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DIFC

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai has enacted a new DIFC Data Protection Law (New DIFC Law), which replaces the DIFC Data Protection Law of 2007 (as amended) (2007 DP Law). The New DIFC Law reflects many of the requirements of the EU’s General Data Protection Regulation (GDPR) seen by many as the ‘gold standard’ for data protection compliance. The New DIFC…

On 25 May 2020, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, has announced the gradual reopening of business activities in Dubai and removal of all movement restrictions between 6:00 am and 11:00 pm, as of 27 May 2020. The sectors allowed to resume activities include retail and wholesale outlets, airports, clinics, educational and training institutions, sports academies, cinemas, entertainment and leisure attractions,…

Economic Substance Regulations (ESR) were introduced in the UAE in March 2019 by virtue of Cabinet Resolution No. 31 of 2019 (Cabinet Resolution). The ESR apply to all companies based in the UAE (onshore and free zones), including branches and apply to financial years starting on or after 1 January 2019. The UAE government has delegated the responsibility to regulate and administer the ESR to the various onshore and free zone authorities (such as the…

On 19 March 2020, the US Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned five companies based in the United Arab Emirates (UAE), pursuant to Executive Order 13846 (EO 13846), for their alleged involvement in purchasing hundreds of thousands of metric tons of petroleum products from the National Iranian Oil Company (NIOC) for delivery to the UAE. The following UAE-based companies were added to the US Specially Designated Nationals and Blocked Persons List (SDN List): (1) Alam Althrwa…

As the world attempts to address the various challenges arising from the Novel Coronavirus (COVID-19), governments and financial services regulators have been making efforts to mitigate the effects of the pandemic on the economy and financial sector. Set out here is an overview of the measures taken and guidance provided by the financial services regulators in the United Arab Emirates (UAE) and overseas to address the financial markets and various regulatory concerns, including the: Dubai…