In brief The Central Bank of Egypt (CBE) recently published regulations setting out the licensing and regulatory framework for digital banks in Egypt (“Digital Bank Regulations”) which came into force on 12 July 2023. The Digital Bank Regulations will effectively allow for the establishment and operation of digital banks in Egypt, thus taking a significant step in aligning the country with global trends in financial technology and catering for the needs of the growing Egyptian…
In a much anticipated development, the UAE Securities and Commodities Authority (SCA) has recently issued Chairman of the Board of Director’s Resolution No. (22/RM) of 2023 regulating securitization and all parties to securitization transactions or operations in the UAE (the “Securitization Regulations”). The Securitization Regulations should have been issued a long time ago to support efforts to promote the economic development of the UAE especially since it is a tax efficient jurisdiction. It was largely…
In brief The Central Bank of Egypt (CBE) recently published regulations pertaining to payment cards tokenization on electronic device applications (“Tokenization Regulations”) which came into force on 8 March 2023. The Tokenization Regulations will effectively allow for contactless payments through mobile applications including some operated by major mobile payment service providers. The said regulations impose regulatory and licensing requirements on banks and non-bank parties participating in the provision of tokenization services for payment cards. Key…
In brief The USD LIBOR interest rate benchmark, used globally in a range of financial instruments, will cease to be available from 30 June 2023. Recommendations USD LIBOR transition involves working through new loan pricing structures, updating operating and IT systems, considering tax and accounting implications, staff training, and customer education and outreach. Any new loan documentation due to mature after the end of June 2023 should provide for the use of an alternative rate…
In Brief One of the prominent forms of collateral for creditors nowadays is obtaining a transfer of a client’s accounts receivables. This form of collateral is often referred to as an ‘assignment of receivables’ (“Assignment”), under which the creditor (the “Assignee”) becomes permitted to collect from any pre-existing or future debtors that the client (the “Assignor”) has receivables. The Assignment, although never codified in law (unlike the Novation codified under Articles 1106 et seq. of…