Middle East

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  • UAE securities regulator to issue circular extending grace period for local promoters Restricted access

    Article

    Submitted: 12 July 2018

    The UAE Securities & Commodities Authority (the SCA), the securities sector financial services regulator in onshore UAE, recently issued a notice advising that the grace period given to local promoters of securities (including foreign mutual funds) to obtain a promoter’s licence from the SCA, expired on 28 June 2018. This article summarises the effect of the notice and potential next steps.

  • New crypto assets regulatory regime launched in the ADGM

    Article

    Submitted: 03 July 2018

    On 25 June 2018, the Financial Services Regulatory Authority ("FSRA” - the independent financial services regulator for the Abu Dhabi Global Market (ADGM) financial free zone) announced that it had launched its new regulatory framework relevant to certain crypto asset activities, including a new regime for crypto asset exchanges.

  • The UAE’s onshore federal regulator for securities issues new regulation relevant to Sukuk

    Article

    Submitted: 02 July 2018

    Following the recent litigation relating to the Dana Gas Sukuk where Shariah-compliance was an issue, on 23 May 2018, the UAE Securities and Commodities Authority (SCA), issued Chairman Decision No. 20/R.M. of 2018 on the Offering or Issuance of Islamic Securities (the ISRs), intended to add an additional layer of disclosure and transparency to the UAE’s Sukuk market in the interests of investor protection.

  • The Global LEI System and Other Unique Identifiers

    Article

    Last Reviewed: 30 June 2018 / Submitted: 10 February 2014

    An overview of the Global LEI System considering some of its practical implications for financial institutions and, in particular, its relationship to the reporting obligations under EMIR including Unique Transaction Identifiers and Unique Product Identifiers.

  • Financial sanctions

    Article

    Submitted: 22 June 2018

    A selection of financial sanctions related guidance and articles of interest.

  • EU blocking statute on Iran-related nuclear sanctions released

    Article

    Submitted: 14 June 2018

    The EU Commission has now "adopted" the much awaited EU blocking statute. What does it do? In short it seeks to provide protection to EU-based companies from engaging in sanctions-compliant business with Iran. It is in effect the EU trying to keep the Iran nuclear deal alive despite the withdrawal by the US. This article highlights the key features of the recent action.

  • Financial Services Alerter - April 2018 developments

    Newsletter

    Submitted: 23 May 2018

    Issue 123 of this regular bulletin summarising significant legal and regulatory developments of relevance to the fund management and investment banking communities.

  • Emergency Arbitrators Versus the Courts: from concurrent jurisdiction to practical considerations

    Article

    Submitted: 22 May 2018

    The 10 November 2017 Dublin International Arbitration Day, organized by Arbitration Ireland, had an entire session devoted to the topic "Interim Measures: Emergency Arbitrators Versus the Courts." Drawing in part from the various issues discussed at the session, in which Philippe Cavalieros, as one of the first appointed International Chamber of Commerce (ICC) Emergency Arbitrators, participated, this article focuses more specifically on the issue of concurrent jurisdiction to grant emergency relief.

  • Project Finance in the Middle East - A regional overview

    Article

    Submitted: 18 May 2018

    ​An overview of the trends, challenges​ and legal and regulatory changes in the Middle East.

  • DFSA Phase 2 Consultation on AML, CTF and Sanctions - Deadline approaches

    Article

    Submitted: 15 May 2018

    On 18 April 2018, the Dubai Financial Services Authority (the DFSA) issued Consultation Paper No. 120 on proposed changes to the DFSA’s Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF) and Sanctions Regime. This article explores some of the key proposed changes.

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