Abu Dhabi Global Market Proposes Merging Regulatory Committee with Appeals Panel

The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has proposed merging its Regulatory Committee and Appeals Panel. Their consultation on the proposals ends on 5 December 2021.

The aim is to create a more streamlined and efficient process for resolving regulatory disputes.

If approved, the change will be introduced by enacting amendments to the Financial Services and Markets Regulations 2015.

The new body would start operating on 1 January 2022.

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UAE: Issuing Cheques in Bad Faith is Still a Criminal Offence

Al Bayan, 3 November 2021: The President of the Court of Appeal in Dubai has announced issuing bounced cheques is still a criminal offence.

They made the announcement following confirmation about the implementation of amendments to the Commercial Transactions Law and the decriminalisation of cheques without a balance.

These amendments do not cancel the criminalisation of giving a cheque in bad faith.

Articles 401, 402 and 403 of Federal Law No. 3/1987 have been repealed.

Under the amendments, the current criminalisation in the Penal Code related to issuing a cheque without an appropriate balance has been abolished, except for in four instances.

These are cheque fraud, cheque fraud by giving an order to the bank not to cash the cheque without right, withdrawing the entire balance before the date of issuing the cheque, intentionally complicating the drafting of the cheque or deliberately signing it in a way which prevents it being cashed. For full story, click here.

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UAE: Commercial Transactions Law Amendments to be Implemented From January 2022

The UAE’s Central Bank has announced amendments to the Commercial Transactions Law regarding the decriminalisation of cheques and partial payment of cheques will be implemented from 2 January 2022.

Tougher administrative penalties for issuing cheques without funds will also be imposed from the same date. Penalties, including withdrawal of a cheque book from the offender, denying them the right to receive new cheque books for up to five years and suspending their professional or commercial activity will be imposed.

The amendments are contained in Federal Decree-Law No. 14/2020.

Under these amendments, the scope for criminalisation of bounced cheques because of insufficient funds has been refined and confined to cases of bad faith and other cheque crimes.

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Abu Dhabi: Rogue Real Estate Marketing Calls Should be Reported

Gulf News (United Arab Emirates), 27 October 2021: Abu Dhabi’s Municipalities and Transport Department has announced rogue real estate marketing calls should be reported.

They should be reported to the Abu Dhabi Government Contact Centre on 800555.

The Department added these calls are illegal in the Emirate.

Real estate companies and agents should only use company websites or social media to promote their services and properties.

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Dubai Financial Services Authority Approves Investment Tokens Regulations

Dubai’s Financial Services Authority has announced it has approved Investment Tokens Regulations.

They have been approved following a consultation which was launched earlier this year.

It marks the completion of the first phase of the Authority’s Digital Assets regime.

It defines an Investment Token as a Security Token or a Derivative Token.

These include a Security or Derivative in the form of a cryptographically secured digital representation of rights and obligations which is issued, transferred and stored using Distributed Ledger Technology or DLT or other similar technology.

It also includes a cryptographically secured digital representation of rights and obligations which is issued, transferred and stored using DLT or other similar technology and: confers rights and obligations which are substantially similar in nature to those conferred by a Security or Derivative; or has a substantially similar purpose or effect to a Security or Derivative.

The Regulations apply to those interested to market, issue, trade or hold Investment Tokens in or from the Dubai International Financial Centre (DIFC) and Authorised Firms wishing to undertake Financial Services relating to Investment Tokens, like dealing in, advising on, or arranging transactions relating to, Investment Tokens, or managing discretionary portfolios or collective investment funds investing in Investment Tokens.

The Authority added they are drafting proposals for tokens not covered by the Investment Tokens regulatory framework. These are expected to cover exchange tokens or cryptocurrencies, utility tokens and certain asset-backed tokens or stablecoins. They are going to issue a second consultation paper before the end of the year.

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Abu Dhabi: New Code of Practice for Marina Operations Launched

Abu Dhabi’s Municipalities and Transport Department has announced it has launched a new Code of Practice for those practising commercial marina activities in the Emirate.

It includes the key health and safety considerations they have to meet.

It has been issued in line with international standards and together with Abu Dhabi Maritime.

They support more comprehensive safety and security regulatory reform and the compulsory attestation of marina berth leasing contracts.

Abu Dhabi Maritime will oversee the organisation of marinas referred to in the Code of Practice. They will also address the management of several aspects of their business operations, including a set of rules and conditions which their stakeholders must adhere to.

Safety and Environment, Emergencies, Communications, Marina Inspection, and Maintenance and Security are covered among other things.

They also include agreed emergency responses and business continuity plans to safeguard businesses against potential risks and hazards and ways to enable a speedy resumption of operations following an emergency.

Marina Berth Leasing Contracts by the Department will now have to be mandatory no more than six months or at the time of the next contract renewal, whichever comes first.

It will provide boat owners and marinas with standardised terms and conditions and eliminate disputes and issues between parties. The new attestation service will be available online and follow the same principles as the Abu Dhabi Tenancy Law.

To ensure compliance with the Code of Practice, Abu Dhabi Maritime will carry out safety and security audits and license commercial marinas.

Also reported in Alroeya on 13 October 2021. For full story, click here.

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UAE: Expo 2020 Dubai Attendees Should Use VAT Refund Scheme

The UAE’s Federal Tax Authority has urged Expo 2020 Dubai attendees to use the VAT refund scheme.

The scheme applies to taxes paid on goods and services connected with Expo 2020 Dubai.

It has been introduced by the Authority in line with Cabinet Decision No. 1/2020.

The Authority added they have issued a comprehensive guide for official participants in Expo 2020 Dubai.

It addresses five categories of taxes which can be refunded.

The first category is VAT incurred by official participants on goods and services in direct connection with the construction, installation, alteration, decoration, and dismantling of their exhibition space. The second category is the VAT incurred by the official participants on goods and services in direct connection with the works and activities of organising and operating the official participant’s exhibition space, as well as any presentations and events taking place on the Expo 2020 site.

The third category is the VAT incurred by official participants on goods and services related to the actual operations of the official participant, provided the value of each product or service claimed is not less than 200 AED.

The fourth category is VAT incurred by official participant in connection with all operations, services and activities provided for the purpose of participation in Expo 2020 Dubai, whether located in or outside the boundaries of the Expo site.

The fifth category is the VAT incurred on the import of goods for personal use of the official participant’s section commissioner general, section staff and the beneficiaries.

The guide clarifies that to qualify for VAT refunds for expenses under the first and second category, the official participant must possess a certificate of entitlement issued by Expo 2020 Dubai, which is established by virtue of Dubai Decree No. 30/2014.

However, where the expenses are not related to the first and second category but are included in the third, fourth, or fifth, the official participant will not need to obtain a certificate of entitlement to apply for a VAT refund.

It clarifies the refund mechanism and the VAT reclaimable as well as the special case for imports certificate of entitlement. It also clarifies the eligibility criteria for the certificate of entitlement, how to apply for the certificate of entitlement and the certificate of entitlement request form and its supporting documents.

In addition, it clarifies the processing of the certificate of entitlement application by Expo 2020 Dubai, how to apply for refunds, procedures for the offices of Official Participants registered for VAT and procedures for the offices of Official Participants not registered for VAT and the supporting documents for the refund request.

Finally, it clarifies the processing of the refund application by Expo 2020 Dubai, the frequency of the refund application and payment of the tax on the sale of imported goods.

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Dubai World Trade Centre Authority Approves New Single and Multiple Family Offices Licensing Regulations

The Dubai World Trade Centre Authority has announced it has approved new Single and Multiple Family Office Regulations.

The Single Family Offices Regulations allow for offshore entities, founded directly by members of a single family, to own and manage their collective wealth, assets, businesses and investments by incorporating a new Free Zone Establishment or Free Zone Company. It will be subsequently licensed to operate from the designated free zone.

The new Multiple Family Offices regulations are aimed at the increasing numbers of international professional and wealth management and advisory service industry providers who want to operate and expand their market presence and management portfolios in the region.

Multiple Family Offices licenses facilitate and enable services offered to multiple families, their members, businesses, entities, trusts and foundations.

The aim is to encourage family businesses to register as these entities.

They address the needs of family-run entities and also introduce a new platform for these entities to set-up offshore holding companies in the Zone.

It will help them manage their private family global wealth, assets and investments from Dubai. Also reported in Alroeya on 10 October 2021. For full story, click here.

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UAE: Telecommunications and Digital Government Regulatory Authority Launches Public Consultation on Spectrum Resources

The UAE’s Telecommunications and Digital Government Regulatory Authority has launched a public consultation on spectrum resources.

It aims to get feedback on its activities related to reviewing spectrum allocation for IMT applications in certain frequency bands.

These are specifically the UHF and 3.8 – 4.2 GHz bands and 6 GHz band.

Following the feedback, the Authority will update the part on the current and future uses of IMT in the Spectrum Future Foresight document of 2020-2025 and develop directions on the uses of these bands.

A new 3.8 GHz to 4.2 GHz band may also be introduced.

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