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Welcome to the latest edition of Law Update titled “Rise of Generative AI.”
In this edition, we dive into the dynamic world of Technology, Media, and Telecommunications (TMT) across the Middle East and North Africa (MENA) region. TMT continues to play a vital role in positioning the region as an international business and social hub, driving significant growth and innovation.
Our focus in this Law Update is on the sector’s ongoing potential to advance and propel the region toward a more digital economy. We explore the benefits of embracing a digital transformation and how local authorities have responded by enhancing regulations to accommodate the evolving TMT landscape.
This edition covers a range of topics, including – the new Telecommunications & Information Technology Law in Saudi Arabia, the intricacies of trademarks in the Metaverse, and the legal challenges faced by the video game industry. Additionally, we take a regional perspective, discussing jurisdictions such as Kuwait, Saudi Arabia, UAE, Oman, and Bahrain to provide a comprehensive understanding of the TMT landscape.
We hope you thoroughly enjoy this packed issue of Law Update, filled with captivating articles that address key legal issues within a vital sector for the region.Read the full edition
The race to Net Zero carbon emissions is globally underway, with sustainable finance being a strategic initiative towards reaching this goal. Following Abu Dhabi Global Market (“ADGM”) becoming the world’s first international financial centre to become-carbon neutral, it now seeks to foster an ecosystem where sustainable finance is prioritised and practicable. To aid this goal, it is proposing a regulatory framework which both informs companies how to practice green finance while also ensuring investor confidence that the risk of “greenwashing” has been properly mitigated. In publishing Consultation Paper No. 6 of 2022 (“Consultation Paper”), the ADGM aims to outline the minimum standards for many sustainability-orientated investment products and services.
The Consultation Paper proposes amendments to the Registration Authority’s Companies Regulations 2020 (“CR 2020”) as well as the Financial Services Regulatory Authority’s. Financial Services and Markets Regulation and the Conduct of Business, Funds, and Markets Rulebooks as well as the FSRA Glossary. Accordingly, it is of particular interest to all companies governed by the CR 2020 (in relation to ESG disclosures), fund managers, asset managers as well as entities considering issuing or offering green bonds or sukuks in ADGM.
The proposal encompasses regulatory frameworks for the following:
A further breakdown of what the proposed regulatory framework on sustainable finance will include can be seen here.
Companies governed by the CR 2020, asset and fund managers, among many others are invited to comment and provide feedback before the deadline of 23 January 2023.
At Al Tamimi & Company we have worked on many of the largest and most complicated energy and utilities transactions in the region and are aware of the changing landscape of climate change regulation. Coupled with our complete range of regulatory services we can advise businesses on matters of law, legal interpretation and the ‘approach’ taken by regulators in securing compliance at federal and local levels.
Partner, Head of Regulatory, Head of Healthcarea.email@example.com
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