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Welcome to the Banking Year End Update Newsletter – your biannual update of all things legal and regulatory in the banking & finance sector in the UAE.
The UAE’s Bankruptcy Law (Federal Decree Law No. 51 of 2023) came into effect on 1 May 2024, with Executive Regulations issued on 16 September 2024. These regulations clarify key areas, including the formal designation of the UAE Central Bank and Securities and Commodities Authority as Supervisory Entities, the establishment of a centralized bankruptcy register to enhance transparency, and increased debt thresholds to focus on significant insolvency cases.
The UAE's Payment Token Services Regulation (PTSR), issued by the Central Bank in 2024, establishes a robust framework for regulating payment tokens like stablecoins. It supports the UAE's goal of becoming a global financial innovation hub while ensuring secure and transparent digital financial services.
The UAE Central Bank's Open Finance Regulation (OFR), part of its Financial Infrastructure Transformation Programme, introduces a framework for secure, consent-driven financial data sharing across institutions. Published on 15 April 2024, it expands on open banking to include products like loans, insurance, and investments, aiming to modernize the financial sector and enhance customer experiences.
The UAE's Federal Decree-Law No. 32 of 2023 on Finance Lease (New Finance Lease Law), effective from 25 September 2023, replaces the 2018 Finance Lease Law. The defining criterion for a finance lease remains the lessee's option to purchase the leased property. Ministerial Decision No. 197 of 2024 (2024 MD), which supersedes the 2020 accounting standards, eliminates previous criteria used to determine finance leases, focusing solely on the purchase option's significance.
In September 2024, the Securities and Commodities Authority (SCA) and Dubai's Virtual Assets Regulatory Authority (VARA) signed a cooperation agreement to streamline their regulatory frameworks and attract international virtual asset service providers (VASPs).
The UAE Ministry of Finance (MoF) has released Ministerial Decision No. 261 of 2024 (MD261) on Unincorporated Partnerships, Foreign Partnerships and Family Foundations. MD261 repeals Ministerial Decision No. 127 of 2023 and is enacted with retrospective effect from 1 June 2023.
Welcome to the November edition of Hadef Highlights – your bi-monthly update of all things legal and regulatory in the UAE and beyond.
In this article Ghalib Mahmoud, Partner, Dispute Resolution – Restructuring & Insolvency together with Abdallah Doudin, Associate, Dispute Resolution – Restructuring & Insolvency, consider the implications of this precedent, exploring the risks for managers and shareholders in bankruptcy/insolvency cases and how liability may be avoided.
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