Banking & Finance Archives - Fichte & Co Legal

Force Majeure and the Coronavirus

Fichte Legal — Wed, 26 Feb 2020 02:26:17 +0000

Companies are doing their best and taking precautions to prevent the spread of the Cornovirus; some of the measures these companies are taking could invoke force majeure clauses or the “impossibility of performance” defence as a preventative measures , the main one being flight suspension, ban on foreign tourism and some operations being delayed. The …

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News Alert: Economic Substance Requirements Guidance Issued

Dr. Laura Voda — Tue, 18 Feb 2020 09:57:08 +0000

Introduction On 11 September 2019, the UAE issued Ministerial Decision No. 215 of 2019 on the Directives for the implementation of the Economic Substance Regulations (ESR). The ESR was earlier published in April 2019 as the Cabinet of Ministers Resolution No. 31 of 2019. The Ministerial Decision of September 2019 (the “Guidance”) is served as …

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UAE Ministry on New Specific Legislation of Insolvency of Natural Persons

Fichte Legal — Sun, 12 Jan 2020 04:10:15 +0000

This Decree-Law on the Insolvency of Natural Persons which has been issued on 29 August 2019 and supposed to come into effect in the beginning of 2020, aims at enhancing the competitiveness of the UAE by ensuring the ease of doing business, creating favourable conditions for individuals facing financial difficulties and protecting those who are …

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DSI Vows Justice on Dh3B Fraud

Fichte Legal — Thu, 07 Nov 2019 04:24:39 +0000

Corporate governance to play key role in sustaining investor trust Drake & Scull International (DSI), a Dubai-based contractor, on Wednesday said it will take the ongoing investigation into the company’s financial irregularities to a logical conclusion and pursue everyone from the previous management who is proven guilty of fraud. The company alleged that losses running …

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New System to Boost UAE Finance Sectors’s Integrity

Fichte Legal — Tue, 28 May 2019 07:37:48 +0000

The new system “will not affect the customers of banks since it is not applicable to them”, the central bank said. The Central Bank of the UAE has developed a Persona Non Grata (UAEPNG) System in order to restrict persons with questionable professional integrity from joining the financial sector. The system is aimed at protecting …

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The Crypto Takeover: ICOs, Tokens and the Funding in 2018

Fichte Legal — Wed, 24 Jan 2018 02:14:22 +0000

Initial Coin Offering (ICO) is a hot topic now, sensationalised headlines about startups raising as much as US$200 million in one go created a lot of frenzy amongst curious investors and regulators worldwide. At the peak, we saw about 30 new ICOs launch every day, raising over US$4.9 billion in 2017 alone. As the cryptocurrencies market …

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Summary of the new UAE VAT Law

Fichte Legal — Mon, 11 Sep 2017 09:49:43 +0000

On 23 August 2017, the UAE published Federal Decree Law No. 8 of 2017 on Value Added Tax (“VAT Law”) which comes into effect on 1 January 2018 and sets out the framework within which VAT will be levied in the UAE. We have set out below the key points in relation to the implementation …

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Crowdfunding in the UAE – An Opportune Time For Regulatory Certainty

Fichte Legal — Thu, 16 Feb 2017 08:14:15 +0000

Crowdfunding is the new kid on the block in the alternative finance market. With access to traditional modes of corporate finance reaching the bottleneck coupled with the sweeping reach of the internet, crowdfunding is globally emerging as a leading resort for financing to not just startups, innovative companies and small and medium enterprises (SMEs) but …

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Globalisation proves to be alive and kicking as OECD Common Reporting Standards enter the UAE

Fichte Legal — Tue, 07 Feb 2017 08:45:20 +0000

OECD Common Reporting Standards (or CRS) are global standards applied by financial institutions for automatic exchange of information, aimed at identifying the effective tax residence and any investment income, account balances and sales proceeds of a foreign individual or corporate account holder. The UAE has already issued primary legislation on the topic in 2012 and …

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From Flags to Finance

Alessandro Tricoli — Sat, 22 Oct 2016 09:49:16 +0000

As a Civil law jurisdiction, UAE maritime law is derived from the UAE’s Maritime Code (or specifically Federal Law No. 26/1981) but all maritime financial transactions are governed by the Commercial and Civil Codes. The Federal Transport Authority (FTA), is the Government body which is responsible for regulating and implementing daily shipping procedures, and for …

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