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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
In a regional-first, the Central Bank of Bahrain (“CBB”) has issued for public consultation, draft regulations to govern and license “Crypto-asset Platform Operators”. The regulatory framework will be included in Volume 6 of the CBB Rulebook that governs Capital Markets.
The draft rules come off the back of the implementation by the CBB of a regulatory sandbox in June 2017. Since the creation of the regulatory sandbox, various crypto-currency related entities have availed of the opportunity and entered the sandbox, thereby working closely with the CBB in testing and refining their technology based innovative products, services and platforms, in a controlled virtual space without being immediately burdened by the usual regulatory and financial requirements which would otherwise apply to their activities.
The CBB has invited consultations on the draft regulations and comments/feedback may be provided to the CBB through email until 13 January 2019.
We have summarised the key features of the draft regulations for you below:
“Marketing” is envisaged to include any promotion, offering, announcement, advertising, broadcast or any other means of communication carried out to induce purchase, exchange or acquisition of financial services in return for a payment or other consideration.
“Activities” are deemed to be undertaken in or from Bahrain when the platform/person is incorporated in Bahrain or directly solicits clients within Bahrain.
Given the new regulations, Al Tamimi & Company would be delighted to assist you with any enquiries relating to the regulations and any licensing applications. Please do not hesitate to contact:
Rad El Treki
Head of Corporate Structuring – Bahrain
Senior Associate, Banking & Finance
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