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Find out moreThe first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.
Read the full editionThe 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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