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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.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.
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