As a firm we have a strong commitment to our corporate sustainability principles, and this year we joined the United Nations Global Compact, an initiative dedicated to promoting responsible business practices and advancing the United Nations Sustainable Development Goals (SDGs). Our goals include Education, gender equality, climate action, justice for all, and sustainable partnerships. You can learn about our actions plans and targets, here.
In this edition, we feature an entire section dedicated to COP28 where we share insights and intelligence through conversations we have had with leading experts from across the region. This includes articles and podcasts that delve into the most pertinent topics, such as COP28’s call to action for corporates, ESG reporting, and the UAE’s Net Zero vision.
Beyond the focus on Energy and Climate we feature articles covering important updates that look into a variety of areas, such as UAE consumer protection law, an overview of the Federal Civil Family Law for Non-Muslim Foreigners in the UAE, and from Kuwait we discuss the management of companies. As always, in our final section we continue to share with you real life judgements that provide context to the legal landscape in the region.Read the full edition
The Securities and Commodities Authority (the “SCA”) has recently issued two decisions amending certain provisions of the SCA Resolution No. 13 of 2021 Concerning the Booklet of the Rules of Financial Activities and the Status Rectification Mechanism (“Rulebook”).
In May 2021, the SCA issued its Rulebook for financial activities that sets out a new consolidated regime for licensing of financial activities in the UAE. The SCA initially introduced five broad categories of licensed financial activities, which were subsequently amended by SCA Decision of the Chairman of the Board of Directors No. (9/R.M.) of 2022 in May 2022.
More recently, SCA Decision of the Chairman of the Board of Directors No. (11/RM.) of 2022 has further amended the Rulebook:
In addition, SCA Decision of the Chairman of the Board of Directors No. (12/R.M.) of 2022 sets out the licensing fees applicable to ‘Category Six – Crowdfunding Platform Operator’ licenses.
The decisions have been published in the Official Gazette and are effective as of 15 June 2022.
Al Tamimi & Company’s Banking and Finance practice continues to work closely with the SCA in relation to the licensing of financial activities in the UAE. Our team can assist and support you with the SCA licensing process and adequately advise on any requirements and obligations that may apply.
If you require further information, please feel free to contact us.