The CTA was enacted on January 1st, 2021 as part of the National Defense Authorization Act to prevent the use of companies to evade anti-money laundering rules or to hide other illegal activities.

Pursuant to a resolution issued by the Iraqi Ministry of Interior that came into force on 15 March 2021, citizens of the countries listed below no longer require advance visa arrangements to enter the Republic of Iraq (Iraq). Citizens from the following eligible countries may obtain a 60-day entry visa upon arrival at an Iraqi port of entry.

The COVID-19 pandemic has accelerated retailers’ digital transformation. Traditional bricks-and-mortar businesses have moved quickly online as consumers have demanded new, virtual, shopping options.

Enhanced cross-border trade and a march toward globalisation has resulted in companies and individuals having assets and business activities in multiple jurisdictions, thereby necessitating interaction with a diverse range of foreign laws and legal systems. Insolvency in this context often has cross-border consequences with a need to enforce court orders and judgments across multiple jurisdictions.

The Insolvency Law (Law No. 22 of 2018) and the Central Bank of Bahrain (‘CBB’) and Financial Institutions Law (Law No. 64 of 2006, as amended) (‘CBB Law’) are the primary pieces of legislation under which insolvency or analogous proceedings to which a company incorporated under the Companies Law (Law No. 21 of 2001, as amended) can be subject to in the Kingdom of Bahrain (‘Bahrain’).

The recent amendments to the UAE Civil Procedures Code (“CPC”) provided in article (62) that the claimant may apply for a Payment Order Application if the monetary claim is arising out of the implementation of a commercial contract.

Decision No. 13/2020/QD-TTg issued by the Prime Minister of Vietnam on encouraging mechanisms for solar power development in Vietnam, dated 6 April 2020 (“Decision 13”) prescribed feed-in tariffs which expired on 31 December 2020.

On 26 January 2021, Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, issued a royal decree requiring all public joint stock companies established in the UAE which have over half of their assets or profits derived from business activities in Dubai, to be listed on either the Dubai Financial Market (DFM) or Nasdaq Dubai (together, the Local Markets). If they are not already listed on a Local Market, they must do so by January 2022.

Further to our previous update, the UAE Cabinet has announced the existence of an Emergency Financial Crisis through the Official Gazette dated 31 January 2021.

As part of implementing the reforms to the Foreign Acquisitions and Takeovers Act 1975 from 1 January 2021, Guidance Notes have been consolidated and updated. The table below lists the new guidance.