The final Law Update of 2022 is here, and it’s packed full of articles. The double edition features two focus areas, first is a spotlight on Energy and Resources and second we feature a collection of articles on Transport and Logistics. The developments occurring in these sectors in the MENA region are unprecedented and our lawyers cover vast themes for you.
The Energy and Resources focus features topics such as diversifying energy resources, solar PV, mining in the Middle East, renewable energy and green hydrogen. From a transport perspective, we draw attention to the Bahrain metro project, discuss the challenges and remedies associated with the repossession of an aircraft, and there is advice on what to consider should a party vary the terms of a shipping contract.
This edition navigates you through updates from across jurisdictions such as, Oman, Jordan, Saudi Arabia, Egypt, Iraq, Qatar, and the UAE. Each article is timely and provides insights into legal issues and cases that are affecting these sectors across the region.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: