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We are delighted to have authored the UAE Chapter for Administrative & Public Law 2024 on behalf of Lexology Panoramic (formerly Getting the Deal Through).
Dubai Executive Council Decision No. 101/2024, issued on December 10, 2024, introduces a detailed framework for administrative violations and fines targeting foreign banks operating within the Emirate of Dubai.
The UAE construction industry is witnessing a pivotal shift in how disputes are resolved. As local courts enhance their efficiency and expertise, they are becoming a viable alternative to arbitration. Our latest article explores this trend, comparing arbitration and litigation in terms of time, cost, and specialization, and highlights emerging solutions like DIFC Court provisions. Read more to navigate the evolving dispute resolution landscape!
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).
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