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In AML & Financial Services Regulatory

Singapore: MAS amends the Guidelines on Licensing for Payment Service Providers

by , , and 2 Mins Read

On 26 July 2024, the Monetary Authority of Singapore (MAS) updated the Guidelines on Licensing for Payment Service Providers (PS-G01), which became effective on 26 August 2024. These changes are applicable to current and future Standard Payment Institutions (SPIs) and Major Payment Institutions under the Payment Services Act (PSA).
The updates can be divided into those that relate to (i) the application process for a new MPI or SPI license or a variation of an existing license under the PSA; and (ii) those that relate to ongoing business conduct.

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In Antitrust / Competition

Key Antitrust Developments and Competition Trends in Saudi Arabia, the UAE and Egypt 2024

by , , , , and 2 Mins Read

Over the past year, antitrust regulators in the Middle East have implemented significant changes to the local competition law regimes, with a new competition law coming into effect in the United Arab Emirates and substantial changes being made to the applicable merger control regimes in the Kingdom of Saudi Arabia (KSA) and Egypt. Competition law enforcement has also continued to intensify in the KSA and Egypt, as well as in other key emerging markets in the GCC. During this 2-hour seminar, we will provide an update on the latest key competition law developments and what to expect on the horizon as well as compliance tips and pointers.

In Tax

United Arab Emirates: The Ministry of Finance releases public consultation on the introduction of global minimum tax framework

by 3 Mins Read

On Friday, 15 March 2024, the UAE Ministry of Finance (“UAE MoF”) issued a public consultation on the potential framework that the UAE will introduce to implement Pillar 2, the global minimum tax framework. The consultation can be accessed here: https://mof.gov.ae/global-minimum-tax-public-consultation/. The deadline to provide input into the consultation is 10 April 2024.

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In ESG

United Arab Emirates: Regulations on single-use products – Environmental sustainability in Dubai

by 7 Mins Read

On 30 December 2023, the Dubai Executive Council issued Decision No. 124 of 2023 to regulate the usage of single-use products in the Emirate of Dubai (“Decision”), in support of the previous Dubai Executive Council Decision No. 52 of 2022, issued on 13 August 2022, which mandated the reduction in the utilization of single-use bags in the Emirate of Dubai.

In Product Regulation & Liability

United Arab Emirates: New Emirates Drug Corporation soon to be operational, replaces MOHAP as federal regulator of all medical products

by and 6 Mins Read

To future-proof its regulatory system, the UAE cabinet has established the Emirates Drug Corporation (EDC) in September 2023. As a new independent regulator, the EDC will replace the Ministry of Health and Prevention for the regulation of pharmaceuticals and medical devices.

Besides medicines and medical devices the EDC will also be responsible for cosmetics, dietary supplements, GMOs, fertilizers, pesticides, agricultural conditioners and plant growth regulators. The EDC will also take over some competences from the Ministry of Climate Change and Environment in relation to these products.

In AML & Financial Services Regulatory

United Arab Emirates: Changes to the Ultimate Beneficial Ownership regulations to address the complex structures and needs of businesses

by 9 Mins Read

Over the last few months, the United Arab Emirates (UAE) have made a few legislative changes in relation to the Ultimate Beneficial Ownership (UBO) regulations as well as the associated administrative penalties, with the issuance of:

  1. Cabinet Resolution No. 109 of 2023 on the Regulation of the Real Beneficiary Procedures (the “New Resolution”), which came into effect on 16 November 2023 and superseded Cabinet Resolution No. 58 of 2020. The New Resolution applies to all corporate entities incorporated in the UAE mainland and in the non-financial free zones;
  2. Cabinet Decision No. 132 of 2023 relating to the administrative fines for violations of the New Resolution, which was issued on 15 December 2023 and superseded Cabinet Decision No. 53 of 2021.
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In Antitrust / Competition

United Arab Emirates: New Competition Law will enter into force on 28 December 2023

by , and 5 Mins Read

On 28 September 2023, the United Arab Emirates (UAE) issued Federal Law No. 36 of 2023 (“New Competition Law”), which repealed and replaced Federal Law No. 4 of 2012. The New Competition Law signals a new era of enforcement by the UAE Ministry of Economy by providing a functional competition regime through, inter alia: extending a wider scope of application to almost all economic activities; expanding its mandate by prohibiting new conducts and introducing a new dominance test; and finally introducing administrative penalties and stricter financial penalties. The New Competition Law will officially enter into force on 28 December 2023, with the executive regulation to be published within six months thereafter.

In AML & Financial Services Regulatory

United Arab Emirates: Central Bank Digital Currency introduced, paves the way for the recognition of digital currencies

by and 3 Mins Read

On 2 October 2023, the UAE issued Federal Law No. 54 of 2023, which amended Federal Law No. 14 of 2018 on the Central Bank and the Organization of Financial Institutions and Financial Activities (the “Central Bank Law”) and changed the definition of currency to include a “National Digital Currency”. The amendment to the Central Bank Law was published in the Official Gazette on 31 October 2023.

In Corporate Compliance

Middle East: Data, AI, Legal Tech and Innovation (Event)

by , and 4 Mins Read

Join us for an interactive session facilitated by Ben Allgrove, Baker McKenzie’s Chief Innovation Officer, that will touch on some of the compliance and governance risks around adopting AI from a contracting or transactional perspective on 1 and 2 November 2023 at Baker McKenzie, Al Fattan Currency House, Tower 2, Level 16, Dubai International Financial Centre (DIFC).

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