry, and Lucy Tucker The United Arab Emirates (UAE) has issued its first federal data protection law (Federal Decree Law No. 45/2021 on the Protection of Personal Data) (the Data … Continue Reading

UAE’s New Consumer Protection Law: An End to Direct Marketing?

By Latham & Watkins on Posted in Regulatory
The new legislation extends both the protections available to consumers, as well as the obligations applicable to e-commerce retailers. By Brian A. Meenagh and Avinash Balendran With its recent implementation of a new consumer protection law, the United Arab Emirates has taken a significant step forward in protecting the rights of consumers. The new legislation … Continue Reading

SAMA Updates Payment Services Provider Licensing Regime in the KSA

By Latham & Watkins on Posted in Regulatory, Saudi Arabia
The updates are part of SAMA’s efforts to promote an innovation-based financial technology ecosystem in the KSA. By Salman Al-Sudairi, Brian A. Meenagh, and Homam Khoshaim Last month, the Saudi Arabian Monetary Authority (SAMA) issued an update to the recently implemented Payment Services Provider Regulations (PSPR), which was introduced in January 2020 to regulate Payment … Continue Reading

The Legal Landscape for Drones in the UAE

By Brian Meenagh and Jawahir Al-Subaie on Posted in Regulatory, Technology, United Arab Emirates
The use of “unmanned aerial systems” or “drones” for commercial, government and consumer purposes has significantly increased in recent years across the globe. In the UAE, the office of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai, introduced the Drones for Good Award at the Government Summit held in Dubai … Continue Reading

The Legal Status of Bitcoin in the United Arab Emirates

By Brian Meenagh on Posted in Banking and Finance, Regulatory, Technology, United Arab Emirates
This is the first in a series of articles considering legal issues relating to bitcoin, cryptocurrencies and blockchain in the UAE. In this article we focus on the legal status of bitcoin and address the question of whether bitcoin is banned in the UAE. In part two we will consider the case for regulating bitcoin … Continue Reading

Middle East Privatisation – Saudi Arabia Par Excellence?

By Derek McKinley on Posted in Capital Markets, Power, Project Development and Finance, Regulatory, Saudi Arabia
Saudi Arabia’s recently announced plans to privatise several key industries in the Kingdom has once again brought the Kingdom’s privatisation agenda back into the spotlight. The announcements form part of the countries transformational initiatives as part of The 2016-2020 National Transformation Plan (NTP) to improve public sector efficiency and boost non-oil revenues in the region, … Continue Reading

DIFC Says Transfer to US Cannot Rely on Safe Harbor

By Latham & Watkins on Posted in Regulatory, Technology
By Brian Meenagh On October 26, 2015, Raja Al Mazrouei, the Commissioner for Data Protection for the Dubai International Financial Centre (the DIFC), issued guidance on the adequacy of US Safe Harbor for the purpose of exporting personal data from the DIFC. The guidance is significant for organisations that transfer personal data from the DIFC to the … Continue Reading

Abu Dhabi Global Market Publishes New Commercial Regulations and begins Financial Regulation Consultation

By Christopher Lester and Heather Newman on Posted in Employment, M&A/ Private Equity, Real Estate, Regulatory, United Arab Emirates
On 15 June 2015, the Abu Dhabi Global Market (Global Market), Abu Dhabi’s financial free zone, published the following six new regulations concerning the regulation of non-financial services in the Global Market: – Application of English Law Regulations; – Companies Regulations; – Operating Regulations; – Insolvency Regulations; – Employment Regulations; and – Real Property Regulations. … Continue Reading

Kuwait Power and Water Projects to Take-Off Following Publication of PPP Regulations

By Craig R. Nethercott and Derek McKinley on Posted in Kuwait, Power, Project Development and Finance, Regulatory
New PPP Regulations Further to the publication of the new PPP law in August 2014, the corresponding executive regulations were published in the official gazette on 29 March 2015. The new regulations provide developers with additional information and clarification on key procurement matters such as prequalification, bid submission requirements, bid bond requirements, bid evaluation procedures, … Continue Reading

What You Need to Know About Abu Dhabi Global Market’s New Draft Regulations

By Christopher Lester on Posted in Banking and Finance, Capital Markets, Regulatory, United Arab Emirates
The Abu Dhabi Global Market, Abu Dhabi’s new financial free zone, located on Al Maryah Island, recently issued a first wave of draft regulations and related consultation papers. The Global Market’s general approach in the draft regulations follows very closely the  English law model. In particular, the Global Market is proposing to apply English common … Continue Reading

As Bitcoin Gains Momentum, Focus on Regulation Increases

By Alan Avery, Vivian Maese and Brian Meenagh on Posted in Banking and Finance, Capital Markets, Regulatory, Technology, United Arab Emirates
The virtual currency market has emerged in the United Arab Emirates with Dubai’s first Bitcoin ATM introduced in April 2014. Middle East entrepreneurs have begun launching Bitcoin payment products and SMEs are beginning to realise the potential of such technology, with The Pizza Guys becoming the first restaurant in the UAE to accept Bitcoin payments. … Continue Reading

3 Changes in Europe’s Energy Policy that Offer Lessons and Opportunities for the Middle East

By Lars Kjølbye on Posted in Oil & Gas, Regulatory
The European Union is seeking to re-regulate Europe’s energy sector to improve security of supply, sustainability and competitiveness. Energy transformation in Europe has exposed the shortcomings of over-regulation and national-centric policy, providing the Middle East with valuable lessons to manage supply, competition and future investment in its own market. 1. Supply Diversification: Shale gas development … Continue Reading

How LIBOR Administration Change will Impact Financial Contracts

By Chirag Sanghrajka and Craig R. Nethercott on 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

Infographic: How #Healthcare is Regulated in the #UAE

By Ahmad Anani, Charles Fuller, Stuart Kurlander, Marc Makary and Abid Qureshi on 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.… Continue Reading

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

By Justin Cornish, Brian Meenagh, Omar Elsayed and Alice Marsden on 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

By Craig R. Nethercott, Chirag Sanghrajka and Mahmoud Abdel-Baky on 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

By Omar Shah, William Seivewright and Adeola Adeyemi on 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

By Justin Cornish, Alice Marsden and Brian Meenagh on 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

By Omar Elsayed on 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

By Craig R. Nethercott and Chirag Sanghrajka on 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

By Craig R. Nethercott on 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
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