In keeping up with the rapidly evolving Fintech landscape, the Central Bank of Kuwait has recently overhauled its regulations in connection with electronic payment, settlement, and storage of funds, the operating of systems associated therewith, and Buy Now Pay Later services pursuant to Resolution No. 45/471/2023, which repeals the previous regulations under Resolution No. 44/430 of 2018.

The transition away from the London Interbank Offered Rate (LIBOR) to alternative risk free rates will occur in the short term. In order to progress this phase out in an orderly manner, the Central Bank of Kuwait (CBK), on 15 November 2021, issued a circular to all banks under its supervision covering.

The COVID-19 pandemic has catalysed diversification throughout the GCC on an unprecedented scale. This is an extremely welcome development. Indeed, COVID-19 has exposed the region’s digital laggards, prompting governments to place digitalisation at the core of their national strategies as a means of survival.

The KSA Zakat, Tax and Customs Authority has on 2 July 2021 issued an immediately effective new decision No. 3852 (the “Decision”) setting new customs regulations. The Decision relates to GCC countries only.

The European Court of Justice’s recent “Schrems II” decision (case C-311/18) has attracted a lot of attention in data protection circles. One of the key outcomes of the decision is that it removes one of the grounds upon which European entities could legitimately transfer personal data to certain entities in the United States.

Starting from July 9 and at least until July 14, entry into Italy from one of the following countries is absolutely not allowed: Armenia, Bahrain, Bangladesh, Brazil, Bosnia and Herzegovina, Chile, Kuwait, North Macedonia, Moldova, Oman, Panama, Peru, Dominican Republic. Individuals who have travelled or stayed in one of these countries in the 14 days preceding the intended entry date in Italy are banned from entering the country.

2019 Kuwait country report summary

The SCA regulation on Suitability has now been gazetted and becomes effective 29 March 2020.

On Thursday 26 February 2020, the UAE’s Federal Transport Authority (the “FTA”) issued Circular No. 2 of 2020 concerning measures against the coronavirus threat.

In January 2020, Kuwait’s Ministry of Health (“MOH”) issued Ministerial Decree No. 361 of 2019 (“Decree”) regarding the registration of pharmaceuticals. The Decree supplements the pharmacy laws and provides an update to the various MOH decrees regarding the registration of pharmaceutical products.