Insight Category: News
The UAE Insurance Authority (‘IA’) has now promulgated and issued the ‘Cabinet Resolution No 7 of 2019 Concerning the Administrative Fines Imposed by the Insurance Authority’ (‘the Resolution’), which was issued by His Highness Mohammed Bin Rashid Al Makhtoum, the Prime Minister of UAE on 6 January 2019, followed by its publication on the IA’s… Continue reading Regulatory Alert: UAE Insurance Authority Issues List of Administrative Fines...
Effective as at 1st October 2018, the Insurance Distribution Directive ((EU) 2016/97) (IDD) [1], (Insurance Distribution Directive (IDD)) and its statutory provisions will apply to all EU distributors of insurance products and replaces the Insurance Mediation Directive (2002/91/EC) (IMD) [2]. The IDD provides wider application in terms of extending compliance of the rules to insurance… Continue reading Insurance Distribution in Europe & widers Implications for the Middle East...
The recruitment of expats in Oman is regulated by Oman Sultani Decree No. 35/2003 (the “Labour Law”). The provisions of the Labour Law governing the recruitment of expatriates are summarised below. Article 18 of the Labour Law stipulates that an employer is prohibited from hiring non-Omani workers unless the employee has obtained a permit from… Continue reading Oman New Expat Recruitment Rules...
Professionals from medicine, education and technology will be major beneficiaries of the UAE’s 10-year visa policy, which will come into effect in 2019, say legal experts. “I think professionals from medicine, education and technology and other certain professions such as accounting will benefit from this long-term visa. The 10-year visa to investors and skilled professionals… Continue reading 10 Year Visa To Investors, Skilled Professional Will Go A Long Way To Boost Investor Confidence...
UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued the Federal Law on ‘Netting’, its provisions shall apply to all qualified financial contracts and netting agreements specified under this law which are entered into by any person in the state. The law seeks to strengthen the legislative framework for the settlement of… Continue reading UAE issues Federal Law No.10 of 2018 on ‘Netting’...
A landmark law that will allow foreign investors to own 100 percent of companies in the United Arab Emirates, limited to specific industries, will be fully implemented by the end of 2018. The UAE Cabinet decision approved on May 20th, 2018 is the latest in a string of the legislative developments aimed at stimulating economic… Continue reading The UAE Foreign Direct Investment Law...
As of November 12th, 2018, the following Laws and Regulations are effective in the DIFC: Companies Law, DIFC Law No. 5 of 2018 Companies Regulations Operating Law, DIFC Law No. 7 of 2018 Operating Regulations Ultimate Beneficial Ownership Regulations All companies operating within the jurisdiction of the DIFC must ensure full compliance with the above… Continue reading DIFC Announces New Laws & Regulations...
In the latest update to the United Arab Emirates (UAE) visa system, the UAE Cabinet has approved the highly anticipated long-term visa for investors, entrepreneurs, specialized talents, researchers in the fields of science and knowledge and outstanding students. The purpose of the new visa will be to encourage investment within the UAE as well as… Continue reading UAE Approves Long-Term Visa System...
Law firm, BSA, in partnership with Dubai DED, will offer free legal advice to the public for one day only, in fields including litigation, real estate, employment and corporate matters. The Department of Economic Development (DED) in Dubai and BSA Ahmad Bin Hezeem & Associates LLP, one of the region’s leading legal service providers, will… Continue reading BSA Legal Clinic Returns to Dubai...