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In AML & Financial Services Regulatory

United Arab Emirates: Changes to the Ultimate Beneficial Ownership regulations to address the complex structures and needs of businesses

by 9 Mins Read

Over the last few months, the United Arab Emirates (UAE) have made a few legislative changes in relation to the Ultimate Beneficial Ownership (UBO) regulations as well as the associated administrative penalties, with the issuance of:

  1. Cabinet Resolution No. 109 of 2023 on the Regulation of the Real Beneficiary Procedures (the “New Resolution”), which came into effect on 16 November 2023 and superseded Cabinet Resolution No. 58 of 2020. The New Resolution applies to all corporate entities incorporated in the UAE mainland and in the non-financial free zones;
  2. Cabinet Decision No. 132 of 2023 relating to the administrative fines for violations of the New Resolution, which was issued on 15 December 2023 and superseded Cabinet Decision No. 53 of 2021.
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In Antitrust / Competition

United Arab Emirates: New Competition Law will enter into force on 28 December 2023

by , and 5 Mins Read

On 28 September 2023, the United Arab Emirates (UAE) issued Federal Law No. 36 of 2023 (“New Competition Law”), which repealed and replaced Federal Law No. 4 of 2012. The New Competition Law signals a new era of enforcement by the UAE Ministry of Economy by providing a functional competition regime through, inter alia: extending a wider scope of application to almost all economic activities; expanding its mandate by prohibiting new conducts and introducing a new dominance test; and finally introducing administrative penalties and stricter financial penalties. The New Competition Law will officially enter into force on 28 December 2023, with the executive regulation to be published within six months thereafter.

In AML & Financial Services Regulatory

United Arab Emirates: Central Bank Digital Currency introduced, paves the way for the recognition of digital currencies

by 3 Mins Read

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.

In Corporate Compliance

Middle East: Data, AI, Legal Tech and Innovation (Event)

by 4 Mins Read

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).

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In Product Regulation & Liability

United Arab Emirates: Enhancing consumer rights – Exploring the UAE’s latest Consumer Protection Regulations

by , and 4 Mins Read

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.

In Trade and Foreign Investment

Middle East Customs and Transfer Pricing Briefing

by , , , , and 2 Mins Read

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.

In Tax

Baker McKenzie Middle East Tax Forum

by 2 Mins Read

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).

In Employment

United Arab Emirates: New developments in Emiratisation

by 4 Mins Read

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.

In AML & Financial Services Regulatory

UAE: Securities and Commodities Authority issues new regulations relevant to virtual assets

by 2 Mins Read

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

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