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 United Arab Emirates’ (“UAE”) federal-level financial services regulator relevant to securities, commodities and now Virtual Assets Service Providers (“VASPs”), the UAE Securities and Commodities Authority (“SCA”), has just issued two new regulations relevant to Virtual Assets (“VAs”): SCA Chairman of the Board of Director’s Decision No. (26/RM) of 2023 in relation to Virtual Assets Platform Operators (the “SCA VA Exchange Regulations”); and SCA Chairman of the Board of Director’s Decision No. (27/RM)…
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…
On 27 September 2022 the Capital Market Authority (“CMA”) of Saudi Arabia announced a series of amendments to its implementing regulations designed to (i) facilitate the direct listing of debt instruments (including convertibles) offered by way of private placement; and (ii) introduce a framework for equity fundraising through crowdfunding platforms. The amended Rules on the Offer of Securities and Continuing Obligations (“OSCOs”) now also provide for the public offer of exchangeable debt instruments. These initiatives…