In late November 2018, the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA) of the Dubai International Financial Centre (DIFC) and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) announced that they had reached agreement on facilitating the licensing of domestic funds by each authority for promotion across the UAE. This is a potentially significant development ...
On July 9, 2023, the State Council of the People's Republic of China[1] promulgated the Regulations on Supervision and Administration of Private Investment Funds ("Regulations"), which will take effect from September 1st, 2023 ...
Back in March 2022, a furore erupted over the mass redundancies by P&O Ferries of its workers and their replacement with an international crew on much lower wages. Amidst all the calls for changes to prevent ‘fire and rehire’ tactics, the only relevant change to employment legislation to have made it onto the statute book so far is The Seafarers' Wages Act 2023 (SWA 2023), which came into force on 23 March 2023 ...
Below is a summary of key new measures that have been implemented by various UAE authorities since 30 April 2020 and the time of this inBrief, 12:00 noon on Thursday, 7 May 2020. I. Economic Relief Measures A ...
Below is a summary of new developments and key new measures that have been implemented by various UAE authorities since 19 April 2020 and the time of this inBrief, 6:00 p.m. on Saturday, 25 April 2020.I. First Phase of Easing of Lockdown and Movement Restrictions in DubaiThe Supreme Committee of Crisis and Disaster Management has announced a partial reduction in the restrictions on movement in Dubai starting from Friday 24 April 2020 ...
Below is a summary of key new measures that have been implemented by various UAE authorities since 15 April 2020 and the time of this inBrief, 12:00 noon on Saturday, 18 April 2020. Dubai’s National Disinfection Programme extended On 17 April 2020, Dubai’s Supreme Committee of Crisis and Disaster Management extended the 24-hour National Disinfection Programme for another week. The programme, which began on 5 April 2020, was initially scheduled to end on 18 April 2020 ...
Below is a summary of key new measures and initiatives that have been implemented by various UAE authorities since 9 April 2020 and the time of this inBrief, 6:00 p.m. on Monday, 13 April 2020. Commercial Activity On 13 April 2020 the Dubai Department of Economic Development issued a circular on the re-opening of some commercial activities and emphasised that these activities must continue to comply with preventive guidelines, including operating only between the hours of 8:00 a.m ...
Below is a summary of key new measures that have been implemented by various UAE authorities since 25 April 2020 and the time of this inBrief, 6:00 p.m. on Thursday, 30 April 2020.I. Economic Relief MeasuresA. Abu Dhabi Global Market (ADGM) announces further incentives to support businessesOn 29 April 2020 the ADGM Registration Authority enacted incentives for new businesses, aimed at supporting the establishment of their operations amid the COVID-19 pandemic ...
Below is a summary of key new measures and initiatives that have been implemented and announced by various UAE authorities since 6 April 2020 and the time of this inBrief, 6:00 p.m. on Wednesday, 8 April 2020 ...
This supplements our inBrief dated 3 April 2020, which reported on measures implemented by the UAE authorities in response to COVID-19 up to 9:00 a.m. that day. Many new measures have been introduced since then. We now report on new measures taken up to 9:00 a.m. on Monday 6 April 2020 ...
In recent months, the South African Minister of Transport gave notice that Cabinet had approved the Comprehensive Maritime Transport Policy, 2017 (“CMTP”). The CMTP makes certain policy statements in order to develop South Africa’s maritime industry. Below, we summarise certain policy statements that relate to the more commercial aspects of shipping, in the order in which they are dealt with in the CMTP ...
I. Background The need to amend the Panamanian maritime legislation, amongst others, came as an effort to incorporate long standing practices that had been developed but were not regulated in our national laws, to promote the registration of vessels in our registry by attracting new tonnage and rewarding both loyalty to the flag and compliance with safety standards of vessels already registered in Panama ...
As expected, the new Maritime Law significantly improves the maritime landscape in the UAE, and will no doubt seal the UAE as a shipping-hub in the region. On the precautionary arrest of a vessel front, the new law requires the applicant seeking an arrest of the vessel to provide security to cover the expenses of the crew, and to maintain the vessel ...
Early last year, the State Administration for Industry and Commerce (“SAIC”) and the Ministry of Public Security of the People’s Republic of China (“PRC”) jointly issued a Circular on Further Strengthening Administration of the Registration of Resident Representative Offices (“RO”) of Foreign Enterprises (“Circular”) ...
On 24 April the Pensions Regulator (TPR) published new guidance (Guidance) on the practical steps trustees should take to manage risk when using leveraged liability driven investments (LDI). The guidance replaces previous guidance issued by TPR in October and November 2022 in the immediate wake of the LDI liquidity crisis. Background On 23 September the Government announced its ‘Growth Plan 2022’ ...
On August 18 th , 2021, Law No. 21,362 (the “ Law ”) was published in the Official Gazette. The Law introduces several modifications to different other laws in connection with the labeling, advertisement, and sales of gluten free foodstuff products. Firstly, the Law modifies Law No. 20,606, commonly known as Labeling Law ...
On April 12, 2022, Law No. 21,440 was published in the Official Gazette, which modifies Law Decree No. 3,063 (Municipal Income Law), creating a new regime applicable to donations in favor of non-profit legal entities, which contemplates certain tax benefits. This new regime will be complementary to those contained in special regulations regarding donations ...
On December 18th was enacted the Organic Law of Incentives for Public Private Partnerships and Foreign Investment. This law is intended to promote synergies between the private and the public sector. It is based in the principles of fiscal sustainability, Risk allocation, Value for money, respect to interests and rights of the users, property rights and social inclusion ...
KPPU has recently issued its long-anticipated guidelines on the Indonesian merger control rules (“KPPU Guidelines”) under KPPU Regulation No. 3 of 2019 on The Assessment of Mergers or Consolidations of Business Entities or Acquisitions of Shares in Companies (“KPPU Regulation 3/2019”) issued at the end of last year. The guidelines are relatively long and detailed (almost 100 pages), and some of their content is still subject to the KPPU’s interpretation ...
Franchising has become one of the most prominent business models in recent years, particularly in sectors such as food & beverage (F&B), education, fashion and modern lifestyle. The Indonesian franchise regime began in 1997, but has changed several times since then, the latest being under Minister of Trade Regulation No. 53/M-DAG/PER/8/2012 on the Implementation of Franchises as amended by Minister of Trade Regulation No. 57/M-DAG/PER/9/2014 (“Regulation 53”) ...
Executive Decree No. 238 of June 10, 2019 Requirements to apply for permanent residency for executives of Multinational Headquarters offices (“SEM” for its acronym in Spanish) As of June 11th, 2019, the requirements to apply for the Permanent Resident Permit for Executives of SEM companies who i) continue working at a SEM company, and ii) no longer work for a SEM company ...
On 25 June 2014 the European Commission announced adoption of the Commission Communication “Notice on agreements of minor importance which do not appreciably restrict competition under Article 101(1) of the Treaty on the Functioning of the European Union (De Minimis Notice).” The De Minimis Notice was published in the Official Journal on 30 August 2014 (OJ C 291/1). The De Minimis Notice follows the existing practice of the Commission and the case law of the European Court of Justice ...
On November 29, 2010, the Financial Industry Regulatory Authority, Inc. (“FINRA”) announced that FINRA Rule 5131 will take effect on May 27, 2011.1 FINRA Rule 5131 is intended to sustain public confidence in the initial public offering (“IPO”) process by regulating the allocation, pricing and trading of IPOs of equity securities (“New Issues”) ...
On March 6, 2006, the Ministry of the Economy published the Explanatory Notes for the Tariff Classification of Goods in the Federal Official Gazette, after a delay of over four years from the date of publication of the Federal Law on Import and Export Duties (“FLIED”) on January 18, 2002. These Explanatory Rules should have been published at the same time ...
