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)…
Onshore healthcare legislation also applies to ADGM entities In brief On 11 January 2023, the Abu Dhabi Global Market (ADGM) published on its website the news about the issuance of the ADGM Healthcare Regulations 2022 (“Healthcare Regulations”). The Healthcare Regulations adopt the Abu Dhabi onshore healthcare legislation – including the regulations and circulars issued by the Department of Health Abu Dhabi (DoH) – into ADGM’s legislative framework. Key takeaways The Healthcare Regulations extend the scope…
In brief On 30 June 2022, the Government of Abu Dhabi Department of Health (DoH) issued Circular No. 147 of 2022 (“Circular”) requiring health and pharmaceutical facilities licensed by the DoH (“Licensed Entities”) to obtain a “secure” or “safe” certificate that certifies they operate in full compliance with the requirements of the Abu Dhabi Standard for Health Information Security and Cyber Security Standards (“Standards”). Licensed Entities have until the end of this year (i.e., by…
Increasing the number of UAE nationals in the private sector has long been a key objective for the government. In the past, the UAE government has launched a significant number of laws and initiatives to support the localisation of the workforce. The government has recently increased its efforts in this regard and introduced a suite of new laws, including an obligation to recruit Emirati employees at the rate of 2% per year, to drive forward…
In brief The UAE Ministry of Finance (“MoF”) announced on 28 April 2022 a public consultation on the proposed federal corporate tax (“CT”) framework. The consultation will run until 19 May 2022 and businesses are encouraged to make their submissions online. The submission link can be found here: https://www.mof.gov.ae/en/resourcesAndBudget/Pages/Corporate-Tax-Submission-Public-Consultation.aspx It should be noted that the content of the public consultation document is not intended to reflect the final view of the UAE government. Therefore, the…