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Find out moreWelcome to the latest edition of Law Update titled “Rise of Generative AI.”
In this edition, we dive into the dynamic world of Technology, Media, and Telecommunications (TMT) across the Middle East and North Africa (MENA) region. TMT continues to play a vital role in positioning the region as an international business and social hub, driving significant growth and innovation.
Our focus in this Law Update is on the sector’s ongoing potential to advance and propel the region toward a more digital economy. We explore the benefits of embracing a digital transformation and how local authorities have responded by enhancing regulations to accommodate the evolving TMT landscape.
This edition covers a range of topics, including – the new Telecommunications & Information Technology Law in Saudi Arabia, the intricacies of trademarks in the Metaverse, and the legal challenges faced by the video game industry. Additionally, we take a regional perspective, discussing jurisdictions such as Kuwait, Saudi Arabia, UAE, Oman, and Bahrain to provide a comprehensive understanding of the TMT landscape.
We hope you thoroughly enjoy this packed issue of Law Update, filled with captivating articles that address key legal issues within a vital sector for the region.
Read the full editionThe Central Bank of Oman (the “CBO”) issued the Financial Consumer Protection Regulatory Framework (“FCPRF”) for licensed banks and finance and leasing companies (the “Licensed Entities”) in December 2021 which covers all products and services offered by Licensed Entities to individual consumers and small and medium enterprises.
The FCPRF introduces five principles that shall apply to all Licensed Entities, consistent with international best practices of financial consumer protection. The five principles under the FCPRF are as follows:
The application of, and compliance with, the FCPRF is the responsibility of the board of directors of Licensed Entities. In this regard, local Licensed Entities are encouraged to form separate board level committees to oversee the application of the FCPRF, and at a minimum, all Licensed Entities must include the FCPRF in the terms of reference of existing board level committees.
Licensed Entities will be required to disclose the status of financial consumer protection in their annual reports from the financial year ending of 2023 (details of such disclosure will be conveyed in due course by the CBO).
The FCPRF requires that all Licensed Entities conduct an impact analysis of the FCPRF, and submit to the CBO a board approved plan of action to ensure its structures, policies, procedures, practices and systems comply with the Framework within six months of the issue of the FCPRF. Subject to the outcome of the impact analysis, Licensed Entities are subsequently required to ensure that all rectification actions are completed within eighteen months of issue of the Framework.
The CBO will take any necessary regulatory actions where the standards of the FCPRF are not being met. Violations may be subject to penalties and other measures are the CBO deems to be appropriate.
The CBO shall issue further details regarding the application and implementation of the FCPRF in due course.
The impact of the FCPRF will undoubtedly require Licensed Entities in Oman to apply the regulatory requirements introduced by the FCPRF. Al Tamimi & Company’s Banking & Finance team helps clients navigate compliance requirements and the actions required under the FCPRF. For any queries in Oman, please don’t hesitate to contact the lawyer below.
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