The Law Number 4 of 2016 on Dubai Economic Security Centre aims to combat financial crimes and illegal activities within Dubai. The law will maintain the status of Dubai as a financial centre, maintain financial stability, investor protection, and curbing negative trends and crimes that would harm and/or jeopradize the economy of Dubai.
The pillar of good faith creates an obligation on the parties to cooperate in achieving a sense of contractual objectives on standards of integrity and honesty in conduct. To learn about the obligations the parties face under unforeseen circumstances, follow STA Law Firm, Dubai
A Construction contract could be entered into place by 2 parties but due to some unfortunate event, there could be a reason for the contract to be quashed. In such a contract, there are chances that both parties deny to pay the price and the legal formalities are taken into consideration to understand who is actually liable in such circumstances. The laws in the Middle East have covered all such probabilities that could befall a contract in the region. To know more, continue reading the article
In terms of governing bodies, the UAE hospitality industry is largely governed by the Abudhabi tourism authority and department of tourism and commerce marketing (DTCM) in Abu Dhabi and Dubai respectively. Continue reading…
Power can not confer to what does not exist. Humankind has needed something to organize and structure his life, so we created time. So that, we using time as a benchmark can keep ourselves in check. It is essential, a social construct, which we live through our entire lives. Continue reading…
“There are two times in a man’s life when he shouldn’t speculate: when he can’t afford it and when he can.”
– Mark Twain
The world of financial markets and investments often induce reserved and divergent responses from the common man. Investing options are often complex due to the regulatory ambiguities of the respective jurisdictions. Therefore, there is a constant need for imparting knowledge and advice, as well as increasing the visibility of such investment products to reduce the intricate and intimidating stigma attached to them. While markets may change for good or for worse, good investing advice will always be beneficial no matter the circumstance.
In a bid to streamline and structure the promotion of foreign funds in UAE, the UAE securities regulator, the Securities and Commodities Authority (SCA) revised the past mutual funds regulation and amendments made thereto (Old Regulations)[i] by enacting the Board of Directors’ Chairman Decision No. 9/R.M of 2016 (MF Regulations). Further, SCA enacted the Promotion and Introduction Regulations (P&I Regulations)[ii], which acts alongside with the MF Regulations to govern the management of mutual and investment funds. This article purports to highlight the pertinent revisions made to the regime of marketing and promotion of foreign funds in the UAE through the implementation of the MF Regulations.
Essentially, the revisions made under the MF Regulations have a substantial impact on the promotion of foreign funds that in the UAE, due to the elimination or limitation of the exclusions of such funds. Under the MF Regulations, the scope of promotion and marketing of a foreign fund has been stated in Article 35 of the said regulations and provides inter alia that no foreign mutual fund shall be promoted within the UAE unless it is registered with SCA and distributed by a locally licensed promoter.[iii] In such cases, the legal representative of the foreign fund must submit an application to the SCA to register the foreign fund on along with supporting documents and statements and enclosed with the prospectus and investment policy of the foreign fund.[iv] If approved, such registration remains valid for a year and will expire on December each year. Further, it should also be renewed before at least one month of expiry.[v]
[i]Board of Directors Resolution No. 37 of 2012 and amended by way of the Board of Directors Resolution No. 13 of 2013
[ii] Chairman Resolution No. 3/R.M of 2017 which came into and came into force on 1 February 2017
In Abu Dhabi, as well as throughout the United Arab Emirates, there is an increasing number of foreign business owners and investors that are not just working in the free zones to develop their businesses, but also living in the Emirate and the city.
This can create a problem for these ex-pats living in the UAE. Many are not aware of the different legal issues that can occur both as business owners as well as in their personal lives. Unfortunately, this misunderstanding or lack of understanding of the laws, as well as the confusion about the legal system, also makes it different for foreigners to find lawyers in Abu Dhabi that have the expertise, experience and professional knowledge to effectively provide representation. Continue reading “What To Know About Hiring Lawyers In Abu Dhabi”
Leaky faucets, windows that don’t open, cracked paint, and on top of all that noisy neighbors. I got a headache from just writing that. Let alone actually experiencing it. Those are smaller and more simple complications between a landlord and their tenant. Should there be bigger legal complications our #AbuDhabi #lawyers can assist you. Continue reading to understand more on the law that governs this sector…