In brief In addition to the comprehensive economic support and stimulus program launched by the UAE Central Bank to curb the financial impact of the COVID-19 pandemic, the UAE has introduced radical amendments to the UAE Bankruptcy Law, offering distressed debtors with some level of leniency during these times of economic uncertainty and market disruption caused by circumstances outside of their control. Key changes include: adding new provisions to the law related to “emergencies” such…
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…
The Saudi Arabian Monetary Authority (SAMA) announced on 03 March 2020 that it had decided to cut the Repo rate by 50-basis points from 2.25% to 1.75% and Reverse Repo rate by 50-basis points from 1.75% to 1.25%. In the interests of preserving monetary stability, the Repo rate and the Reverse Repo rate were reduced by a further 75-basis points on 16 March 2020 from 1.75% to 1.00%, and 1.25% to 0.50% respectively. On the…
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…
As the 2019 Novel Coronavirus (COVID-19) continues to spread across the world, governments are actively working with global and local health authorities to implement nationwide measures to help curb transmission and mitigate virus-related risks as well as offer relief for businesses and individuals in these challenging times. In response, businesses and government institutions across the UAE are taking necessary action to minimise the impact of the pandemic on their operations, workforce and supply chains, in…