As a firm we have a strong commitment to our corporate sustainability principles, and this year we joined the United Nations Global Compact, an initiative dedicated to promoting responsible business practices and advancing the United Nations Sustainable Development Goals (SDGs). Our goals include Education, gender equality, climate action, justice for all, and sustainable partnerships. You can learn about our actions plans and targets, here.
In this edition, we feature an entire section dedicated to COP28 where we share insights and intelligence through conversations we have had with leading experts from across the region. This includes articles and podcasts that delve into the most pertinent topics, such as COP28’s call to action for corporates, ESG reporting, and the UAE’s Net Zero vision.
Beyond the focus on Energy and Climate we feature articles covering important updates that look into a variety of areas, such as UAE consumer protection law, an overview of the Federal Civil Family Law for Non-Muslim Foreigners in the UAE, and from Kuwait we discuss the management of companies. As always, in our final section we continue to share with you real life judgements that provide context to the legal landscape in the region.Read the full edition
The Securities and Commodities Authority (the “SCA”) has made further amendments to SCA Resolution No. 13 of 2021 (the “Rulebook”) following the amendments in May and June 2022. To recall the amendments, the SCA initially introduced five broad categories of licensed financial activities and subsequently introduced a Sixth Category (Crowdfunding Platform Operator) in June 2022 pursuant to SCA Chairman of the Board of Directors No. (11/RM) of 2022.
The SCA has now issued SCA Decision of the Board of Directors No. (18/RM) of 2022 (the “Decision”) in July amending the licensing requirements applicable to five licensing categories. The following are the material amendments:
The Decision shall come into force once published in the Official Gazette.
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 advice on any requirements and obligations that may apply in connection with the SCA’s amendments.