On 10 August 2020, the UAE issued an amended economic substance regulation which brings a number of key changes that multinational corporations, financial institutions, investment funds, and family offices will need to comply with, retrospectively. Importantly, natural persons, sole proprietors, trusts and foundations no longer fall within the scope of the economic substance regulation.

As the COVID-19 pandemic continues to spread throughout the world, governments and leading financial institutions across the South and Southeast region continue to issue various initiatives, stimulus measures and relief efforts within their respective countries in an attempt to shore up the hardest hit sectors and vulnerable groups directly affected by the COVID-19 pandemic.

Healthcare facilities, laboratories and other institutions operating in the Dubai healthcare sector will be pleased to note the issuance of Decision No. 17 of 2020 (amending the previous Decision 21/8 of 2020) (the “Decision”) that will further suspend any legal proceedings issued against certain named entities for a period of six months.

Al Tamimi & Company Wins on Appeal Overturning Enforcement of English Judgment on Public Policy Grounds in $450 million Superyacht case

The new DIFC Data Protection Law 2020 (“DPL 2020”) came into force on 1 July 2020. DPL 2020 aims to enhance the existing legal framework on data protection in the DIFC. DIFC businesses have until 1 October 2020 to prepare to comply with DPL 2020.

Banking & Finance Update: New Movable Security Law

This article first appeared on the website of the Corporate and M&A Law Committee of the Legal Practice Division of the International Bar Association (here), and is reproduced by kind permission of the International Bar Association, London, UK. © International Bar Association.

CGA Bulletin - Aug 2020

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.

Reverberations that bounced around critical circles following the publication of the Financial Action Task Force (‘FATF’) Mutual Evaluation Report (‘Report’) on the United Arab Emirates’ (‘UAE’) sounded clear alarm bells for proponents of the UAE’s legal system. Despite the actions of the authorities and stakeholders to intensify the national Anti-Money Laundering and Counter Terrorism Financing (‘AML/CTF’) framework, critics of the UAE were...