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…

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…

Brief on the new UAE Cabinet Decision No 58/2020 on the Regulation of the Procedures of Real Beneficiary

UAE Cabinet Decision No. 58 / 2020 is to be implemented to regulate the minimum obligations of the corporate entities incorporated in the UAE mainland and in the non-financial free zones (each an “Entity”) by requiring disclosure at the initial incorporation/registration stage, and maintenance thereafter, of a “Register of Real Beneficiaries” and “Register of Partners or…

BSA October Newsflash

Regulation of the Procedures of Real Beneficiary UAE Cabinet passed Decision No. 58 / 2020 to regulate disclosure by corporate entities in the UAE mainland and in the non-financial free zones at the initial incorporation/registration stage, and maintenance thereafter, of a “Register of Real Beneficiaries” and “Register of Partners or Shareholders”. Such registers shall be filed…