Our first edition of 2022 focuses on Healthcare and Life Sciences. It is a sector that will once again have the spotlight on it this year as we continue to tackle COVID-19 and its subsequent variants. While the pandemic continues to challenge the sector, governments across the region forge ahead with their plans to expand and upgrade healthcare systems and develop robust world-class healthcare infrastructure.
For the region, healthcare is a vital pillar in diversifying its economies, both locally and as medical tourism hubs. To underpin this, healthcare authorities across the region continue to implement frameworks and regulations that provide structure and accountability.
In this edition, you have unique access to great insights and expert commentary on a number of pertinent healthcare regulatory developments. You will find a topical mix of articles; for example, our lawyers discuss vaccines and returning to work during the pandemic. They take you through several other areas, including stem cell research in Bahrain, clinical research laws in Egypt, and Saudi medical device and pharmaceutical laws.Take a read of the edition
Dear Valued Client,
Further to our alert of 16th September, the UAE Ministry of Cabinet Affairs issued Cabinet Resolution No. 58 of 2020 on the regulation of the Procedures of the Real Beneficiary (“Resolution 58”).
Provisions of Resolution 58 supersede those of the earlier Cabinet Resolution No. 34 of 2020 and focus on the UAE public joint stock companies (“PJSCs”).
Under the former resolution, a legal person was excluded from its reach, provided that the particulars of the shareholder or partner or Real Beneficiary were obtained from reliable sources, in cases where the owner of the controlling share was either (1) a company listed on a regulated stock exchange and subject to disclosure requirements that provide sufficient transparency to the Real Beneficiary, or (2) a subsidiary company, with the majority of its stocks or shares owned by a parent or holding company.
Under Resolution 58, however, the companies that do not fall under its provisions are companies that are wholly owned by the federal or local government or any other companies wholly owned by such companies, and the Abu Dhabi Global Market and Dubai International Financial Centre entities.
The Resolution also introduced certain new concepts, such as the Testator, Trustee and the Trust Fund.
The Testator is a natural or legal person who transfers the management of their funds to a trustee, by virtue of a document.
The Trustee is a natural or legal person enjoying the rights and powers granted to them by the testator or the trust fund, under which they manage, use and dispose of the testator’s funds in accordance with certain agreed conditions.
The Trust Fund is a legal relationship between the testator and the Trustee whereby the Testator places the funds under the control of the trustee for the benefit of a beneficiary or for a specific purpose.
Under Resolution 58, PJSCs are subject to disclosure requirements to ensure adequate transparency for the Real Beneficiary.
As far as sanctions for incompliance with the Real Beneficiaries regime are concerned, the Cabinet shall issue a list of penalties, based on the proposal submitted by the Minister of Finance.
We’ll be delighted to advise if your entity is subject to this regime and if so, help you identify your Real Beneficiaries and prepare the corporate registers required under this regime.