On 2 October 2023, the UAE issued Federal Law No. 54 of 2023, which amended Federal Law No. 14 of 2018 on the Central Bank and the Organization of Financial Institutions and Financial Activities (the “Central Bank Law”) and changed the definition of currency to include a “National Digital Currency”. The amendment to the Central Bank Law was published in the Official Gazette on 31 October 2023.
Join us for an interactive session facilitated by Ben Allgrove, Baker McKenzie’s Chief Innovation Officer, that will touch on some of the compliance and governance risks around adopting AI from a contracting or transactional perspective on 1 and 2 November 2023 at Baker McKenzie, Al Fattan Currency House, Tower 2, Level 16, Dubai International Financial Centre (DIFC).
On 3 July 2023, the UAE issued Cabinet Decision No. 66 of 2023 concerning the Executive Regulations of Federal Law No. 15 of 2020 on Consumer Protection. The most prominent changes in the Executive Regulations include the additional safeguards granted to customers and guidance on prohibited clauses and conditions to be included in contracts and Terms & Conditions with customers. With the widespread use of e-commerce globally, the Executive Regulations have also brought e-commerce providers under its remit and placed additional responsibilities on such providers.
We are delighted to invite you to our Baker McKenzie Middle East Customs and Transfer Pricing Briefing.
Hosted at our Dubai International Financial Centre (DIFC) office on 12 October 2023 at 8:30 – 11:30 am GST, the session is designed to provide you with first-hand insights from our Middle East and international experts in the fields of Customs, Transfer Pricing and VAT.
The law addresses for the first time the processing of personal data via autonomous and semi-autonomous systems
We are delighted to invite you to the Baker McKenzie Middle East Tax Forum in Dubai on Wednesday, 18 October 2023 – a full day of interactive discussions on tax updates across the Middle East and a special focus on the impact of global tax policy developments such as Pillar 1 and Pillar 2 (Global Minimum Tax).
With the pace of change in the UAE continuing to accelerate, the UAE authorities announced in July 2023, via Twitter, an expansion to the categories of companies that are subject to the Emiratisation quota requirements. This latest development further evidences the country’s commitment to increasing the numbers of UAE national employees employed in the private sector.
The United Arab Emirates’ federal-level financial services regulator relevant to securities, commodities and now Virtual Assets Service Providers, the UAE Securities and Commodities Authority (SCA), has just issued two new regulations relevant to Virtual Assets:
1. SCA Chairman of the Board of Directors’ Decision No. (26/RM) of 2023 in relation to Virtual Assets Platform Operators
2. SCA Chairman of the Board of Directors’ Decision No. (27/RM) of 2023 amending SCA Chairman of the Board of Directors’ Decision No. (13/RM) of 2021 in relation to the SCA Rulebook
On 18 April 2023, the Dubai International Financial Centre (DIFC) launched a 30-day public consultation on the proposed amendments to the Personal Data Protection Regulations to establish additional areas of regulation that would support the strong implementation of the DIFC Data Protection Law No. 5 of 2020. The proposed amendments are aimed at enhancing the current data protection framework in the DIFC and addressing the means for better, safer and more ethical management of personal data processing and operations.
Join us for a four-part webinar series as our US moderators welcome colleagues from around the globe to share the latest labor and employment law updates and trends. US-based multinational employers with business operations in Asia Pacific, Europe, the Middle East and Africa, and the Americas regions will hear directly from local practitioners on the major developments they need to know, and come away with practical tips and takeaways to implement.