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…
In brief Over the last few years, the United Arab Emirates (UAE) has taken steps to regulate the volatile crypto industry, as seen in the recent crypto winter, and to anticipate global crypto regulatory developments including in the US and in the UK that have been called upon to regulate the sector through regulations rather than enforcement, to protect retail investors that ultimately were the major victims of the crypto winter. In 2020, the Financial…
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…