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Technology

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In brief The Financial Regulatory Authority (FRA) recently issued Decrees No. 139, 140 and 141 (“Decrees”) completing and complementing the Financial Technology (Fintech) Law No. 5 of 2022 (“Fintech Law”) which sets out the framework for the development and use of Fintech in non-banking financial services (NBFS). The Decrees, which came into force on 11 July 2023, come as part of the FRA’s continuing efforts to transition the Egyptian financial markets towards digitization by encouraging…

In brief On 11 July 2023, the Saudi Authority for Data and Artificial Intelligence (SDAIA) published two drafts of regulations to the Personal Data Protection Law promulgated by Royal Decree No. M/19, dated 09/02/1443H, amended pursuant to Royal Decree No. M/148, dated 05/09/1444H (PDPL). The drafts were published for public consultation and will be open to public commentary until 31 July 2023. While the drafts are not binding, they do provide helpful insights with regards…

In brief On 18 April 2023, the Dubai International Financial Centre (DIFC) launched a 30-day public consultation on the proposed amendments to the Personal Data Protection Regulations to establish additional areas of regulation that would support the strong implementation of the DIFC Data Protection Law No. 5 of 2020 (please view the Consultation Paper No. 2 of 2023 here). The proposed amendments are aimed at enhancing the current data protection framework in the DIFC and…

In brief The Personal Data Protection Law (“PDPL”) of Saudi Arabia (“KSA”) was recently amended pursuant to Royal Decree No. M/148, dated 05/09/1444H (corresponding to 27 March 2023G) (“Amended PDPL”). These amendments were preceded by a public consultation launched by the Saudi Data and Artificial Intelligence Authority (“SDAIA”) in late 2022. The Amended PDPL expands the scope under which Controllers could collect personal data from third parties and process it for purposes other than that for…

In brief The need for the Tax Authorities to have better control and oversight on e-commerce transactions and the respective tax revenues has prompted the UAE Ministry of State for Financial Affairs to issue a Ministerial Decision No. 26 of 2023 on the Criteria and Conditions for Electronic Commerce for Purposes of Keeping Records of Supplies Made (“Ministerial Decision”) in February 2023. This new reporting requirement is applicable for taxpayers whose e-commerce taxable supplies exceed…