Lawyers 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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An insight into the revamped Ultimate Beneficial Ownership Regulations in the UAE as of 2024

Dr. Laura Voda — Tue, 11 Jun 2024 05:36:06 +0000

A recent overhaul of the regulations concerning the determination of an Ultimate Beneficial Owner (UBO) has brought about considerable changes in the UBO determination and filing for entities in the UAE. The most significant is the ability of the Registrar to adopt a risk-based approach in the determination of the UBO which will be discussed …

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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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Update: UAE Corporate Tax Registration Deadlines

Dr. Laura Voda — Tue, 26 Mar 2024 07:30:40 +0000

The Federal Tax Authority (FTA) in a recent decision, FTA Decision No. 3 of 2024 on the Registration Timeline for Corporate Tax has provided the deadlines for registration of Corporate Tax (CT). The deadlines are based on the categorization of persons into Resident Juridical Persons, Non-Resident Juridical Persons and Natural Persons. The Decision further stipulates …

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Fichte & Co Legal Expands Presence to Saudi Arabia, Offering Comprehensive Legal Solutions

Jasmin Fichte — Mon, 18 Mar 2024 06:20:40 +0000

Fichte & Co Legal is thrilled to announce a significant expansion of our services into Saudi Arabia, through a partnership with the esteemed law firm AlSuwaiket & Al Busaiyes (SB) managed by Dr. Bader AlBusaiyes. This collaboration marks a pivotal step in our mission to deliver exceptional legal services across the Middle East, complementing our …

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UAE Coming Out of FATF ‘Grey List’: a Milestone for Business Stability

Gabriel Oprea — Mon, 11 Mar 2024 07:30:40 +0000

In the realm of global finance, the United Arab Emirates (UAE) has long stood as a beacon of opportunity, drawing investors and businesses from around the world. Another sound reason to enhance this undeniable truth is the recent removal of the UAE from the Financial Action Task Force (FATF) Grey List [1], which can only …

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ADGM announces its new Data Protection Regulations 2021 – Here is what you need to know

Dr. Laura Voda — Mon, 09 Aug 2021 01:30:30 +0000

Introduction The Abu Dhabi Global Market (ADGM) recently issued the ADGM Data Protection Regulations 2021, “Regulations”, which will replace the prevailing ADGM Data Protection Regulations 2015 (as amended in 2018) the (“Former Law”). The new amendments provide a business-friendly approach for entities whilst offering a high-level benchmark of security towards personal data in line with …

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8 Things to know about the International Convention on Civil Liability for Bunker Oil Pollution Damage in the UAE

Jasmin Fichte — Wed, 30 Jun 2021 04:10:27 +0000

The UAE recently approved the accession to the International Convention on Civil Liability for Bunker Oil Pollution Damage, 2001 (the ‘Bunker Convention’), which has entered into force in the territory of the UAE on 23rd June 2021. This is another step showing the dedication of the UAE to implement the IMO’s Liability and Compensation Regime …

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Changes in the Consumer Protection Legislation in UAE: everything you need to know

Dr. Laura Voda — Thu, 24 Jun 2021 05:03:40 +0000

Introduction Offering an augmented revising to the legal structure bordering consumer protection, Federal Law No. 24/2006 on the Consumer Protection (the “Former Law “), has been rescinded and replaced with Federal Law No. 15/2020 on Consumer Protection (the Consumer Protection Law). The new law alterations offer additional fortification towards the consumer entitlements within the United Arab Emirates (“UAE“). As this new …

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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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