Banking & Finance Archives - Fichte & Co Legal

UAE makes strides in crypto asset regulation: An analysis of the new UAE Central Bank Regulations on Stablecoins

Dr. Laura Voda — Mon, 29 Jul 2024 05:36:06 +0000

Over the past years, UAE’s resolve to be a leader in the virtual assets space has continued to strengthen. The latest development is the enactment of the Payment Token Services Regulation (the Regulations) issued by the Central Bank of UAE (CBUAE) by way of Circular No. 2/2024, to be effective in June 2025. Corresponding to …

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Introducing Sanadak: UAE’s first Ombudsman Unit for Financial and Insurance Consumer Disputes

Anna Mkrtchyan — Thu, 28 Mar 2024 06:00:40 +0000

The UAE has taken a significant step towards enhancing consumer trust and protecting consumer rights with the introduction of the new ombudsman unit, “Sanadak”. This move follows the merger of the UAE Insurance Authority with the Central Bank of the UAE in 2020, forming a unified regulatory body for both insurance and banking sectors. The …

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New regulation on Bounced Cheques and its Implications

Dr. Laura Voda — Wed, 16 Jun 2021 05:04:50 +0000

Introduction The UAE being a commercial hub with an expanding economy, cheques are one of the common forms of payments, regardless of the size of the transaction, and they are also used as a method of security. However, with cheques comes challenges such as bounced or dishonored cheques due to various reasons that can be …

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UAE Overhauls Corporate Rules and Allows 100% Foreign Ownership in Mainland Companies

Dr. Laura Voda — Tue, 24 Nov 2020 07:32:36 +0000

On November 23 2020, the UAE President, Sheikh Khalifa Bin Zayed Al Nahyan, issued a Decree amending 51 articles and introducing certain new provisions in Federal Law no. 2 of 2015 (Commercial Companies Law). This update aims at analyzing the primary impact of the Decree in the jurisdiction and its relevance for the corporate restructuring …

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Direct Executory Force of Notarized Debts

Dr. Laura Voda — Tue, 24 Nov 2020 03:44:23 +0000

In the UAE, a debt is directly executable before the UAE Courts where it has been notarized and stamped with a stamp of execution by a notary public. This may be an attractive route for settling debts, for debtors and creditors alike, due to the time and cost-efficient nature of the process. In particular, it …

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Overview: Enforcement Proceedings of Domestic and Foreign Judgements in the UAE

Moaz Forawi — Wed, 21 Oct 2020 09:43:43 +0000

Introduction In the UAE, the general procedures for the execution and enforcement of domestic and foreign judgements are set out in Federal Law No. 11/1992 and its recent amendments (Cabinet Decision No. 57/2018 and Cabinet Decision No. 33/2020) (together the “Civil Procedure Code”). Enforcement of domestic judgements Enforcement proceedings may be initiated after obtaining a …

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A Partnership Between Fichte & Co. and Middlesex University Dubai

Fichte Legal — Tue, 20 Oct 2020 07:28:43 +0000

Since 2016, the partnership between Fichte & Co and Middlesex University Dubai, has focused on establishing a common platform in order to cultivate law students for their transition from academia to the professional industry. The partnership was also sealed by the signing of a Memorandum of Understanding, where both parties committed to a mutually beneficial …

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The New Bankruptcy Law – Stepping up to Challenges in a Post-pandemic Economy

Dr. Laura Voda — Sun, 27 Sep 2020 07:13:03 +0000

Throughout the United Arab Emirates (UAE), a collective frustration existed with insolvencies due to the time-consuming nature and significantly low recovery rates, which stemmed from outmoded insolvency laws under Book 5, Article 645-900 of Federal Law No.18/1993 (the ‘’Commercial Code’’). Under these ambiguous provisions, it was a criminal offense for directors to fail to petition …

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How to Safely Close Down a Business in Mainland, UAE?

Dr. Laura Voda — Sun, 20 Sep 2020 05:15:57 +0000

Introduction The two most prevalent routes that have been undertaken for liquidating a company are either ‘voluntary winding up’ specified under the Federal Law No. 2 of 2015 -The Commercial Company law (the “Companies Law”) and the Department of Economic Development setting out formal requirements for operating entities; or via ‘bankruptcy’ regulated by the Federal …

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FICHTE WEBINAR: Fintech – Current Legal Implications and Future Challenges

Fichte Legal — Wed, 16 Sep 2020 08:15:30 +0000

Free Live Webinar UAE has become a preferred hub for fintech entrepreneurs and investors, it is more than merely a buzzword and continues to grow importance as it offers vast business opportunities and competitive advantages. The webinar focused on the transition to a cashless society, legal considerations related to it and future challenges, including 30 …

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