Category: Legal Updates
CONSEQUENCES! FIRST ECONOMIC CONCENTRATION FINE BY THE SAUDI GENERAL AUTHORITY FOR COMPETITION, SINCE OCTOBER 2020, FOR FAILURE TO NOTIFY AN ECONOMIC CONCENTRATION.
Only for the second time since the implementation of the Saudi Competition Law (Royal Decree No (M75) of 1440H) (the “Competition Law”), The Saudi General Authority for Competition (“GAC”) has fined two companies for their...
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NBF FinTech Startups Incorporation and Licensing – A More Specific Take By The FRA
Introduction and Effect: The Egyptian Financial Regulatory Authority (“FRA“) issued decree no. 268 of 2023 on the rules and procedures for the establishment and licensing of startup companies in financial technology to engage in non-banking...
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COMESA Competition Commission Proposes Sweeping Changes to Competition Regulations
The Common Market for Eastern and Southern Africa’s (“COMESA”) Competition Commission (“CCC”) is set to implement significant amendments to its competition regime with the release of the Draft COMESA Competition Regulations (“Draft Regulations”). The proposed...
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UAE Implements Comprehensive Consumer Protection Regulation to Safeguard Consumer Rights
Introduction In a significant move towards strengthening consumer rights and promoting fair trade practices, the United Arab Emirates (“UAE”) has introduced a new consumer protection regulation; Executive Regulations No. 66 of 2023 (the “Regulation”). The...
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THE INSURANCE SECTOR: THE APPLICATION OF ANTI-MONEY LAUNDERING MEASURES
The Decision issued on 6 November 2023 (the “Decision”) is embedded as part of the scheme to provide protection measures against anti-money laundering and the financing of terrorism in the state of Kuwait, specifically in...
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Central Bank of Egypt takes a significant step in the fight against money laundering and terrorist financing
The Central Bank of Egypt takes a significant step in the fight against money laundering and terrorist financing with the issuance of new regulatory controls for banks. In line with international standards, these regulations aim...
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SECURITIES AND COMMODITIES AMENDMENT: ZOOM-IN ON ANTI-MONEY LAUNDERING MEASURES
The Securities & Commodities Authority recently issued an amendment to its regulatory Rule Book of Financial Activities and the Status Rectification Mechanisms (the “SCA Rulebook”) on 28 December 2023. The regulatory body diligently oversees the...
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COMESA SLAMS BEIN MEDIA GROUP FOR RESTRICITIVE BUSINESS PRACTICES IN THE MARKET
On the 25th of January 2024, the Common Market for Eastern and Southern Africa (“COMESA”) issued a press release on restrictive business practices in the field of football matches streaming. beIN Media Group LLC (“beIN”),...
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Saudi Authority for Intellectual Property issued new regulations governing the use of the name “Saudi Arabia”
The Board of Directors of the Saudi Authority for Intellectual Property (“Authority”) has recently issued new regulations governing the use of the name “Saudi Arabia” and the names of cities, regions, and public places in...
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