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In Cybersecurity, Data and Tech

Saudi Arabia updates Data Transfer Regulations and introduces the first set of Standard Contractual Clauses

by , , and 5 Mins Read

On 1 September 2024, the Saudi Data and AI Authority (SDAIA) published the Regulation on Personal Data Transfer Outside the Kingdom (“Data Transfer Regulations”), which amended the previous Transfer Regulations under the Personal Data Protection Law issued by Royal Decree No. (M/19) dated 9/2/1443 AH and amended by Royal Decree No. (M/148) dated 5/9/1444 AH (“PDPL”). SDAIA also published additional information on Standard Contractual Clauses and Binding Common Rules, two of the appropriate safeguards for transferring data outside of the Kingdom, as well as a number of PDPL-related rules and guidelines. A summary of our initial takeaways can be found below.

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In AML & Financial Services Regulatory

Singapore: MAS amends the Guidelines on Licensing for Payment Service Providers

by , , and 2 Mins Read

On 26 July 2024, the Monetary Authority of Singapore (MAS) updated the Guidelines on Licensing for Payment Service Providers (PS-G01), which became effective on 26 August 2024. These changes are applicable to current and future Standard Payment Institutions (SPIs) and Major Payment Institutions under the Payment Services Act (PSA).
The updates can be divided into those that relate to (i) the application process for a new MPI or SPI license or a variation of an existing license under the PSA; and (ii) those that relate to ongoing business conduct.

In AML & Financial Services Regulatory

United Arab Emirates: Shariah Standard 62 – Much ado about nothing?

by and 5 Mins Read

AAOIFI released a Sukuk exposure draft in early November 2023 in response to a rapid increase in the use of Sukuk and the development of the market in the past decade. A key change in the draft standard is that it requires an actual transfer of ownership to occur under an Ijara Sukuk investment. It is unclear what the appetite will be for asset-backed Ijara Sukuk if the standards are tightened and whether, at this stage, the standard will pass.

In ESG

Egypt: Unlocking opportunities – Navigating Egypt’s new carbon trading regulations

by and 4 Mins Read

Since the landmark Climate Change Conference (COP 27) in Sharm El-Sheikh, Egypt has been on a mission to revolutionize its carbon trading market. This journey began with Prime Ministerial Decree No. 4664 of 2022, which set the stage for a voluntary carbon market platform within the Egyptian Stock Exchange. Recently, the Egyptian Financial Regulatory Authority introduced a series of groundbreaking regulations to create a robust framework for the accreditation, issuance, listing, delisting, and trading of carbon emissions reduction certificates.

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In Antitrust / Competition

Egypt: The Egyptian Competition Authority issues three price fixing cartel decisions in the eggs market

by , and 4 Mins Read

This week, the Egyptian Competition Authority (ECA) issued three price-fixing cartel cases against 21 of the major producers of table eggs, including board members of the Table Eggs Chamber, which is part of the General Union of Chicken Producers. In those cases, the Cartel Members agreed on the selling price of white and red table eggs, violating Article 6 of the Egyptian Competition Law No. 3 of 2005. The ECA initiated criminal proceedings before the public prosecution office for the Cartel Members and did not settle the case.

In Antitrust / Competition

Key Antitrust Developments and Competition Trends in Saudi Arabia, the UAE and Egypt 2024

by , , , , and 2 Mins Read

Over the past year, antitrust regulators in the Middle East have implemented significant changes to the local competition law regimes, with a new competition law coming into effect in the United Arab Emirates and substantial changes being made to the applicable merger control regimes in the Kingdom of Saudi Arabia (KSA) and Egypt. Competition law enforcement has also continued to intensify in the KSA and Egypt, as well as in other key emerging markets in the GCC. During this 2-hour seminar, we will provide an update on the latest key competition law developments and what to expect on the horizon as well as compliance tips and pointers.

In ESG

Egypt: Unlocking opportunities – Navigating Egypt’s new carbon trading regulations

by and 4 Mins Read

Recently, the Egyptian Financial Regulatory Authority has introduced a series of groundbreaking regulations to create a robust framework for the accreditation, issuance, listing, delisting, and trading of carbon emissions reduction certificates. On 13 August 2024, the FRA officially launched the first regulated voluntary carbon market. These steps underscore Egypt’s dedication to sustainable development and its ambition to lead the carbon trading market in the Middle East and Africa.

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In Antitrust / Competition

Saudi Arabia: New guidelines to promote competition in the supply and sale of school uniforms and related items

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The General Authority for Competition in Saudi Arabia has recently issued new guidelines aimed at promoting competition in the supply and sale of school uniforms and related items. The guidelines cover all relevant equipment, including school uniforms, desks, and chairs, among other necessary supplies. These guidelines are part of the Authority’s continued effort to enhance consumer protection in the Saudi market and Competition Law in Saudi Arabia.

In Employment

Saudi Arabia: Amendments to the Saudi Labor Law

by and 1 Min Read

On 6 August 2024, the Council of Ministers approved amendments to the Saudi Labor Law (the “Amendments”) which will come into force 180 days from publication of the Royal Decree in Umm Al Qura (the Official Gazette) which we expect within a fortnight.
The Ministry of Human Resources and Social Development circulated proposed amendments to these provisions for public consultation in 2020, and again in 2021. With wide labor market input, and extensive benchmarking studies of other countries’ labor laws and global practices, the Amendments aim to further align with Saudi Arabia’s Vision 2030 by creating a more attractive work environment for employees; enhancing job security; protecting both parties’ rights; developing human capital; and promoting training opportunities, among others.

In AML & Financial Services Regulatory

Egypt: the Central Bank of Egypt permits the opening of non-resident bank accounts to foreigners

by and 2 Mins Read

In a recent circular issued on 7 August 2024, the Central Bank of Egypt (CBE) mandated Egyptian banks to open non-resident bank accounts for foreign customers not residing in Egypt. This directive aims to expand the access by foreigners to a range of banking services allowing them to benefit from the same while ensuring compliance with account opening regulations, KYC requirements and anti-money laundering laws and regulations.
The CBE emphasized the need for such a decision and noted that denying non-residents the opportunity to open accounts could heighten the risks associated with financial transactions conducted outside the regulated market and have adverse effects on the reputation of banks operating within the Egyptian banking sector.

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