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Find out moreWe 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 editionThe 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.
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