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In brief The UAE has issued Federal Law No. 48 of 2023 in relation to insolvency (the “New Insolvency Law”), which replaces Federal Law No. 9 of 2016 and comes into effect on 1 May 2024. Although the previous law was more progressive compared to the previous insolvency articles embedded in the old Commercial Code of 1993, at least in relation to the numerous insolvency matters and other protective composition and restructuring witnessed by the…

In brief Investment funds, including Real Estate Investment Trusts (REIT), have been provided with additional clarity through the issuance of Cabinet Decision No. 81 of 2023 on Conditions for Qualifying Investment Funds for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (“Decision”) for clarification as to whether they can apply to be exempted from UAE corporate tax (at the discretion of the UAE tax authority). This Decision…

In brief  The subscription deadline for the UAE’s mandatory unemployment insurance scheme has been extended by three months from 30 June 2023 to 30 September 2023. All employees in the UAE (with a few exceptions) must register in the unemployment insurance scheme before 30 September 2023[1]. You can view a summary of the scheme in our previous client alert. What’s next? All employees in the UAE must enroll to the unemployment insurance scheme as follows: If…

In brief The UAE Ministry of Justice (MOJ) has recently launched an electronic mediation (“e-mediation”) platform as a tool to be used by parties for alternative dispute resolution (ADR). The launch of the e-mediation platform is in line with the MOJ’s goal to facilitate the access to ADR services. The platform will assist parties in settling civil and commercial disputes outside of the UAE courts (both onshore and offshore) or arbitration proceedings through registered mediators.…

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)…