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Banking & Finance

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In brief Following a public consultation period which commenced in December 2019, on 25 August 2020, the Capital Markets Authority (CMA) of Saudi Arabia announced that it had issued amendments to the Securities Business Regulations (SBRs) and the Authorised Persons Regulations (APRs). The ‘new APRs’ are now known as the ‘Capital Market Institutions Regulations’ (CMIRs), following the terminology change from ‘Authorised Persons’ (APs) to ‘Capital Market Institutions’ (CMIs). These amendments represent the first comprehensive revision…

In brief On 29 August 2020, the UAE Government’s Emirates New Agency (Wakalat Anba’a al Emarat, or ‘WAM’) publicly announced that H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), issued Federal Decree Law No. 4 of 2020 (the UAE Israeli Boycott Repeal Law), abolishing Federal Decree Law No. 15 of 1972 Concerning the Arab League Boycott of Israel (the Israel Boycott Law). The UAE Israeli Boycott Repeal Law follows…

A recent decision by the Tax Dispute Resolution Committee (TDRC) upheld an appeal by an international corporate and investment bank against fines and penalties imposed by the UAE Federal Tax Authority (FTA) in respect of a voluntary disclosure made by the bank. Baker McKenzie Habib Al Mulla successfully represented and obtained the favourable decision for the bank, with the TDRC ordering the FTA (the Defendant) to repay the amount paid for the fines and penalties…

The Capital Market Authority (the CMA) continues to drive  the development of the Saudi capital markets in furtherance of the Saudi Vision 2030’s Financial Sector Development Program with the issue of its draft proposed amendments to some of its key implementing regulations on 23 December 2019. The proposed changes are to its Securities Business Regulations (SBRs) and the Authorised Persons Regulations (APRs), which will presumably become known as the ‘Capital Market Institutions Regulations’ with the…

In the wake of the COVID-19 health crisis, working-from-home has become the new normal, however, it does present a number of practical challenges, including how to execute legally binding documents. It has long been common practice for deal documents to be signed in counterpart, on different days, by signatories in different corners of the globe, but with our freedom of movement curtailed and home printing capabilities limited, feasible options are often restricted. Electronic contract execution…