	(241613,23662,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=252&amp;action=edit'),
	(241611,23662,'PostDate','2017-09-18 08:56:53'),
	(241612,23662,'PostUrl','http://localhost:8888/tamimi/locations/'),
	(241610,23662,'PostStatus','publish'),
	(241607,23662,'PostID','252'),
	(241608,23662,'PostType','page'),
	(241609,23662,'PostTitle','Locations'),
	(241605,23661,'CurrentUserID','5'),
	(241606,23661,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(241603,23661,'ClientIP','83.111.236.141'),
	(241604,23661,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(241602,23661,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=5&amp;action=edit'),
	(241599,23661,'PostStatus','publish'),
	(241600,23661,'PostDate','2017-09-06 07:15:00'),
	(241601,23661,'PostUrl','http://localhost:8888/tamimi/'),
	(241595,23660,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(241596,23661,'PostID','5'),
	(241597,23661,'PostType','page'),
	(241598,23661,'PostTitle','Home'),
	(241592,23660,'EventCount','9'),
	(241593,23660,'PruneQuery','DELETE FROM tm_wsal_occurrences ORDER BY created_on ASC LIMIT 9'),
	(241594,23660,'ClientIP','185.140.248.63'),
	(241614,23662,'ClientIP','83.111.236.141'),
	(241615,23662,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(241616,23662,'CurrentUserID','5'),
	(241617,23662,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(241618,23663,'PostID','1468'),
	(241619,23663,'PostType','locations'),
	(241620,23663,'PostTitle','UAE'),
	(241621,23663,'PostStatus','publish'),
	(241622,23663,'PostDate','2017-10-05 13:36:13'),
	(241623,23663,'PostUrl','http://localhost:8888/tamimi/locations/united-arab-emirates/'),
	(241624,23663,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=1468&amp;action=edit'),
	(241625,23663,'ClientIP','83.111.236.141'),
	(241626,23663,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(241627,23663,'CurrentUserID','5'),
	(241628,23663,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(241629,23664,'PostID','1471'),
	(241630,23664,'PostType','locations'),
	(241631,23664,'PostTitle','Qatar'),
	(241632,23664,'PostStatus','publish'),
	(241633,23664,'PostDate','2017-10-05 13:37:05'),
	(241634,23664,'PostUrl','http://localhost:8888/tamimi/locations/qatar/'),
	(241635,23664,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=1471&amp;action=edit'),
	(241636,23664,'ClientIP','83.111.236.141'),
	(241637,23664,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(241638,23664,'CurrentUserID','5'),
	(241639,23664,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(241640,23665,'PostID','1472'),
	(241641,23665,'PostType','locations'),
	(241642,23665,'PostTitle','Saudi Arabia'),
	(241643,23665,'PostStatus','publish'),
	(241644,23665,'PostDate','2017-10-05 13:37:17'),
	(241645,23665,'PostUrl','http://localhost:8888/tamimi/locations/saudi-arabia/'),
	(241646,23665,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=1472&amp;action=edit'),
	(241647,23665,'ClientIP','83.111.236.141'),
	(241648,23665,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(241649,23665,'CurrentUserID','5'),
	(241650,23665,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242947,23792,'ClientIP','83.111.236.141'),
	(242948,23792,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242949,23792,'CurrentUserID','5'),
	(242950,23792,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242951,23793,'PostID','7927'),
	(242952,23793,'PostType','news-room'),
	(242953,23793,'PostTitle','New Data Protection Law in Bahrain criminalises non-compliance'),
	(242954,23793,'PostStatus','draft'),
	(242955,23793,'PostDate','2018-07-30 18:01:58'),
	(242956,23793,'PostUrl','http://localhost:8888/tamimi/?post_type=news-room&p=7927'),
	(242957,23793,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7927&amp;action=edit'),
	(242958,23793,'ClientIP','83.111.236.141'),
	(242959,23793,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242960,23793,'CurrentUserID','5'),
	(242961,23793,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242962,23794,'PostID','7927'),
	(242963,23794,'PostType','news-room'),
	(242964,23794,'PostTitle','New Data Protection Law in Bahrain criminalises non-compliance'),
	(242965,23794,'PostStatus','draft'),
	(242966,23794,'PostDate','2018-07-30 18:00:47'),
	(242967,23794,'PostUrl','http://localhost:8888/tamimi/?post_type=news-room&p=7927'),
	(242968,23794,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7927&amp;action=edit'),
	(242969,23794,'ClientIP','83.111.236.141'),
	(242970,23794,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242971,23794,'CurrentUserID','5'),
	(242972,23794,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242973,23795,'PostID','7927'),
	(242974,23795,'PostTitle','New Data Protection Law in Bahrain criminalises non-compliance'),
	(242975,23795,'PostStatus','draft'),
	(242976,23795,'PostType','news-room'),
	(242977,23795,'PostDate','2018-07-30 18:00:47'),
	(242978,23795,'PostUrl','http://localhost:8888/tamimi/?post_type=news-room&p=7927'),
	(242979,23795,'MetaID','222640'),
	(242980,23795,'MetaKey','content'),
	(242981,23795,'MetaValueNew','<span style=\"color: #00578f;\"><strong>Bahrain’s new Law on the Protection of Personal Data was published on 19 July 2018, and will come into effect on 1 August 2019</strong>.</span>\r\n\r\nThe Law will require a variety of changes to the way businesses process personal data in Bahrain or about residents of Bahrain. Historically, data protection has not been a high priority topic for most businesses in Bahrain, with the limited exception of international entities subject to data protection requirements in other jurisdictions in which they operate. While the publication of the new Law provides a considerable lead-in period within which entities subject to the Law will need to comply, the fact that the Law creates criminal offences means that compliance is all the more important and should be treated as a high priority.\r\n\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Application</strong></span>\r\n\r\nBahrain’s Data Protection Law describes the legal protection of personal privacy as among the main constitutional rights of the person, and notes that it should be protected, particularly in the context of the increasing use of electronic/digital means for processing information. The Law applies to:\r\n<ul>\r\n 	<li>Every individual residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) having a place of business in the Kingdom of Bahrain; and</li>\r\n 	<li>Every individual not residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) not having a place of business in the Kingdom of Bahrain, where such persons are processing data using means available in Bahrain, except where such processing means are solely for the purpose of passing data through Bahrain.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Criminal provisions</strong></span>\r\n\r\nThe Law criminalises a variety of acts that would, at most, be the subject of administrative penalties in data protection laws elsewhere. Penalties generally comprise up to one year in prison and/or a fine of between BHD 1,000 and BHD 20,000 (between about USD 2,600 to about USD 53,000) (or a fine only in the case of corporate entities). The following are examples of activities that attract criminal penalties under the Law:\r\n<ul>\r\n 	<li>Processing sensitive personal data in violation of the provision specifying requirements for processing sensitive personal data;</li>\r\n 	<li>Transferring personal data outside Bahrain contrary to the provisions specifying requirements for transfers to jurisdictions that provide an adequate level of data protection, and associated exceptions;</li>\r\n 	<li>Processing personal data without notifying the new Data Protection Authority in accordance with the provision that sets out the obligation to notify the Authority before commencing any data processing activities (except where certain exceptions apply), or failing to update such notification to the Authority;</li>\r\n 	<li>Processing personal data contrary to the provision that requires prior authorization from the Authority before processing personal data in certain circumstances;</li>\r\n 	<li>Providing false or misleading information to the Authority or to a data subject, or withholding relevant information from the Authority, or otherwise hindering the Authority’s work; and</li>\r\n 	<li>Disclosing any data or information accessed due to work, or using the same for own benefit or for the benefit of others unreasonably and in violation of the provisions of this law.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Security considerations</strong></span>\r\n\r\nGenerally, the security of processing provisions, and the confidentiality provisions, appear to be fairly standard. Data controllers are required to apply technical and organizational measures capable of protecting personal data against unintentional or unauthorized destruction, accidental loss, unauthorized alteration, disclosure or access, or any other form of processing. The measures adopted need to be appropriate, bearing in mind the nature of the data in question and the risks associated with processing it.\r\n\r\nData controllers are required to engage only data processors who provide sufficient guarantees regarding the application of technical and organisational measures. Importantly, there is an obligation on data controllers to take steps to verify compliance with such measures, and to enter into a written contract with the data processor requiring that the data processor shall only process data in accordance with the instructions of the data controller, and in accordance with the data controller’s requirements with regard to security and confidentiality.\r\n\r\nThere does not appear to be any specific obligation to notify the Authority in the event of a data breach incident. It is possible that this level of detail might be addressed in the regulations, or that the Authority is expected to address breaches only in the event that they become aware of them, and when the circumstances indicate a breach of the obligation to use suitable technical and organizational security measures.\r\n\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Data Protection Supervisor</strong></span>\r\n\r\nThe Law contemplates a role of ‘Data Protection Supervisor’ (not a data protection officer type role) intended to act as an independent and impartial intermediary between the data controller and the Authority. The data protection supervisor will help the data controller fulfil its rights and obligations, and coordinate between the data controller and the Authority. It will also be required to verify the data controller’s processing in compliance with the law, alert the data controller to any apparent non-compliance to enable the issue to be addressed, and alert the Authority where such non-compliance has not been addressed within a specified timeframe.\r\n\r\nThe concept of a data protection supervisor has the potential to result in a whole new industry in the Bahrain market. The regulations setting out the requirements for the registration of data protection supervisors may shed greater light on what is anticipated, in terms of who might be able to fulfil such roles. The most natural development may be for the role to be filled by consulting/audit firms with expertise in data protection related issues.\r\n\r\n<em>Al Tamimi &amp; Company regularly advises on data protection issues across the Middle East. For further information about the new Data Protection Law in Bahrain, or assistance in ensuring compliance, please do not hesitate to contact us.</em>'),
	(241715,23682,'ClientIP','185.140.248.63'),
	(241716,23682,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(241717,23683,'FileLocation','/home/tamimnew/public_html/wp-admin/admin-post.php'),
	(241718,23683,'FileHash','2625b2ff310fb3cd8b429e995ac3cbbf'),
	(241719,23683,'ClientIP','185.140.248.63'),
	(241720,23683,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(241721,23684,'FileLocation','/home/tamimnew/public_html/wp-includes/error_log'),
	(241722,23684,'FileHash','0789ff5ad675947a52234ca307b2704d'),
	(241723,23684,'ClientIP','185.140.248.63'),
	(241724,23684,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(241725,23685,'FileLocation','/home/tamimnew/public_html/wp-content/index.html'),
	(241726,23685,'FileHash','c6c2a002df451699cbbade8dec2fbfa3'),
	(241727,23685,'ClientIP','185.140.248.63'),
	(241728,23685,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(241729,23686,'FileLocation','/home/tamimnew/public_html/wp-content/themes/tamimi/js-local.zip'),
	(241730,23686,'FileHash','094cd390a3ca054dc99ddf599e6ceafc'),
	(241731,23686,'ClientIP','185.140.248.63'),
	(241732,23686,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(241733,23687,'FileLocation','/home/tamimnew/public_html/wp-content/themes/tamimi/js.zip'),
	(241734,23687,'FileHash','ac5a56abb3c90048da1529340d8d6783'),
	(241735,23687,'ClientIP','185.140.248.63'),
	(241736,23687,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(241737,23688,'FileLocation','/home/tamimnew/public_html/wp-content/themes/tamimi/tamimi.zip'),
	(241738,23688,'FileHash','f4cf184215f6286163619775bd40f304'),
	(241739,23688,'ClientIP','185.140.248.63'),
	(241740,23688,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(241741,23689,'FileLocation','/home/tamimnew/public_html/wp-content/themes/tamimi/pagination.zip'),
	(241742,23689,'FileHash','133e3e495c0647b3f4623eb28d59362c'),
	(241743,23689,'ClientIP','185.140.248.63'),
	(241744,23689,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(241745,23690,'FileLocation','/home/tamimnew/public_html/wp-content/themes/tamimi-10-05-18.zip'),
	(241746,23690,'ClientIP','185.140.248.63'),
	(241747,23690,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(241748,23691,'FileLocation','/home/tamimnew/public_html/wp-content/themes/tamimi/error_log'),
	(241749,23691,'FileHash','ae3a7e6a73286c8a030d412595c601ff'),
	(241750,23691,'ClientIP','185.140.248.63'),
	(241751,23691,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(241752,23692,'FileLocation','/home/tamimnew/public_html/wp-content/themes/tamimi/header.php'),
	(241753,23692,'FileHash','4224853ed3b45dfc4a9f93af0a8fabdb'),
	(241754,23692,'ClientIP','185.140.248.63'),
	(241755,23692,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(242071,23721,'PostDate','2017-10-12 16:21:53'),
	(242072,23721,'PostUrl','http://localhost:8888/tamimi/careers/'),
	(242073,23721,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=3863&amp;action=edit'),
	(242074,23721,'ClientIP','83.111.236.141'),
	(242075,23721,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242076,23721,'CurrentUserID','5'),
	(242077,23721,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242350,23742,'PostUrl','http://localhost:8888/tamimi/practice/banking-finance/'),
	(242351,23742,'MetaID','40504'),
	(242352,23742,'MetaKey','related_pages_23_page'),
	(242353,23742,'MetaValueNew','889'),
	(242354,23742,'MetaValueOld','703'),
	(242355,23742,'MetaLink','related_pages_23_page'),
	(242356,23742,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=411&amp;action=edit'),
	(242357,23742,'ReportText','703|889'),
	(242358,23742,'ClientIP','83.111.236.141'),
	(242359,23742,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242360,23742,'CurrentUserID','5'),
	(242361,23742,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242362,23743,'PostID','411'),
	(242363,23743,'PostTitle','Banking & Finance'),
	(242364,23743,'PostStatus','publish'),
	(242365,23743,'PostType','practice'),
	(242366,23743,'PostDate','2017-09-21 09:36:58'),
	(242367,23743,'PostUrl','http://localhost:8888/tamimi/practice/banking-finance/'),
	(242368,23743,'MetaID','40506'),
	(242369,23743,'MetaKey','related_pages_24_page'),
	(242370,23743,'MetaValueNew','603'),
	(242371,23743,'MetaValueOld','889'),
	(242372,23743,'MetaLink','related_pages_24_page'),
	(242373,23743,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=411&amp;action=edit'),
	(242374,23743,'ReportText','889|603'),
	(242375,23743,'ClientIP','83.111.236.141'),
	(242376,23743,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242377,23743,'CurrentUserID','5'),
	(242378,23743,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242379,23744,'PostID','411'),
	(242380,23744,'PostTitle','Banking & Finance'),
	(242381,23744,'PostStatus','publish'),
	(242382,23744,'PostType','practice'),
	(242383,23744,'PostDate','2017-09-21 09:36:58'),
	(242384,23744,'PostUrl','http://localhost:8888/tamimi/practice/banking-finance/'),
	(242385,23744,'MetaID','40508'),
	(242386,23744,'MetaKey','related_pages_25_page'),
	(242387,23744,'MetaValueNew','904'),
	(242388,23744,'MetaValueOld','603'),
	(242389,23744,'MetaLink','related_pages_25_page'),
	(242390,23744,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=411&amp;action=edit'),
	(242391,23744,'ReportText','603|904'),
	(242392,23744,'ClientIP','83.111.236.141'),
	(242393,23744,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242394,23744,'CurrentUserID','5'),
	(242395,23744,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242396,23745,'PostID','411'),
	(242397,23745,'PostTitle','Banking & Finance'),
	(242398,23745,'PostStatus','publish'),
	(242399,23745,'PostType','practice'),
	(242400,23745,'PostDate','2017-09-21 09:36:58'),
	(242401,23745,'PostUrl','http://localhost:8888/tamimi/practice/banking-finance/'),
	(242402,23745,'MetaID','40510'),
	(242403,23745,'MetaKey','related_pages_26_page'),
	(242404,23745,'MetaValueNew','728'),
	(242405,23745,'MetaValueOld','904'),
	(242406,23745,'MetaLink','related_pages_26_page'),
	(242407,23745,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=411&amp;action=edit'),
	(242408,23745,'ReportText','904|728'),
	(242409,23745,'ClientIP','83.111.236.141'),
	(242410,23745,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242411,23745,'CurrentUserID','5'),
	(242412,23745,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242413,23746,'PostID','411'),
	(242414,23746,'PostTitle','Banking & Finance'),
	(242415,23746,'PostStatus','publish'),
	(242416,23746,'PostType','practice'),
	(242417,23746,'PostDate','2017-09-21 09:36:58'),
	(242418,23746,'PostUrl','http://localhost:8888/tamimi/practice/banking-finance/'),
	(242419,23746,'MetaID','40512'),
	(242420,23746,'MetaKey','related_pages_27_page'),
	(242421,23746,'MetaValueNew','942'),
	(242422,23746,'MetaValueOld','728'),
	(242423,23746,'MetaLink','related_pages_27_page'),
	(242424,23746,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=411&amp;action=edit'),
	(242425,23746,'ReportText','728|942'),
	(242426,23746,'ClientIP','83.111.236.141'),
	(242427,23746,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242428,23746,'CurrentUserID','5'),
	(242429,23746,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242430,23747,'PostID','411'),
	(242431,23747,'PostTitle','Banking & Finance'),
	(242432,23747,'PostStatus','publish'),
	(242433,23747,'PostType','practice'),
	(242434,23747,'PostDate','2017-09-21 09:36:58'),
	(242435,23747,'PostUrl','http://localhost:8888/tamimi/practice/banking-finance/'),
	(242436,23747,'MetaID','40514'),
	(242437,23747,'MetaKey','related_pages_28_page'),
	(242438,23747,'MetaValueNew','757'),
	(242439,23747,'MetaValueOld','942'),
	(242440,23747,'MetaLink','related_pages_28_page'),
	(242441,23747,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=411&amp;action=edit'),
	(242442,23747,'ReportText','942|757'),
	(242443,23747,'ClientIP','83.111.236.141'),
	(242444,23747,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242445,23747,'CurrentUserID','5'),
	(242446,23747,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242447,23748,'PostID','411'),
	(242448,23748,'PostTitle','Banking & Finance'),
	(242449,23748,'PostStatus','publish'),
	(242450,23748,'PostType','practice'),
	(242451,23748,'PostDate','2017-09-21 09:36:58'),
	(242452,23748,'PostUrl','http://localhost:8888/tamimi/practice/banking-finance/'),
	(242453,23748,'MetaID','30568'),
	(242454,23748,'MetaKey','related_pages'),
	(242455,23748,'MetaValueNew','29'),
	(242456,23748,'MetaValueOld','30'),
	(242457,23748,'MetaLink','related_pages'),
	(242458,23748,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=411&amp;action=edit'),
	(242459,23748,'ReportText','30|29'),
	(242460,23748,'ClientIP','83.111.236.141'),
	(242461,23748,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242462,23748,'CurrentUserID','5'),
	(242463,23748,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242464,23749,'PostID','411'),
	(242465,23749,'PostType','practice'),
	(242466,23749,'PostTitle','Banking &amp; Finance'),
	(242467,23749,'PostStatus','publish'),
	(242468,23749,'PostDate','2017-09-21 09:36:58'),
	(242469,23749,'PostUrl','http://localhost:8888/tamimi/practice/banking-finance/'),
	(242470,23749,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=411&amp;action=edit'),
	(242471,23749,'ClientIP','83.111.236.141'),
	(242472,23749,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242473,23749,'CurrentUserID','5'),
	(242474,23749,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242475,23750,'PostID','189'),
	(242476,23750,'PostType','page'),
	(242477,23750,'PostTitle','Awards'),
	(242478,23750,'PostStatus','publish'),
	(242479,23750,'PostDate','2017-09-11 07:06:26'),
	(242480,23750,'PostUrl','http://localhost:8888/tamimi/awards/'),
	(242481,23750,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=189&amp;action=edit'),
	(242482,23750,'ClientIP','83.111.236.141'),
	(242483,23750,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242484,23750,'CurrentUserID','5'),
	(242485,23750,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242486,23751,'PostID','191'),
	(242487,23751,'PostType','page'),
	(242488,23751,'PostTitle','CSR'),
	(242489,23751,'PostStatus','publish'),
	(242490,23751,'PostDate','2017-09-11 07:06:34'),
	(242491,23751,'PostUrl','http://localhost:8888/tamimi/our-firm/csr/'),
	(242492,23751,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=191&amp;action=edit'),
	(242493,23751,'ClientIP','83.111.236.141'),
	(242494,23751,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242495,23751,'CurrentUserID','5'),
	(242496,23751,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242497,23752,'PostID','1553'),
	(242498,23752,'PostType','jurisdictions'),
	(242499,23752,'PostTitle','Bahrain'),
	(242500,23752,'PostStatus','publish'),
	(242501,23752,'PostDate','2017-10-08 08:05:28'),
	(242502,23752,'PostUrl','http://localhost:8888/tamimi/jurisdictions/bahrain/'),
	(242503,23752,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=1553&amp;action=edit'),
	(242504,23752,'ClientIP','83.111.236.141'),
	(242505,23752,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242506,23752,'CurrentUserID','5'),
	(242507,23752,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242508,23753,'PostID','537'),
	(242509,23753,'PostType','practice'),
	(242510,23753,'PostTitle','Construction & Infrastructure'),
	(242511,23753,'PostStatus','publish'),
	(242512,23753,'PostDate','2017-09-26 15:10:02'),
	(242513,23753,'PostUrl','http://localhost:8888/tamimi/practice/construction-infrastructure/'),
	(242514,23753,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=537&amp;action=edit'),
	(242515,23753,'ClientIP','83.111.236.141'),
	(242516,23753,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242517,23753,'CurrentUserID','5'),
	(242518,23753,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242519,23754,'PostID','185'),
	(242520,23754,'PostType','page'),
	(242521,23754,'PostTitle','The Firm'),
	(242522,23754,'PostStatus','publish'),
	(242523,23754,'PostDate','2017-09-11 07:05:15'),
	(242524,23754,'PostUrl','http://localhost:8888/tamimi/our-firm/the-firm/'),
	(242525,23754,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=185&amp;action=edit'),
	(242526,23754,'ClientIP','83.111.236.141'),
	(242527,23754,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242528,23754,'CurrentUserID','5'),
	(242529,23754,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242908,23789,'ClientIP','83.111.236.141'),
	(242909,23789,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242910,23789,'CurrentUserID','5'),
	(242911,23789,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242912,23790,'PostID','7927'),
	(242913,23790,'PostType','news-room'),
	(242914,23790,'PostTitle','New Data Protection Law in Bahrain criminalises non-compliance'),
	(242915,23790,'PostStatus','draft'),
	(242916,23790,'PostDate','2018-07-30 18:00:47'),
	(242917,23790,'PostUrl','http://localhost:8888/tamimi/?post_type=news-room&p=7927'),
	(242918,23790,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7927&amp;action=edit'),
	(242919,23790,'ClientIP','83.111.236.141'),
	(242920,23790,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242921,23790,'CurrentUserID','5'),
	(242922,23790,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242923,23791,'PostID','7927'),
	(242924,23791,'PostType','news-room'),
	(242925,23791,'PostTitle','New Data Protection Law in Bahrain criminalises non-compliance'),
	(242926,23791,'PostStatus','draft'),
	(242927,23791,'PostDate','2018-07-30 18:00:47'),
	(242928,23791,'PostUrl','http://localhost:8888/tamimi/?post_type=news-room&p=7927'),
	(242929,23791,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7927&amp;action=edit'),
	(242930,23791,'ClientIP','83.111.236.141'),
	(242931,23791,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(242932,23791,'CurrentUserID','5'),
	(242933,23791,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(242934,23792,'PostID','7927'),
	(242935,23792,'PostTitle','New Data Protection Law in Bahrain criminalises non-compliance'),
	(242936,23792,'PostStatus','draft'),
	(242937,23792,'PostType','news-room'),
	(242938,23792,'PostDate','2018-07-30 18:00:47'),
	(242939,23792,'PostUrl','http://localhost:8888/tamimi/?post_type=news-room&p=7927'),
	(242940,23792,'MetaID','222640'),
	(242941,23792,'MetaKey','content'),
	(242942,23792,'MetaValueNew','<span style=\"color: #00578f;\"><strong>Bahrain’s new Law on the Protection of Personal Data was published on 19 July 2018, and will come into effect on 1 August 2019</strong>.</span>\r\n\r\nThe Law will require a variety of changes to the way businesses process personal data in Bahrain or about residents of Bahrain. Historically, data protection has not been a high priority topic for most businesses in Bahrain, with the limited exception of international entities subject to data protection requirements in other jurisdictions in which they operate. While the publication of the new Law provides a considerable lead-in period within which entities subject to the Law will need to comply, the fact that the Law creates criminal offences means that compliance is all the more important and should be treated as a high priority.\r\n\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Application</strong></span>\r\n\r\nBahrain’s Data Protection Law describes the legal protection of personal privacy as among the main constitutional rights of the person, and notes that it should be protected, particularly in the context of the increasing use of electronic/digital means for processing information. The Law applies to:\r\n<ul>\r\n 	<li>Every individual residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) having a place of business in the Kingdom of Bahrain; and</li>\r\n 	<li>Every individual not residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) not having a place of business in the Kingdom of Bahrain, where such persons are processing data using means available in Bahrain, except where such processing means are solely for the purpose of passing data through Bahrain.</li>\r\n</ul>\r\n<span style=\"color: #00578f;\"><strong>Criminal provisions</strong></span>\r\n\r\nThe Law criminalises a variety of acts that would, at most, be the subject of administrative penalties in data protection laws elsewhere. Penalties generally comprise up to one year in prison and/or a fine of between BHD 1,000 and BHD 20,000 (between about USD 2,600 to about USD 53,000) (or a fine only in the case of corporate entities). The following are examples of activities that attract criminal penalties under the Law:\r\n<ul>\r\n 	<li>Processing sensitive personal data in violation of the provision specifying requirements for processing sensitive personal data;</li>\r\n 	<li>Transferring personal data outside Bahrain contrary to the provisions specifying requirements for transfers to jurisdictions that provide an adequate level of data protection, and associated exceptions;</li>\r\n 	<li>Processing personal data without notifying the new Data Protection Authority in accordance with the provision that sets out the obligation to notify the Authority before commencing any data processing activities (except where certain exceptions apply), or failing to update such notification to the Authority;</li>\r\n 	<li>Processing personal data contrary to the provision that requires prior authorization from the Authority before processing personal data in certain circumstances;</li>\r\n 	<li>Providing false or misleading information to the Authority or to a data subject, or withholding relevant information from the Authority, or otherwise hindering the Authority’s work; and</li>\r\n 	<li>Disclosing any data or information accessed due to work, or using the same for own benefit or for the benefit of others unreasonably and in violation of the provisions of this law.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Security considerations</strong></span>\r\n\r\nGenerally, the security of processing provisions, and the confidentiality provisions, appear to be fairly standard. Data controllers are required to apply technical and organizational measures capable of protecting personal data against unintentional or unauthorized destruction, accidental loss, unauthorized alteration, disclosure or access, or any other form of processing. The measures adopted need to be appropriate, bearing in mind the nature of the data in question and the risks associated with processing it.\r\n\r\nData controllers are required to engage only data processors who provide sufficient guarantees regarding the application of technical and organisational measures. Importantly, there is an obligation on data controllers to take steps to verify compliance with such measures, and to enter into a written contract with the data processor requiring that the data processor shall only process data in accordance with the instructions of the data controller, and in accordance with the data controller’s requirements with regard to security and confidentiality.\r\n\r\nThere does not appear to be any specific obligation to notify the Authority in the event of a data breach incident. It is possible that this level of detail might be addressed in the regulations, or that the Authority is expected to address breaches only in the event that they become aware of them, and when the circumstances indicate a breach of the obligation to use suitable technical and organizational security measures.\r\n\r\n<span style=\"color: #00578f;\"><strong>Data Protection Supervisor</strong></span>\r\n\r\nThe Law contemplates a role of ‘Data Protection Supervisor’ (not a data protection officer type role) intended to act as an independent and impartial intermediary between the data controller and the Authority. The data protection supervisor will help the data controller fulfil its rights and obligations, and coordinate between the data controller and the Authority. It will also be required to verify the data controller’s processing in compliance with the law, alert the data controller to any apparent non-compliance to enable the issue to be addressed, and alert the Authority where such non-compliance has not been addressed within a specified timeframe.\r\n\r\nThe concept of a data protection supervisor has the potential to result in a whole new industry in the Bahrain market. The regulations setting out the requirements for the registration of data protection supervisors may shed greater light on what is anticipated, in terms of who might be able to fulfil such roles. The most natural development may be for the role to be filled by consulting/audit firms with expertise in data protection related issues.\r\n\r\n<em>Al Tamimi &amp; Company regularly advises on data protection issues across the Middle East. For further information about the new Data Protection Law in Bahrain, or assistance in ensuring compliance, please do not hesitate to contact us.</em>'),
	(242943,23792,'MetaValueOld','<span style=\"color: #00578f;\"><strong>Bahrain’s new Law on the Protection of Personal Data was published on 19 July 2018, and will come into effect on 1 August 2019</strong>.</span>\r\n\r\nThe Law will require a variety of changes to the way businesses process personal data in Bahrain or about residents of Bahrain. Historically, data protection has not been a high priority topic for most businesses in Bahrain, with the limited exception of international entities subject to data protection requirements in other jurisdictions in which they operate. While the publication of the new Law provides a considerable lead-in period within which entities subject to the Law will need to comply, the fact that the Law creates criminal offences means that compliance is all the more important and should be treated as a high priority.\r\n\r\n<span style=\"color: #00578f;\"><strong>Application</strong></span>\r\n\r\n<strong>\r\n</strong>Bahrain’s Data Protection Law describes the legal protection of personal privacy as among the main constitutional rights of the person, and notes that it should be protected, particularly in the context of the increasing use of electronic/digital means for processing information. The Law applies to:\r\n<ul>\r\n 	<li>Every individual residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) having a place of business in the Kingdom of Bahrain; and</li>\r\n 	<li>Every individual not residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) not having a place of business in the Kingdom of Bahrain, where such persons are processing data using means available in Bahrain, except where such processing means are solely for the purpose of passing data through Bahrain.</li>\r\n</ul>\r\n<span style=\"color: #00578f;\"><strong>Criminal provisions</strong></span>\r\n\r\nThe Law criminalises a variety of acts that would, at most, be the subject of administrative penalties in data protection laws elsewhere. Penalties generally comprise up to one year in prison and/or a fine of between BHD 1,000 and BHD 20,000 (between about USD 2,600 to about USD 53,000) (or a fine only in the case of corporate entities). The following are examples of activities that attract criminal penalties under the Law:\r\n<ul>\r\n 	<li>Processing sensitive personal data in violation of the provision specifying requirements for processing sensitive personal data;</li>\r\n 	<li>Transferring personal data outside Bahrain contrary to the provisions specifying requirements for transfers to jurisdictions that provide an adequate level of data protection, and associated exceptions;</li>\r\n 	<li>Processing personal data without notifying the new Data Protection Authority in accordance with the provision that sets out the obligation to notify the Authority before commencing any data processing activities (except where certain exceptions apply), or failing to update such notification to the Authority;</li>\r\n 	<li>Processing personal data contrary to the provision that requires prior authorization from the Authority before processing personal data in certain circumstances;</li>\r\n 	<li>Providing false or misleading information to the Authority or to a data subject, or withholding relevant information from the Authority, or otherwise hindering the Authority’s work; and</li>\r\n 	<li>Disclosing any data or information accessed due to work, or using the same for own benefit or for the benefit of others unreasonably and in violation of the provisions of this law.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Security considerations</strong></span>\r\n\r\nGenerally, the security of processing provisions, and the confidentiality provisions, appear to be fairly standard. Data controllers are required to apply technical and organizational measures capable of protecting personal data against unintentional or unauthorized destruction, accidental loss, unauthorized alteration, disclosure or access, or any other form of processing. The measures adopted need to be appropriate, bearing in mind the nature of the data in question and the risks associated with processing it.\r\n\r\nData controllers are required to engage only data processors who provide sufficient guarantees regarding the application of technical and organisational measures. Importantly, there is an obligation on data controllers to take steps to verify compliance with such measures, and to enter into a written contract with the data processor requiring that the data processor shall only process data in accordance with the instructions of the data controller, and in accordance with the data controller’s requirements with regard to security and confidentiality.\r\n\r\nThere does not appear to be any specific obligation to notify the Authority in the event of a data breach incident. It is possible that this level of detail might be addressed in the regulations, or that the Authority is expected to address breaches only in the event that they become aware of them, and when the circumstances indicate a breach of the obligation to use suitable technical and organizational security measures.\r\n\r\n<span style=\"color: #00578f;\"><strong>Data Protection Supervisor</strong></span>\r\n\r\nThe Law contemplates a role of ‘Data Protection Supervisor’ (not a data protection officer type role) intended to act as an independent and impartial intermediary between the data controller and the Authority. The data protection supervisor will help the data controller fulfil its rights and obligations, and coordinate between the data controller and the Authority. It will also be required to verify the data controller’s processing in compliance with the law, alert the data controller to any apparent non-compliance to enable the issue to be addressed, and alert the Authority where such non-compliance has not been addressed within a specified timeframe.\r\n\r\nThe concept of a data protection supervisor has the potential to result in a whole new industry in the Bahrain market. The regulations setting out the requirements for the registration of data protection supervisors may shed greater light on what is anticipated, in terms of who might be able to fulfil such roles. The most natural development may be for the role to be filled by consulting/audit firms with expertise in data protection related issues.\r\n\r\n<em>Al Tamimi &amp; Company regularly advises on data protection issues across the Middle East. For further information about the new Data Protection Law in Bahrain, or assistance in ensuring compliance, please do not hesitate to contact us.</em>'),
	(242944,23792,'MetaLink','content'),
	(242945,23792,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7927&amp;action=edit'),
	(242946,23792,'ReportText','<span style=\"color: #00578f;\"><strong>Bahrain’s new Law on the Protection of Personal Data was published on 19 July 2018, and will come into effect on 1 August 2019</strong>.</span>\r\n\r\nThe Law will require a variety of changes to the way businesses process personal data in Bahrain or about residents of Bahrain. Historically, data protection has not been a high priority topic for most businesses in Bahrain, with the limited exception of international entities subject to data protection requirements in other jurisdictions in which they operate. While the publication of the new Law provides a considerable lead-in period within which entities subject to the Law will need to comply, the fact that the Law creates criminal offences means that compliance is all the more important and should be treated as a high priority.\r\n\r\n<span style=\"color: #00578f;\"><strong>Application</strong></span>\r\n\r\n<strong>\r\n</strong>Bahrain’s Data Protection Law describes the legal protection of personal privacy as among the main constitutional rights of the person, and notes that it should be protected, particularly in the context of the increasing use of electronic/digital means for processing information. The Law applies to:\r\n<ul>\r\n 	<li>Every individual residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) having a place of business in the Kingdom of Bahrain; and</li>\r\n 	<li>Every individual not residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) not having a place of business in the Kingdom of Bahrain, where such persons are processing data using means available in Bahrain, except where such processing means are solely for the purpose of passing data through Bahrain.</li>\r\n</ul>\r\n<span style=\"color: #00578f;\"><strong>Criminal provisions</strong></span>\r\n\r\nThe Law criminalises a variety of acts that would, at most, be the subject of administrative penalties in data protection laws elsewhere. Penalties generally comprise up to one year in prison and/or a fine of between BHD 1,000 and BHD 20,000 (between about USD 2,600 to about USD 53,000) (or a fine only in the case of corporate entities). The following are examples of activities that attract criminal penalties under the Law:\r\n<ul>\r\n 	<li>Processing sensitive personal data in violation of the provision specifying requirements for processing sensitive personal data;</li>\r\n 	<li>Transferring personal data outside Bahrain contrary to the provisions specifying requirements for transfers to jurisdictions that provide an adequate level of data protection, and associated exceptions;</li>\r\n 	<li>Processing personal data without notifying the new Data Protection Authority in accordance with the provision that sets out the obligation to notify the Authority before commencing any data processing activities (except where certain exceptions apply), or failing to update such notification to the Authority;</li>\r\n 	<li>Processing personal data contrary to the provision that requires prior authorization from the Authority before processing personal data in certain circumstances;</li>\r\n 	<li>Providing false or misleading information to the Authority or to a data subject, or withholding relevant information from the Authority, or otherwise hindering the Authority’s work; and</li>\r\n 	<li>Disclosing any data or information accessed due to work, or using the same for own benefit or for the benefit of others unreasonably and in violation of the provisions of this law.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Security considerations</strong></span>\r\n\r\nGenerally, the security of processing provisions, and the confidentiality provisions, appear to be fairly standard. Data controllers are required to apply technical and organizational measures capable of protecting personal data against unintentional or unauthorized destruction, accidental loss, unauthorized alteration, disclosure or access, or any other form of processing. The measures adopted need to be appropriate, bearing in mind the nature of the data in question and the risks associated with processing it.\r\n\r\nData controllers are required to engage only data processors who provide sufficient guarantees regarding the application of technical and organisational measures. Importantly, there is an obligation on data controllers to take steps to verify compliance with such measures, and to enter into a written contract with the data processor requiring that the data processor shall only process data in accordance with the instructions of the data controller, and in accordance with the data controller’s requirements with regard to security and confidentiality.\r\n\r\nThere does not appear to be any specific obligation to notify the Authority in the event of a data breach incident. It is possible that this level of detail might be addressed in the regulations, or that the Authority is expected to address breaches only in the event that they become aware of them, and when the circumstances indicate a breach of the obligation to use suitable technical and organizational security measures.\r\n\r\n<span style=\"color: #00578f;\"><strong>Data Protection Supervisor</strong></span>\r\n\r\nThe Law contemplates a role of ‘Data Protection Supervisor’ (not a data protection officer type role) intended to act as an independent and impartial intermediary between the data controller and the Authority. The data protection supervisor will help the data controller fulfil its rights and obligations, and coordinate between the data controller and the Authority. It will also be required to verify the data controller’s processing in compliance with the law, alert the data controller to any apparent non-compliance to enable the issue to be addressed, and alert the Authority where such non-compliance has not been addressed within a specified timeframe.\r\n\r\nThe concept of a data protection supervisor has the potential to result in a whole new industry in the Bahrain market. The regulations setting out the requirements for the registration of data protection supervisors may shed greater light on what is anticipated, in terms of who might be able to fulfil such roles. The most natural development may be for the role to be filled by consulting/audit firms with expertise in data protection related issues.\r\n\r\n<em>Al Tamimi &amp; Company regularly advises on data protection issues across the Middle East. For further information about the new Data Protection Law in Bahrain, or assistance in ensuring compliance, please do not hesitate to contact us.</em>|<span style=\"color: #00578f;\"><strong>Bahrain’s new Law on the Protection of Personal Data was published on 19 July 2018, and will come into effect on 1 August 2019</strong>.</span>\r\n\r\nThe Law will require a variety of changes to the way businesses process personal data in Bahrain or about residents of Bahrain. Historically, data protection has not been a high priority topic for most businesses in Bahrain, with the limited exception of international entities subject to data protection requirements in other jurisdictions in which they operate. While the publication of the new Law provides a considerable lead-in period within which entities subject to the Law will need to comply, the fact that the Law creates criminal offences means that compliance is all the more important and should be treated as a high priority.\r\n\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Application</strong></span>\r\n\r\nBahrain’s Data Protection Law describes the legal protection of personal privacy as among the main constitutional rights of the person, and notes that it should be protected, particularly in the context of the increasing use of electronic/digital means for processing information. The Law applies to:\r\n<ul>\r\n 	<li>Every individual residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) having a place of business in the Kingdom of Bahrain; and</li>\r\n 	<li>Every individual not residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) not having a place of business in the Kingdom of Bahrain, where such persons are processing data using means available in Bahrain, except where such processing means are solely for the purpose of passing data through Bahrain.</li>\r\n</ul>\r\n<span style=\"color: #00578f;\"><strong>Criminal provisions</strong></span>\r\n\r\nThe Law criminalises a variety of acts that would, at most, be the subject of administrative penalties in data protection laws elsewhere. Penalties generally comprise up to one year in prison and/or a fine of between BHD 1,000 and BHD 20,000 (between about USD 2,600 to about USD 53,000) (or a fine only in the case of corporate entities). The following are examples of activities that attract criminal penalties under the Law:\r\n<ul>\r\n 	<li>Processing sensitive personal data in violation of the provision specifying requirements for processing sensitive personal data;</li>\r\n 	<li>Transferring personal data outside Bahrain contrary to the provisions specifying requirements for transfers to jurisdictions that provide an adequate level of data protection, and associated exceptions;</li>\r\n 	<li>Processing personal data without notifying the new Data Protection Authority in accordance with the provision that sets out the obligation to notify the Authority before commencing any data processing activities (except where certain exceptions apply), or failing to update such notification to the Authority;</li>\r\n 	<li>Processing personal data contrary to the provision that requires prior authorization from the Authority before processing personal data in certain circumstances;</li>\r\n 	<li>Providing false or misleading information to the Authority or to a data subject, or withholding relevant information from the Authority, or otherwise hindering the Authority’s work; and</li>\r\n 	<li>Disclosing any data or information accessed due to work, or using the same for own benefit or for the benefit of others unreasonably and in violation of the provisions of this law.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Security considerations</strong></span>\r\n\r\nGenerally, the security of processing provisions, and the confidentiality provisions, appear to be fairly standard. Data controllers are required to apply technical and organizational measures capable of protecting personal data against unintentional or unauthorized destruction, accidental loss, unauthorized alteration, disclosure or access, or any other form of processing. The measures adopted need to be appropriate, bearing in mind the nature of the data in question and the risks associated with processing it.\r\n\r\nData controllers are required to engage only data processors who provide sufficient guarantees regarding the application of technical and organisational measures. Importantly, there is an obligation on data controllers to take steps to verify compliance with such measures, and to enter into a written contract with the data processor requiring that the data processor shall only process data in accordance with the instructions of the data controller, and in accordance with the data controller’s requirements with regard to security and confidentiality.\r\n\r\nThere does not appear to be any specific obligation to notify the Authority in the event of a data breach incident. It is possible that this level of detail might be addressed in the regulations, or that the Authority is expected to address breaches only in the event that they become aware of them, and when the circumstances indicate a breach of the obligation to use suitable technical and organizational security measures.\r\n\r\n<span style=\"color: #00578f;\"><strong>Data Protection Supervisor</strong></span>\r\n\r\nThe Law contemplates a role of ‘Data Protection Supervisor’ (not a data protection officer type role) intended to act as an independent and impartial intermediary between the data controller and the Authority. The data protection supervisor will help the data controller fulfil its rights and obligations, and coordinate between the data controller and the Authority. It will also be required to verify the data controller’s processing in compliance with the law, alert the data controller to any apparent non-compliance to enable the issue to be addressed, and alert the Authority where such non-compliance has not been addressed within a specified timeframe.\r\n\r\nThe concept of a data protection supervisor has the potential to result in a whole new industry in the Bahrain market. The regulations setting out the requirements for the registration of data protection supervisors may shed greater light on what is anticipated, in terms of who might be able to fulfil such roles. The most natural development may be for the role to be filled by consulting/audit firms with expertise in data protection related issues.\r\n\r\n<em>Al Tamimi &amp; Company regularly advises on data protection issues across the Middle East. For further information about the new Data Protection Law in Bahrain, or assistance in ensuring compliance, please do not hesitate to contact us.</em>'),
	(244782,23945,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(244744,23943,'PostStatus','draft'),
	(244745,23943,'PostType','law_update_articles'),
	(244746,23943,'PostDate','2018-07-31 11:37:26'),
	(244747,23943,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7936'),
	(244748,23943,'MetaKey','lawUpdateArticlePractices_1_lawUpdateArticlePractice'),
	(244749,23943,'MetaValue','627'),
	(244750,23943,'MetaLink','lawUpdateArticlePractices_1_lawUpdateArticlePractice'),
	(244751,23943,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7936&amp;action=edit'),
	(244752,23943,'ClientIP','83.111.236.141'),
	(244753,23943,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(244754,23943,'CurrentUserID','5'),
	(244755,23943,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(244756,23944,'PostID','7936'),
	(244757,23944,'PostTitle','Global Legal Insights: Initial Public Offerings 2018 United Arab Emirates Chapter'),
	(244758,23944,'PostStatus','draft'),
	(244759,23944,'PostType','law_update_articles'),
	(244760,23944,'PostDate','2018-07-31 11:37:26'),
	(244761,23944,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7936'),
	(244762,23944,'MetaKey','lawUpdateArticlePractices'),
	(244763,23944,'MetaValue','2'),
	(244764,23944,'MetaLink','lawUpdateArticlePractices'),
	(244765,23944,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7936&amp;action=edit'),
	(244766,23944,'ClientIP','83.111.236.141'),
	(244767,23944,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(244768,23944,'CurrentUserID','5'),
	(244769,23944,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(244770,23945,'PostID','7936'),
	(244771,23945,'PostTitle','Global Legal Insights: Initial Public Offerings 2018 United Arab Emirates Chapter'),
	(244772,23945,'PostStatus','draft'),
	(244773,23945,'PostType','law_update_articles'),
	(244774,23945,'PostDate','2018-07-31 11:37:26'),
	(244775,23945,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7936'),
	(244776,23945,'MetaKey','lawUpdateArticleSectors'),
	(244777,23945,'MetaLink','lawUpdateArticleSectors'),
	(244778,23945,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7936&amp;action=edit'),
	(244779,23945,'ClientIP','83.111.236.141'),
	(244780,23945,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(244781,23945,'CurrentUserID','5'),
	(244737,23942,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7936&amp;action=edit'),
	(244738,23942,'ClientIP','83.111.236.141'),
	(244731,23942,'PostType','law_update_articles'),
	(244732,23942,'PostDate','2018-07-31 11:37:26'),
	(244733,23942,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7936'),
	(244734,23942,'MetaKey','lawUpdateArticlePractices_0_lawUpdateArticlePractice'),
	(244735,23942,'MetaValue','645'),
	(244736,23942,'MetaLink','lawUpdateArticlePractices_0_lawUpdateArticlePractice'),
	(244730,23942,'PostStatus','draft'),
	(244728,23942,'PostID','7936'),
	(244729,23942,'PostTitle','Global Legal Insights: Initial Public Offerings 2018 United Arab Emirates Chapter'),
	(244724,23941,'ClientIP','83.111.236.141'),
	(244725,23941,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(244726,23941,'CurrentUserID','5'),
	(244727,23941,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(244699,23939,'EventCount','71'),
	(244700,23939,'PruneQuery','DELETE FROM tm_wsal_occurrences ORDER BY created_on ASC LIMIT 71'),
	(244701,23939,'ClientIP','185.140.248.63'),
	(244702,23939,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(244703,23940,'PostID','7936'),
	(244704,23940,'PostType','law_update_articles'),
	(244705,23940,'PostTitle','Global Legal Insights: Initial Public Offerings 2018 United Arab Emirates Chapter'),
	(244706,23940,'PostStatus','draft'),
	(244707,23940,'PostDate','2018-07-31 11:37:26'),
	(244708,23940,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7936'),
	(244709,23940,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7936&amp;action=edit'),
	(244710,23940,'ClientIP','83.111.236.141'),
	(244711,23940,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(244712,23940,'CurrentUserID','5'),
	(244713,23940,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(244714,23941,'PostID','7936'),
	(244715,23941,'PostTitle','Global Legal Insights: Initial Public Offerings 2018 United Arab Emirates Chapter'),
	(244716,23941,'PostStatus','draft'),
	(244717,23941,'PostType','law_update_articles'),
	(244718,23941,'PostDate','2018-07-31 11:37:26'),
	(244719,23941,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7936'),
	(244720,23941,'MetaKey','lawUpdateArticleMonth'),
	(244721,23941,'MetaValue','7928'),
	(244722,23941,'MetaLink','lawUpdateArticleMonth'),
	(244723,23941,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7936&amp;action=edit'),
	(244934,23959,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7938'),
	(244930,23959,'PostTitle','UAE continues to lead the way for Foreign Investment'),
	(245632,24015,'ClientIP','83.111.236.141'),
	(245633,24015,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245631,24015,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7945&amp;action=edit'),
	(245628,24015,'MetaKey','lawUpdateArticlePractices_1_lawUpdateArticlePractice'),
	(245629,24015,'MetaValue','627'),
	(245630,24015,'MetaLink','lawUpdateArticlePractices_1_lawUpdateArticlePractice'),
	(244931,23959,'PostStatus','draft'),
	(244932,23959,'PostType','law_update_articles'),
	(244933,23959,'PostDate','2018-07-31 12:28:00'),
	(244927,23958,'CurrentUserID','5'),
	(244928,23958,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(244929,23959,'PostID','7938'),
	(244922,23958,'MetaValue','542'),
	(244923,23958,'MetaLink','lawUpdateArticlePractices_0_lawUpdateArticlePractice'),
	(244924,23958,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7938&amp;action=edit'),
	(244925,23958,'ClientIP','83.111.236.141'),
	(244926,23958,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(244921,23958,'MetaKey','lawUpdateArticlePractices_0_lawUpdateArticlePractice'),
	(244918,23958,'PostType','law_update_articles'),
	(244919,23958,'PostDate','2018-07-31 12:28:00'),
	(244920,23958,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7938'),
	(244915,23958,'PostID','7938'),
	(244916,23958,'PostTitle','UAE continues to lead the way for Foreign Investment'),
	(244917,23958,'PostStatus','draft'),
	(244910,23957,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7938&amp;action=edit'),
	(244911,23957,'ClientIP','83.111.236.141'),
	(244912,23957,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(244913,23957,'CurrentUserID','5'),
	(244914,23957,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(244907,23957,'MetaKey','lawUpdateArticleMonth'),
	(244908,23957,'MetaValue','7928'),
	(244909,23957,'MetaLink','lawUpdateArticleMonth'),
	(244903,23957,'PostStatus','draft'),
	(244904,23957,'PostType','law_update_articles'),
	(244905,23957,'PostDate','2018-07-31 12:28:00'),
	(244906,23957,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7938'),
	(244898,23956,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(244899,23956,'CurrentUserID','5'),
	(244900,23956,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(244901,23957,'PostID','7938'),
	(244902,23957,'PostTitle','UAE continues to lead the way for Foreign Investment'),
	(244897,23956,'ClientIP','83.111.236.141'),
	(244895,23956,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7938'),
	(244896,23956,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7938&amp;action=edit'),
	(244872,23954,'MetaKey','lawUpdateArticleSectors'),
	(244873,23954,'MetaLink','lawUpdateArticleSectors'),
	(244874,23954,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7937&amp;action=edit'),
	(244875,23954,'ClientIP','83.111.236.141'),
	(244876,23954,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(244877,23954,'CurrentUserID','5'),
	(244878,23954,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(244879,23955,'PostID','7937'),
	(244880,23955,'PostType','law_update_articles'),
	(244881,23955,'PostTitle','Now Coming to the DIFC: The Infinitely Flexible and Versatile Corporate Scheme of Arrangement'),
	(244882,23955,'PostStatus','draft'),
	(244883,23955,'PostDate','2018-07-31 12:20:40'),
	(244884,23955,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7937'),
	(244885,23955,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7937&amp;action=edit'),
	(244886,23955,'ClientIP','83.111.236.141'),
	(244887,23955,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(244888,23955,'CurrentUserID','5'),
	(244889,23955,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(244890,23956,'PostID','7938'),
	(244891,23956,'PostType','law_update_articles'),
	(244892,23956,'PostTitle','UAE continues to lead the way for Foreign Investment'),
	(244893,23956,'PostStatus','draft'),
	(244894,23956,'PostDate','2018-07-31 12:28:00'),
	(245298,23989,'ClientIP','83.111.236.141'),
	(245299,23989,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245300,23989,'CurrentUserID','5'),
	(245301,23989,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245302,23990,'PostID','7942'),
	(245303,23990,'PostType','law_update_articles'),
	(245304,23990,'PostTitle','Getting to Grips with VAT Implementation'),
	(245305,23990,'PostStatus','draft'),
	(245306,23990,'PostDate','2018-07-31 15:34:49'),
	(245307,23990,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7942'),
	(245308,23990,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7942&amp;action=edit'),
	(245292,23989,'PostType','law_update_articles'),
	(245293,23989,'PostDate','2018-07-31 15:34:49'),
	(245294,23989,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7942'),
	(245295,23989,'MetaKey','lawUpdateArticleSectors'),
	(245296,23989,'MetaLink','lawUpdateArticleSectors'),
	(245297,23989,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7942&amp;action=edit'),
	(245291,23989,'PostStatus','draft'),
	(245281,23988,'MetaKey','lawUpdateArticlePractices'),
	(245282,23988,'MetaValue','1'),
	(245283,23988,'MetaLink','lawUpdateArticlePractices'),
	(245284,23988,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7942&amp;action=edit'),
	(245285,23988,'ClientIP','83.111.236.141'),
	(245286,23988,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245287,23988,'CurrentUserID','5'),
	(245288,23988,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245289,23989,'PostID','7942'),
	(245290,23989,'PostTitle','Getting to Grips with VAT Implementation'),
	(245277,23988,'PostStatus','draft'),
	(245278,23988,'PostType','law_update_articles'),
	(245279,23988,'PostDate','2018-07-31 15:34:49'),
	(245280,23988,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7942'),
	(245272,23987,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245273,23987,'CurrentUserID','5'),
	(245274,23987,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245275,23988,'PostID','7942'),
	(245276,23988,'PostTitle','Getting to Grips with VAT Implementation'),
	(245271,23987,'ClientIP','83.111.236.141'),
	(245269,23987,'MetaLink','lawUpdateArticlePractices_0_lawUpdateArticlePractice'),
	(245270,23987,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7942&amp;action=edit'),
	(245267,23987,'MetaKey','lawUpdateArticlePractices_0_lawUpdateArticlePractice'),
	(245268,23987,'MetaValue','651'),
	(245261,23987,'PostID','7942'),
	(245262,23987,'PostTitle','Getting to Grips with VAT Implementation'),
	(245263,23987,'PostStatus','draft'),
	(245264,23987,'PostType','law_update_articles'),
	(245265,23987,'PostDate','2018-07-31 15:34:49'),
	(245266,23987,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7942'),
	(245260,23986,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245245,23985,'CurrentUserID','5'),
	(245246,23985,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245247,23986,'PostID','7942'),
	(245248,23986,'PostTitle','Getting to Grips with VAT Implementation'),
	(245249,23986,'PostStatus','draft'),
	(245250,23986,'PostType','law_update_articles'),
	(245251,23986,'PostDate','2018-07-31 15:34:49'),
	(245252,23986,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7942'),
	(245253,23986,'MetaKey','lawUpdateArticleMonth'),
	(245254,23986,'MetaValue','7928'),
	(245255,23986,'MetaLink','lawUpdateArticleMonth'),
	(245256,23986,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7942&amp;action=edit'),
	(245257,23986,'ClientIP','83.111.236.141'),
	(245258,23986,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245259,23986,'CurrentUserID','5'),
	(245243,23985,'ClientIP','83.111.236.141'),
	(245244,23985,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245237,23985,'PostType','law_update_articles'),
	(245238,23985,'PostTitle','Getting to Grips with VAT Implementation'),
	(245239,23985,'PostStatus','draft'),
	(245240,23985,'PostDate','2018-07-31 15:34:49'),
	(245241,23985,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7942'),
	(245242,23985,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7942&amp;action=edit'),
	(245236,23985,'PostID','7942'),
	(245233,23984,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245640,24016,'PostDate','2018-07-31 15:41:19'),
	(245641,24016,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7945'),
	(245638,24016,'PostStatus','draft'),
	(245639,24016,'PostType','law_update_articles'),
	(245634,24015,'CurrentUserID','5'),
	(245635,24015,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245636,24016,'PostID','7945'),
	(245637,24016,'PostTitle','From Stadion to E-Gaming in the UAE: A look at Stadium'),
	(245234,23984,'CurrentUserID','5'),
	(245235,23984,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245231,23984,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7941&amp;action=edit'),
	(245232,23984,'ClientIP','83.111.236.141'),
	(245225,23984,'PostID','7941'),
	(245226,23984,'PostType','law_update_articles'),
	(245227,23984,'PostTitle','Arabian Nights or Northern Lights: Observing Global Anti-Corruption Practices in Full Daylight'),
	(245228,23984,'PostStatus','draft'),
	(245229,23984,'PostDate','2018-07-31 15:32:23'),
	(245230,23984,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7941'),
	(245222,23983,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245223,23983,'CurrentUserID','5'),
	(245224,23983,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245219,23983,'MetaLink','lawUpdateArticleSectors'),
	(245220,23983,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7941&amp;action=edit'),
	(245221,23983,'ClientIP','83.111.236.141'),
	(245214,23983,'PostStatus','draft'),
	(245215,23983,'PostType','law_update_articles'),
	(245216,23983,'PostDate','2018-07-31 15:32:23'),
	(245217,23983,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7941'),
	(245218,23983,'MetaKey','lawUpdateArticleSectors'),
	(245211,23982,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245212,23983,'PostID','7941'),
	(245213,23983,'PostTitle','Arabian Nights or Northern Lights: Observing Global Anti-Corruption Practices in Full Daylight'),
	(245208,23982,'ClientIP','83.111.236.141'),
	(245209,23982,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245210,23982,'CurrentUserID','5'),
	(245191,23981,'MetaValue','631'),
	(245192,23981,'MetaLink','lawUpdateArticlePractices_0_lawUpdateArticlePractice'),
	(245193,23981,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7941&amp;action=edit'),
	(245194,23981,'ClientIP','83.111.236.141'),
	(245195,23981,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245196,23981,'CurrentUserID','5'),
	(245197,23981,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245198,23982,'PostID','7941'),
	(245199,23982,'PostTitle','Arabian Nights or Northern Lights: Observing Global Anti-Corruption Practices in Full Daylight'),
	(245200,23982,'PostStatus','draft'),
	(245201,23982,'PostType','law_update_articles'),
	(245202,23982,'PostDate','2018-07-31 15:32:23'),
	(245203,23982,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7941'),
	(245204,23982,'MetaKey','lawUpdateArticlePractices'),
	(245205,23982,'MetaValue','1'),
	(245206,23982,'MetaLink','lawUpdateArticlePractices'),
	(245207,23982,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7941&amp;action=edit'),
	(245188,23981,'PostDate','2018-07-31 15:32:23'),
	(245189,23981,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7941'),
	(245190,23981,'MetaKey','lawUpdateArticlePractices_0_lawUpdateArticlePractice'),
	(245185,23981,'PostTitle','Arabian Nights or Northern Lights: Observing Global Anti-Corruption Practices in Full Daylight'),
	(245186,23981,'PostStatus','draft'),
	(245187,23981,'PostType','law_update_articles'),
	(245180,23980,'ClientIP','83.111.236.141'),
	(245181,23980,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245182,23980,'CurrentUserID','5'),
	(245183,23980,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245184,23981,'PostID','7941'),
	(245169,23979,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245170,23980,'PostID','7941'),
	(245171,23980,'PostTitle','Arabian Nights or Northern Lights: Observing Global Anti-Corruption Practices in Full Daylight'),
	(245172,23980,'PostStatus','draft'),
	(245173,23980,'PostType','law_update_articles'),
	(245174,23980,'PostDate','2018-07-31 15:32:23'),
	(245175,23980,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7941'),
	(245176,23980,'MetaKey','lawUpdateArticleMonth'),
	(245177,23980,'MetaValue','7928'),
	(245178,23980,'MetaLink','lawUpdateArticleMonth'),
	(245179,23980,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7941&amp;action=edit'),
	(245166,23979,'ClientIP','83.111.236.141'),
	(245167,23979,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245168,23979,'CurrentUserID','5'),
	(245162,23979,'PostStatus','draft'),
	(245163,23979,'PostDate','2018-07-31 15:32:23'),
	(245164,23979,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7941'),
	(245165,23979,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7941&amp;action=edit'),
	(245159,23979,'PostID','7941'),
	(245160,23979,'PostType','law_update_articles'),
	(245161,23979,'PostTitle','Arabian Nights or Northern Lights: Observing Global Anti-Corruption Practices in Full Daylight'),
	(245156,23978,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245157,23978,'CurrentUserID','5'),
	(245158,23978,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245151,23978,'PostStatus','draft'),
	(245152,23978,'PostDate','2018-07-31 15:29:56'),
	(245153,23978,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7940'),
	(245154,23978,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7940&amp;action=edit'),
	(245155,23978,'ClientIP','83.111.236.141'),
	(245148,23978,'PostID','7940'),
	(245149,23978,'PostType','law_update_articles'),
	(245150,23978,'PostTitle','Stuck between a rock and a hard place… : The UK’s Unexplained Wealth Orders and the effect in the Middle East'),
	(245145,23977,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245146,23977,'CurrentUserID','5'),
	(245147,23977,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245140,23977,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7940'),
	(245141,23977,'MetaKey','lawUpdateArticleSectors'),
	(245142,23977,'MetaLink','lawUpdateArticleSectors'),
	(245143,23977,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7940&amp;action=edit'),
	(245144,23977,'ClientIP','83.111.236.141'),
	(245137,23977,'PostStatus','draft'),
	(245138,23977,'PostType','law_update_articles'),
	(245139,23977,'PostDate','2018-07-31 15:29:56'),
	(245134,23976,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245135,23977,'PostID','7940'),
	(245136,23977,'PostTitle','Stuck between a rock and a hard place… : The UK’s Unexplained Wealth Orders and the effect in the Middle East'),
	(245129,23976,'MetaLink','lawUpdateArticlePractices'),
	(245130,23976,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7940&amp;action=edit'),
	(245131,23976,'ClientIP','83.111.236.141'),
	(245132,23976,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245133,23976,'CurrentUserID','5'),
	(245128,23976,'MetaValue','1'),
	(245101,23974,'MetaLink','lawUpdateArticleMonth'),
	(245102,23974,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7940&amp;action=edit'),
	(245103,23974,'ClientIP','83.111.236.141'),
	(245104,23974,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245105,23974,'CurrentUserID','5'),
	(245106,23974,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245107,23975,'PostID','7940'),
	(245108,23975,'PostTitle','Stuck between a rock and a hard place… : The UK’s Unexplained Wealth Orders and the effect in the Middle East'),
	(245109,23975,'PostStatus','draft'),
	(245110,23975,'PostType','law_update_articles'),
	(245111,23975,'PostDate','2018-07-31 15:29:56'),
	(245112,23975,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7940'),
	(245113,23975,'MetaKey','lawUpdateArticlePractices_0_lawUpdateArticlePractice'),
	(245114,23975,'MetaValue','631'),
	(245115,23975,'MetaLink','lawUpdateArticlePractices_0_lawUpdateArticlePractice'),
	(245116,23975,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7940&amp;action=edit'),
	(245117,23975,'ClientIP','83.111.236.141'),
	(245118,23975,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245119,23975,'CurrentUserID','5'),
	(245120,23975,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245121,23976,'PostID','7940'),
	(245122,23976,'PostTitle','Stuck between a rock and a hard place… : The UK’s Unexplained Wealth Orders and the effect in the Middle East'),
	(245123,23976,'PostStatus','draft'),
	(245124,23976,'PostType','law_update_articles'),
	(245125,23976,'PostDate','2018-07-31 15:29:56'),
	(245126,23976,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7940'),
	(245127,23976,'MetaKey','lawUpdateArticlePractices'),
	(245075,23971,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245076,23971,'ClientIP','176.65.30.137'),
	(245077,23971,'UserAgent','Mozilla/5.0 (Windows NT 10.0; Win64; x64) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(245069,23970,'EventCount','23'),
	(245070,23970,'PruneQuery','DELETE FROM tm_wsal_occurrences ORDER BY created_on ASC LIMIT 23'),
	(245071,23970,'ClientIP','185.140.248.63'),
	(245072,23970,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(245073,23971,'Attempts','5'),
	(245074,23971,'Username','admin'),
	(245100,23974,'MetaValue','7928'),
	(245097,23974,'PostDate','2018-07-31 15:29:56'),
	(245098,23974,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7940'),
	(245099,23974,'MetaKey','lawUpdateArticleMonth'),
	(245095,23974,'PostStatus','draft'),
	(245096,23974,'PostType','law_update_articles'),
	(245089,23973,'ClientIP','83.111.236.141'),
	(245090,23973,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245091,23973,'CurrentUserID','5'),
	(245092,23973,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245093,23974,'PostID','7940'),
	(245094,23974,'PostTitle','Stuck between a rock and a hard place… : The UK’s Unexplained Wealth Orders and the effect in the Middle East'),
	(245087,23973,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7940'),
	(245088,23973,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7940&amp;action=edit'),
	(245084,23973,'PostTitle','Stuck between a rock and a hard place… : The UK’s Unexplained Wealth Orders and the effect in the Middle East'),
	(245085,23973,'PostStatus','draft'),
	(245086,23973,'PostDate','2018-07-31 15:29:56'),
	(245078,23972,'EventCount','2'),
	(245079,23972,'PruneQuery','DELETE FROM tm_wsal_occurrences ORDER BY created_on ASC LIMIT 2'),
	(245080,23972,'ClientIP','185.140.248.63'),
	(245081,23972,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(245082,23973,'PostID','7940'),
	(245083,23973,'PostType','law_update_articles'),
	(245676,24018,'CurrentUserID','5'),
	(245674,24018,'ClientIP','83.111.236.141'),
	(245675,24018,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245673,24018,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7945&amp;action=edit'),
	(245670,24018,'MetaKey','lawUpdateArticleSectors'),
	(245671,24018,'MetaValue','1'),
	(245672,24018,'MetaLink','lawUpdateArticleSectors'),
	(245666,24018,'PostStatus','draft'),
	(245667,24018,'PostType','law_update_articles'),
	(245668,24018,'PostDate','2018-07-31 15:41:19'),
	(245669,24018,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7945'),
	(245661,24017,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245662,24017,'CurrentUserID','5'),
	(245663,24017,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245664,24018,'PostID','7945'),
	(245665,24018,'PostTitle','From Stadion to E-Gaming in the UAE: A look at Stadium'),
	(245660,24017,'ClientIP','83.111.236.141'),
	(245658,24017,'MetaLink','lawUpdateArticleSectors_0_lawUpdateArticleSector'),
	(245659,24017,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7945&amp;action=edit'),
	(245655,24017,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7945'),
	(245656,24017,'MetaKey','lawUpdateArticleSectors_0_lawUpdateArticleSector'),
	(245657,24017,'MetaValue','667'),
	(245649,24016,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245650,24017,'PostID','7945'),
	(245651,24017,'PostTitle','From Stadion to E-Gaming in the UAE: A look at Stadium'),
	(245652,24017,'PostStatus','draft'),
	(245653,24017,'PostType','law_update_articles'),
	(245654,24017,'PostDate','2018-07-31 15:41:19'),
	(245648,24016,'CurrentUserID','5'),
	(245646,24016,'ClientIP','83.111.236.141'),
	(245647,24016,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245642,24016,'MetaKey','lawUpdateArticlePractices'),
	(245643,24016,'MetaValue','2'),
	(245644,24016,'MetaLink','lawUpdateArticlePractices'),
	(245645,24016,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7945&amp;action=edit'),
	(245717,24021,'CurrentUserID','5'),
	(245718,24021,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245708,24021,'PostStatus','draft'),
	(245709,24021,'PostType','law_update_articles'),
	(245710,24021,'PostDate','2018-07-31 15:41:19'),
	(245711,24021,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7945'),
	(245712,24021,'MetaKey','lawUpdateArticleNoWriters'),
	(243856,23871,'PostType','news-room'),
	(243857,23871,'PostDate','2018-07-30 18:00:47'),
	(243858,23871,'PostUrl','http://localhost:8888/tamimi/news-room/new-data-protection-law-in-bahrain-criminalises-non-compliance/');

INSERT INTO `tm_wsal_metadata` (`id`, `occurrence_id`, `name`, `value`)
VALUES
	(243859,23871,'MetaID','222640'),
	(243860,23871,'MetaKey','content'),
	(243861,23871,'MetaValueNew','<span style=\"color: #00578f;\"><strong>Bahrain’s new Law on the Protection of Personal Data was published on 19 July 2018, and will come into effect on 1 August 2019</strong>.</span>\r\n\r\nThe Law will require a variety of changes to the way businesses process personal data in Bahrain or about residents of Bahrain. Historically, data protection has not been a high priority topic for most businesses in Bahrain, with the limited exception of international entities subject to data protection requirements in other jurisdictions in which they operate. While the publication of the new Law provides a considerable lead-in period within which entities subject to the Law will need to comply, the fact that the Law creates criminal offences means that compliance is all the more important and should be treated as a high priority.\r\n\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Application</strong></span>\r\n\r\nBahrain’s Data Protection Law describes the legal protection of personal privacy as among the main constitutional rights of the person, and notes that it should be protected, particularly in the context of the increasing use of electronic/digital means for processing information. The Law applies to:\r\n<ul>\r\n 	<li>Every individual residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) having a place of business in the Kingdom of Bahrain; and</li>\r\n 	<li>Every individual not residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) not having a place of business in the Kingdom of Bahrain, where such persons are processing data using means available in Bahrain, except where such processing means are solely for the purpose of passing data through Bahrain.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Criminal provisions</strong></span>\r\n\r\nThe Law criminalises a variety of acts that would, at most, be the subject of administrative penalties in data protection laws elsewhere. Penalties generally comprise up to one year in prison and/or a fine of between BHD 1,000 and BHD 20,000 (between about USD 2,600 to about USD 53,000) (or a fine only in the case of corporate entities). The following are examples of activities that attract criminal penalties under the Law:\r\n<ul>\r\n 	<li>Processing sensitive personal data in violation of the provision specifying requirements for processing sensitive personal data;</li>\r\n 	<li>Transferring personal data outside Bahrain contrary to the provisions specifying requirements for transfers to jurisdictions that provide an adequate level of data protection, and associated exceptions;</li>\r\n 	<li>Processing personal data without notifying the new Data Protection Authority in accordance with the provision that sets out the obligation to notify the Authority before commencing any data processing activities (except where certain exceptions apply), or failing to update such notification to the Authority;</li>\r\n 	<li>Processing personal data contrary to the provision that requires prior authorization from the Authority before processing personal data in certain circumstances;</li>\r\n 	<li>Providing false or misleading information to the Authority or to a data subject, or withholding relevant information from the Authority, or otherwise hindering the Authority’s work; and</li>\r\n 	<li>Disclosing any data or information accessed due to work, or using the same for own benefit or for the benefit of others unreasonably and in violation of the provisions of this law.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Security considerations</strong></span>\r\n\r\nGenerally, the security of processing provisions, and the confidentiality provisions, appear to be fairly standard. Data controllers are required to apply technical and organizational measures capable of protecting personal data against unintentional or unauthorized destruction, accidental loss, unauthorized alteration, disclosure or access, or any other form of processing. The measures adopted need to be appropriate, bearing in mind the nature of the data in question and the risks associated with processing it.\r\n\r\nData controllers are required to engage only data processors who provide sufficient guarantees regarding the application of technical and organisational measures. Importantly, there is an obligation on data controllers to take steps to verify compliance with such measures, and to enter into a written contract with the data processor requiring that the data processor shall only process data in accordance with the instructions of the data controller, and in accordance with the data controller’s requirements with regard to security and confidentiality.\r\n\r\nThere does not appear to be any specific obligation to notify the Authority in the event of a data breach incident. It is possible that this level of detail might be addressed in the regulations, or that the Authority is expected to address breaches only in the event that they become aware of them, and when the circumstances indicate a breach of the obligation to use suitable technical and organizational security measures.\r\n\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Data Protection Supervisor</strong></span>\r\n\r\nThe Law contemplates a role of ‘Data Protection Supervisor’ (not a data protection officer type role) intended to act as an independent and impartial intermediary between the data controller and the Authority. The data protection supervisor will help the data controller fulfil its rights and obligations, and coordinate between the data controller and the Authority. It will also be required to verify the data controller’s processing in compliance with the law, alert the data controller to any apparent non-compliance to enable the issue to be addressed, and alert the Authority where such non-compliance has not been addressed within a specified timeframe.\r\n\r\nThe concept of a data protection supervisor has the potential to result in a whole new industry in the Bahrain market. The regulations setting out the requirements for the registration of data protection supervisors may shed greater light on what is anticipated, in terms of who might be able to fulfil such roles. The most natural development may be for the role to be filled by consulting/audit firms with expertise in data protection related issues.\r\n\r\n&nbsp;\r\n\r\n<em>Al Tamimi &amp; Company regularly advises on data protection issues across the Middle East. For further information about the new Data Protection Law in Bahrain, or assistance in ensuring compliance, please do not hesitate to contact us.</em>\r\n\r\n&nbsp;\r\n\r\nNick O\'Connell, Partner, TMT - <a href=\"mailto:n.oconnell@tamimi.com\">n.oconnell@tamimi.com</a>\r\nFoutoun Hajjar, Partner, Head of Office - Bahrain - <a href=\"mailto:f.hajjar@tamimi.com\">f.hajjar@tamimi.com</a>\r\nCamelia Quinnell, Senior Data Protection Adviser, TMT - <a href=\"mailto:c.quinnell@tamimi.com\">c.quinnell@tamimi.com</a>'),
	(243855,23871,'PostStatus','publish'),
	(243852,23870,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(243853,23871,'PostID','7927'),
	(243854,23871,'PostTitle','New Data Protection Law in Bahrain criminalises non-compliance'),
	(243849,23870,'ClientIP','83.111.236.141'),
	(243850,23870,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(243851,23870,'CurrentUserID','5'),
	(243845,23870,'PostStatus','publish'),
	(243846,23870,'PostDate','2018-07-30 18:00:47'),
	(243847,23870,'PostUrl','http://localhost:8888/tamimi/news-room/new-data-protection-law-in-bahrain-criminalises-non-compliance/'),
	(243848,23870,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7927&amp;action=edit'),
	(243844,23870,'PostTitle','New Data Protection Law in Bahrain criminalises non-compliance'),
	(243840,23869,'CurrentUserID','5'),
	(243841,23869,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(243842,23870,'PostID','7927'),
	(243843,23870,'PostType','news-room'),
	(243837,23869,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=893&amp;action=edit'),
	(243838,23869,'ClientIP','83.111.236.141'),
	(243839,23869,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(243833,23869,'PostTitle','Nick O’Connell'),
	(243834,23869,'PostStatus','publish'),
	(243835,23869,'PostDate','2017-09-28 08:17:21'),
	(243836,23869,'PostUrl','http://localhost:8888/tamimi/lawyer/nick-oconnell/'),
	(243827,23868,'EventCount','48'),
	(243828,23868,'PruneQuery','DELETE FROM tm_wsal_occurrences ORDER BY created_on ASC LIMIT 48'),
	(243829,23868,'ClientIP','185.140.248.63'),
	(243830,23868,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(243831,23869,'PostID','893'),
	(243832,23869,'PostType','lawyer'),
	(248380,24246,'MetaValueOld','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft wp-image-7990 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_555491044.jpg\" alt=\"\" width=\"3868\" height=\"1481\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The long-awaited Federal arbitration law of the UAE – Federal Law No. 6 of 2018 on Arbitration (\"New Arbitration Law\" or the \"Law\") – was published in the Federal Official Gazette no. 630 of 15 May 2018 and came into effect last June. This standalone piece of legislation repeals the previous outdated and non-comprehensive UAE Chapter on Arbitration contained in articles 203 to 218 of the UAE Civil Procedures Law No. 11 of 1992 (\"CPC\").</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The New Arbitration Law was long overdue, as the sporadic articles of the CPC did not provide much needed detail and clarity on some of the major points arising out of, or in connection with, arbitral proceedings. Furthermore, the provisions did not conform to the UNCITRAL Model Law on International Commercial Arbitration as adopted by the United Nations Commission on International Trade Law of 1985 and amended in 2006 (\"UNCITRAL Model Law\").</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The New Arbitration Law provides for a more secure framework for the conduct of arbitral proceedings in the UAE. The six sections of the New Arbitration Law contain 61 articles, most of which can be traced in the UNCITRAL Model Law, and are expected to significantly revamp the UAE chapter on arbitration.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In this article, we intend to provide an overview of the key highlights of the New Arbitration Law with a focus on its practical effects.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Scope of Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">We note the extensive scope of application of the New Arbitration Law, both in terms of substance and time. Firstly, pursuant to Article 2, the New Arbitration Law shall apply to (i) arbitrations seated in the UAE unless the parties agree on the application of a different arbitration law, provided that such a law does not contravene UAE public policy and morality; (ii) commercial arbitrations taking place outside of the UAE where the parties have agreed to submit the arbitration to the provisions of the New Arbitration Law; and (iii) arbitrations arising out of a legal dispute, whether contractual or non-contractual, governed by the laws of the UAE, unless an exception applies. Accordingly, the New Arbitration Law shall generally apply unless the parties have agreed to apply another arbitration law, provided that other law is not in conflict with the public policy and morality of the UAE.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Furthermore, we welcome the application of the New Arbitration Law to both domestic and international arbitral proceedings. Contrary to the CPC, which did not contain any reference to international arbitration, Article 3 of the New Arbitration Law introduced the character of international arbitration, which adopts an extraterritorial approach. As such, and under certain circumstances, an arbitration is deemed international even if it is conducted within the UAE.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">We also note the absence of an express exclusion regarding the application of the New Arbitration Law to arbitrations seated in either the Dubai International Financial Centre or the Abu Dhabi Global Market. However, pursuant to Article 3(2) of Federal Law No. 8 of 2004 Regarding the Financial Free Zones, we conclude that the New Arbitration Law will not govern arbitrations seated in these two free zones, which will continue to be governed by the relevant free zone’s arbitration laws and regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In relation to the timing of the introduction of the New Arbitration Law, it came into effect \"one month from the day following its publication in the Official Gazette\". It is therefore our view that the New Arbitration Law came into effect on 15 June 2018. It is interesting to note that contrary to recently enacted arbitration laws in the region, the New Arbitration Law will apply retrospectively. Specifically, Article 59 provides that the New Arbitration Law will apply to all ongoing arbitral proceedings at the time of its coming into effect, including arbitrations arising out of existing arbitration agreements. Such a retrospective application is without any prejudice to all proceedings having taken place prior to the entry into force of the New Arbitration Law.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>The Competent Court</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">One of the major procedural highlights of the New Arbitration Law is the designation of the Competent Court, which has been defined as the \"Federal or local Court of Appeal agreed upon by the parties or in whose jurisdiction the arbitration is conducted.\" We hope that going forward, and in line with other major global arbitration hubs, that a dedicated circuit will hear arbitration matters, with specialised and arbitration-focused members of the judiciary to further support and safeguard the arbitral process.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>The Arbitration Agreement</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 7 confirms the writing requirement for the validity of arbitration agreements. Noteworthy additions to the New Arbitration Law include the expansive interpretation of the writing requirement. As such, an arbitration agreement can be concluded by an exchange of correspondence, including e-mails. Furthermore, the writing requirement is satisfied through the reference in a written contract to an arbitration agreement contained in another document, model contract or international agreement. In Article 5, the Law expressly provides for the notion of arbitration agreements incorporated by reference. Also, an oral agreement to arbitrate during court proceedings is deemed valid if it is recorded in a judgment or if the other party asserts the existence of an arbitration party and the other party does not raise any objection.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Despite the softening of the writing requirement, the New Arbitration Law reconfirms, through Article 4(1), the requirement for arbitration agreements to be signed by persons with authority to do so. Therefore, we draw the attention of parties wishing to enter into an arbitration agreement to the requisite capacity requirements provided for under the relevant laws of the UAE, which remain unaffected by the introduction of the New Arbitration Law. For a UAE incorporated limited liability company, it is recommended that the company’s constituting documents are reviewed prior to the execution of an arbitration agreement in order to verify that authority to enter into arbitration agreements, granted by default to the company’s manager, has not been explicitly withdrawn. Article 4(4) explicitly provides that the ex-post lack of capacity of a party entering into an arbitration agreement, which occurs for example as a result of the death of an individual or the expiry of the entity’s term (as prescribed in its constitutional documents) after it has entered into an arbitration agreement, shall not cause the termination of such an arbitration agreement. It is however interesting to note that the Law seemingly intended for such a provision to be non-mandatory as parties may still otherwise agree. Furthermore, Article 4(2) reiterates that there shall not be an agreement to arbitrate matters which are non-conciliatory.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In relation to the validity of arbitration agreements, Article 6, in line with the UNCITRAL Model Law, confirms the separability principle of arbitration agreements. When parties’ agreement to arbitrate is featured within the framework of their main contractual relationship, the New Arbitration Law affirms the independence of the arbitration agreement from the other terms of the main contract in which it is contained. Arbitration agreements are not affected by the nullity, rescission or termination of the main contract, save for grounds arising out of a defective capacity.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Finally, Article 8 provides that the court shall dismiss any action that falls within the scope of an arbitration agreement, provided that the existence of the arbitration agreement is brought to the court’s attention before making any substantive claims or defences on the merits, unless the court decides that the arbitration agreement is invalid or impossible to perform. The filing of such an action does not preclude the commencement or continuance of arbitral proceedings or the issuance of the arbitral award.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft wp-image-7992 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_756750676.jpg\" alt=\"\" width=\"4243\" height=\"1636\" />Set and Stringent Time Limits</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">In an effort to promote efficiency and prevent unnecessary prejudicial delays, the legislative draftsman of the New Arbitration Law have aimed to fit the arbitral proceedings within a clear set of, often stringent, time limits.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">For example, in the event of alleged non-compliance with the arbitration agreement or the Law, Article 25 provides that if a party does not object within the time limit agreed upon, or within seven days of becoming aware of the alleged non-compliance, that party is deemed to have waived its right to rely on this non-compliance subsequently. It is questionable whether the default seven-day period is reasonable from a practical perspective. However, such a waiver to challenge constitutes an important pro-arbitration provision, which shall have the effect of estopping a party from attempting to halt the conduct of the proceedings if it does not assert any objection in a prompt manner. With that said, we note that a party’s right to challenge an award, based on a defective arbitration agreement, or lack thereof, would still be preserved pursuant to Article 53. It is yet to be tested how the courts will interpret and eventually apply Articles 25 and 53.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In relation to the appointment and challenge of arbitrators, the New Arbitration Law has set a reasonable 15-day period. Specifically, pursuant to Article 11(2-3), the parties have a 15-day time limit to agree to the appointment of an arbitrator, from the date of receipt of a request to do so. Under Article 15(1-2), a 15-day time limit has been set for a party to challenge an arbitrator after becoming aware of the arbitrator appointment or after becoming aware of any circumstances justifying the challenge. Such a challenge shall be in a written application addressed to the challenged arbitrator, with a copy of the same addressed to the other members of the tribunal, if any, as well as the other parties. In the event that the arbitrator does not withdraw or the other party does not agree to the removal of the arbitrator, the party making the challenge may present it to the concerned body within 15-days after the lapse of the initial 15-day period.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">We note the express acknowledgment of the compétence-compétence principle in Article 19(2) under which the arbitral tribunal has the jurisdiction to rule on its own jurisdiction. Notwithstanding, a party still has the right to challenge a tribunal’s preliminary decision of jurisdiction before the courts within 15 days of the preliminary decision being notified. The Court then has then 30 days to render its decision. While the request is pending, the arbitral proceedings may continue at the request of a party. We note that this possibility to petition the court on the basis of a procedural order and not an award, is uncustomary in the UAE and may lead, at least in the beginning, to uncertainty.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Arbitrator Requirements</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The New Arbitration Law brings clarity on the requisite requirements for arbitrators. Article 10(1) specifies that an arbitrator must not be a minor, or be judicially declared as incapacitated, or one without civil rights for the reasons of bankruptcy (unless discharged), or conviction for a crime (even if she or he has been rehabilitated).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Furthermore, Article 10(2) provides that an arbitrator cannot be a member of the Board of Trustees or of the administrative body of the arbitral institution administering the arbitration in which that person is asked to sit. We highlight the expansive application of this provision to arbitrations administered by both domestic arbitration centres, such as the Dubai International Arbitration Centre and the DIFC-LCIA Arbitration Centre, as well as international arbitration centres, such as the International Chamber of Commerce’s International Court of Arbitration, the London Court of International Arbitration and the Singapore International Arbitration Centre. The triggering event prompting the application of Article 10(2) is therefore the UAE seat of such arbitral proceedings. It is regrettable that the Law did not draw a distinction between party-appointed arbitrators, on one hand, and centre-appointed arbitrators, on the other, as we would be of the view that party-appointed arbitrators, even if members of the Board of Trustees or administrative body of an arbitral institution, should not be affected by this provision. Given the retrospective application of the New Arbitration Law to ongoing arbitrations, we note that the entry into force of the Law will most likely cause certain concerned arbitrators to resign.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">We also note that the Ministry of Justice or the Chairman of the competent judicial authority are to compile a list of arbitrators to be appointed in the event of a failure to agree upon the appointment of an arbitrator. As the list has not yet been published, we remain hopeful that the selection process of the prospective arbitrators would follow the international best practices in terms of both procedural knowledge and industry-specific expertise.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Finally, pursuant to Article 58, the Ministry of Economy is to issue a charter on the professional conduct of arbitrators in consultation with the arbitration institutions in the UAE. While the issuance of such a charter is likely to instil confidence within the parties to arbitration in the UAE, we are of the view that the effect of such a charter will remain for guidance purposes only. It is notable that the Law does not address the issues relating to the liability of arbitrators. In our view, it would have been desirable that for the Law to have included a provision confirming the civil immunity of arbitrators.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Arbitral Proceedings</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Commencement</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">According to Article 27(1), arbitral proceedings are deemed to have commenced from the following day after which the arbitral tribunal has been constituted, unless the parties agree otherwise. With that said, in relation to the procedural requirement for a substantive claim to confirm and sustain precautionary attachments, Article 27(2) provides that the arbitral proceedings are deemed to have commenced on the date of the notification of the request for arbitration. Even though the relationship between arbitral and court proceedings relating to arbitration is yet to be tested under the New Arbitration Law, the advancement of the date of commencement of the arbitral proceedings for the purpose of precautionary attachments is a positive provision.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>The Language of the Arbitration</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Under the New Arbitration Law, the default language of the arbitral proceedings, absent an agreement between the parties, will be Arabic. We therefore draw the attention of foreign parties in particular to the need to agree on a different language for the arbitration should they wish to avoid arbitral proceedings in Arabic, either explicitly, through for example their arbitration agreement, or implicitly, by agreeing to the application of institutional rules.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Acknowledgment of Modern Means of Communication</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The emphasis on the use and role of technology in the New Arbitration Law can be attributed to the desire for more efficient proceedings. There are indeed several references to the use of \"modern means of communication\" in the Law. For example, written correspondence can now be deemed to have been delivered if sent, amongst other means, by email. Article 28(2) provides that arbitral hearings and deliberations can be conducted by modern means of communication and electronic technology. In addition, Article 33(3) provides that hearing may be held through modern means of communication without the physical presence of the parties at the hearing. Pursuant to Article 35, the arbitral tribunal may question witnesses, including expert witnesses, through modern means of communication without their physical presence at the hearing. The emphasis on the use of technology will undoubtedly modernise arbitral proceedings in the UAE and help instil global confidence in such proceedings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Confidentiality</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Contrary to common belief, arbitral proceedings are not confidential by default. The New Arbitration Law addresses the issue of confidentiality by stating, under Article 33(1), that hearings shall be confidential unless parties have otherwise agreed. The confidentiality of arbitral awards is implicitly recognised pursuant to Article 44. However, the Law does not explicitly provide for the confidentiality of documents, pleadings, evidence or submissions produced by the parties and the tribunal during the proceedings. We recommend that parties address the confidentiality of their arbitral proceedings either through an explicit agreement, or implicitly, through an agreement to apply institutional rules providing for the hoped for confidentiality obligations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignright wp-image-7991 \" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_315538304-145x300.jpg\" alt=\"\" width=\"236\" height=\"468\" />Conduct</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is clear that the New Arbitration Law attempts to instil discipline and efficiency in the conduct of the arbitral proceedings. As noted above, arbitral hearings can be held at any place, and the Law allows arbitral hearings and deliberations to be conducted by modern means of communication and electronic technology. Article 30(1-2) provides, absent an agreement between the parties, for a 14-day period from the date of the composition of the arbitral tribunal for the claimant to communicate the statement of claim in writing to the respondent and to the arbitrators. After receiving the statement of claim, the respondent has a further 14-day period to communicate its statement of defence. The practical difficulties associated with these relatively contracted time limits will most likely prompt parties to agree on different deadlines.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is worth noting that the New Arbitration Law attempts to put an end to disruptive guerrilla tactics through repetitive challenges of an arbitrator by providing under Article 15(3) that the challenge of an arbitrator does not suspend the arbitral proceedings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Pursuant to Article 43 of the New Arbitration Law, the arbitral tribunal can decide to continue the arbitral proceedings (i) where there are issues that fall outside the scope of its jurisdiction; (ii) if a document submitted to it is challenged for forgery; or (iii) if criminal proceedings in respect of that document or for any other criminal act which has been instituted. This is a significant improvement as previously, according to the CPC, the tribunal was required to suspend its proceedings under such circumstances.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Law provides much needed clarity on the issue of the representation of the parties by non-UAE lawyers. Specifically, Article 33(5) provides that parties may seek the assistance of representatives for their representation in the arbitral proceedings and these representatives may or may not be lawyers. The non-restriction on the appearance of foreign counsel in UAE-seated arbitrations is welcome after the issuance of the 2017 Executive Regulations to the Federal Law No. 23 of 1991 on the Legal Professional, which was interpreted by some to restrict the appearance of non –UAE counsel in arbitral proceedings seated in the UAE.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Law also provides wide latitude to the parties and the arbitral tribunal to decide upon the conduct of the arbitral proceedings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Interim and Conservatory Measures</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Interim and conservatory measures constitute crucial tools in arbitral proceedings. The CPC did not grant powers to the tribunal to order such measures, which were within the exclusive powers of the courts. In the event that parties agree to grant such powers to the tribunal, either explicitly or implicitly through the application of institutional rules, the enforcement of tribunal-ordered interim and conservatory measures was an impossible task in the UAE before the enactment of the New Arbitration Law.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">One of the much anticipated provisions of the New Arbitration Law is Article 21. Through this article, and unless otherwise agreed by the parties, the New Arbitration Law explicitly recognises the arbitral tribunal’s power to award interim or conservatory measures, either on the request of a party or of its own motion, including ordering a party to provide adequate security to cover the costs of such measures. Pursuant to Article 21(4), a party for whom an interim measure has been ordered in its favour may, with written permission from the tribunal, request the competent court to enforce the order of the tribunal within 15 days of receipt of the request.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Notwithstanding the arbitral tribunal’s newly attributed powers to order such interim and conservatory measures, the court also remains competent to grant interim and conservatory measures based on an application by the tribunal or one of the parties in relation to forthcoming or ongoing arbitral proceedings. As per Article 18(3), the arbitral proceedings shall continue notwithstanding any application for interim or conservatory measures relating to an ongoing arbitration and such an application to the court shall not constitute a waiver to the arbitration agreement.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">While the receptivity and approach of the courts in relation to these provisions are yet to be tested, we highly welcome these efforts to safeguard more efficient and equitable arbitral proceedings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>The Award</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">In relation to the issuance of the award, Article 42(1) provides that, unless agreed otherwise, an award must be issued within 6 months from the date of the first hearing of the arbitration. Contrary to the previous CPC regime, such a date can now be extended for an additional 6 months, unless the parties agree to a longer extension, either explicitly or implicitly through the application of institutional rules. Article 42(2) provides that absent such an agreement, further extension of time can only be made by the courts upon petition by the parties or the tribunal itself. It is important to bear in mind in this regard that the failure to meet this time limit is a ground for challenging an award pursuant to Article 53(1)(g) of the New Arbitration Law as discussed further below.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The time limits set forth in Article 42 lack any mechanism for arbitral institutions to grant an extension of time, though it may be argued that parties have agreed to such an extension by virtue of having agreed to the application of particular institutional rules. Under the previous regime, the CPC allowed the parties to agree to extensions of time whether expressly or by implication.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In our view, Article 41(6) is a very positive introduction, which provides that awards can be signed outside the seat of arbitration and can also be signed electronically. The issuance of the final award shall be deemed to mark the end of the arbitral proceedings. According to Article 44, parties are to be notified of the award within 15 days from the date of issue of the award.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Law explicitly recognises that an arbitral tribunal may interpret an award by issuing an explanatory award pursuant to Article 49. A party may request the tribunal to interpret any obscurity or ambiguity in its award within 30 days of receipt of the award, unless the parties have agreed to different procedures or time limits. The tribunal shall consider and issue its explanatory award within 30 days after the receipt of the request, which may extended by a further 15 days. Such an explanatory award is deemed to supplement the final arbitral award.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Enforcement of Arbitral Awards</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The New Arbitration Law clarifies the process for enforcing UAE arbitral awards with a fast-tracked and overhauled procedure. The New Arbitration Law provides that arbitral awards are binding on the parties, res judicata applies and that such awards shall be enforceable in the same manner as a judicial ruling provided ratification is obtained. If the enforcement of the award is sought in the UAE, a ratification of such an award by the court is required in order to proceed with the enforcement of such an award.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A major development in the New Arbitration Law lies in the fact that enforcement proceedings shall now commence directly before the UAE federal or local Court of Appeal, not before the Court of First Instance as before. The form of the enforcement procedure has also been simplified. Instead of filing a case before the court, the award-creditor can seek the ratification and enforcement of an award through the filing of an application with the Chief Justice of the Court of Appeal. Pursuant to Article 55(2), the relevant authority will now have 60 days from the date of the application to order the ratification and enforcement of the award unless it finds grounds for annulment.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 57 provides for the possibility of filing a grievance against an order of the Court of Appeal ratifying an award and declaring it enforceable or order of the Court of Appeal denying enforcement. Such a grievance must be filed with the Court of Appeal within 30 days of the Court of Appeal’s notification of the order. We note that it would have been more appropriate for such a grievance to be filed before the Court of Cassation, as the higher appellate court, instead of the Court of Appeal.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In relation to foreign arbitral awards, we note that the Law lacks explicit provisions relating to the enforcement of such awards. It is our view that the CPC provisions, specifically Articles 235 to 238, remain applicable absent a convention or treaty entered into by the UAE dealing with the enforcement of foreign arbitral awards. In the event of enforcement of foreign arbitral awards in the UAE sought on the basis of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958 (\"New York Convention\"), it is yet to be tested whether the new expedited enforcement provisions of the Law would apply to such enforcements given that Article III of the New York Convention provides that: \"(…) There shall not be imposed substantially more onerous conditions or higher fees or charges on the recognition or enforcement of arbitral awards to which this Convention applies than are imposed on the recognition or enforcement of domestic arbitral awards.\"</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Given the absence of any explicit provisions to the contrary within the Law, we are of the view that the new provisions of the Law should apply to enforcements of foreign arbitral awards under the New York Convention.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Award Challenge</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The grounds to challenge and set aside an award are limited and consistent with the spirit of Article 34 of the UNCITRAL Model Law. Article 53(1) of the New Arbitration Law provides for limited grounds for annulment, which include the lack of capacity of a party entering into the arbitration agreement, lack of authorisation to act on the matter or lack of notice. Unlike the UNCITRAL Model Law, the New Arbitration Law also provides that the issuance of a final award which does not apply the substantive law chosen by the parties or the arbitral tribunal’s failure to issue the award within the specified time-frame shall also constitute grounds for challenge. In addition, Article 53(2) provides that the court has the right to set aside the award on its own initiative, if the subject matter of the dispute is not arbitrable or if the award contravenes the public policy and morality of the UAE.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In an effort to preserve the arbitral proceedings, several articles purport to safeguard the sanctity of the arbitral proceedings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">For example, pursuant to Article 50(1-2), a party may request the arbitral tribunal to correct any typographical or clerical errors in the award within 30 days of receipt of the award, unless the parties have agreed to different procedures or time limits. Such correction is to be made within 30 days after the tribunal issues the award or after receiving the request for correction by one of the parties, as the case may be. Such period may be extended by a further 15 days. The arbitral tribunal shall notify the parties after corrections are made within 15 days from the date of issue of correction. Also, Article 51(1-2) provides that a party may request the tribunal to issue an additional award if the party believes that the final award did not deal with some of the requests made. Such a request must be made within 30 days of receipt of the award. If such a request is justified, then the arbitral tribunal shall issue the additional award within 60 days after the receipt of the request and may extend by a further 30 days. In addition, pursuant to Article 54(6), the court may suspend the setting aside proceedings for a period of up to 60 days in order to give the arbitral tribunal an opportunity to take any action or make any amendment to the form of the award.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Whereas under the previous CPC regime, there was no specific deadline for the purpose of filing a set aside action, the New Arbitration Law, pursuant to Article 54(2) provides for a 30-day time limit from the date of receiving notice of the award for a party to commence annulment proceedings. This is a significant change to the previous regime, and we believe that this will contribute to the legal security of final awards. However, Article 54(1) provides that the decision to set aside is final and can only be appealed to the Court of Cassation. We note that there is no set time limit for the Court of Cassation to render its decision.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In line with the general spirit of the New Arbitration Law for more efficient proceedings, an action to set aside an arbitral award does not stay its enforcement. Nevertheless, the court may order a stay of enforcement if a party requests for a stay of enforcement. Such stay of enforcement is to be decided within 15 days after the date of the first scheduled hearing.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The UAE Federal Law No. 6 of 2018 on Arbitration undoubtedly constitutes a landmark development for arbitration in the UAE by providing a standalone arbitration law aligned with international best practices and standards. We consider that the overall preservation and respect of party autonomy and the focus on more streamlined and efficient proceedings will build the UAE’s reputation as a preferred seat for international arbitration in the region. We remain hopeful in the courts’ significant role in appropriately applying and preserving the spirit of the Law. The Executive Regulations, which are in the pipeline, will also undoubtedly clarify some of the issues raised in hope of a more rationalised and synchronised proceedings among the various players in UAE seated arbitrations.</p>\r\n<em>For further information, please contact <a href=\"http://localhost:8888/tamimi/lawyer/essam-al-tamimi/\">Essam Al Tamimi</a> (e.tamimi@tamimi.com) or <a href=\"http://localhost:8888/tamimi/lawyer/sara-aranjo/\">Sara Koleilat-Aranjo</a> (s.aranjo@tamimi.com).</em>'),
	(243876,23872,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7927&amp;action=edit'),
	(243877,23872,'ClientIP','83.111.236.141'),
	(243878,23872,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(243879,23872,'CurrentUserID','5'),
	(243880,23872,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(243881,23873,'PostID','7927'),
	(243882,23873,'PostType','news-room'),
	(243883,23873,'PostTitle','New Data Protection Law in Bahrain criminalises non-compliance'),
	(243884,23873,'PostStatus','publish'),
	(243885,23873,'PostDate','2018-07-30 18:00:47'),
	(243886,23873,'PostUrl','http://localhost:8888/tamimi/news-room/new-data-protection-law-in-bahrain-criminalises-non-compliance/'),
	(243887,23873,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7927&amp;action=edit'),
	(243888,23873,'ClientIP','83.111.236.141'),
	(243889,23873,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(243890,23873,'CurrentUserID','5'),
	(243891,23873,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(243892,23874,'PostID','893'),
	(243893,23874,'PostType','lawyer'),
	(243894,23874,'PostTitle','Nick O’Connell'),
	(243895,23874,'PostStatus','publish'),
	(243896,23874,'PostDate','2017-09-28 08:17:21'),
	(243897,23874,'PostUrl','http://localhost:8888/tamimi/lawyer/nick-oconnell/'),
	(243898,23874,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=893&amp;action=edit'),
	(243899,23874,'ClientIP','83.111.236.141'),
	(243900,23874,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(243901,23874,'CurrentUserID','5'),
	(243902,23874,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(243903,23875,'PostID','5'),
	(243904,23875,'PostType','page'),
	(243905,23875,'PostTitle','Home'),
	(243906,23875,'PostStatus','publish'),
	(243907,23875,'PostDate','2017-09-06 07:15:00'),
	(243908,23875,'PostUrl','http://localhost:8888/tamimi/'),
	(243909,23875,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=5&amp;action=edit'),
	(243910,23875,'ClientIP','83.111.236.141'),
	(243911,23875,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(243912,23875,'CurrentUserID','5'),
	(243913,23875,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(243914,23876,'PostID','4074'),
	(243915,23876,'PostType','page'),
	(243916,23876,'PostTitle','Lawyers'),
	(243917,23876,'PostStatus','publish'),
	(243918,23876,'PostDate','2017-10-16 13:58:28'),
	(243919,23876,'PostUrl','http://localhost:8888/tamimi/our-firm/find-a-lawyer/'),
	(243920,23876,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=4074&amp;action=edit'),
	(243921,23876,'ClientIP','83.111.236.141'),
	(243922,23876,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(243923,23876,'CurrentUserID','5'),
	(243924,23876,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(243925,23877,'PostID','602'),
	(243926,23877,'PostType','lawyer'),
	(243927,23877,'PostTitle','Foutoun Hajjar'),
	(243928,23877,'PostStatus','publish'),
	(243929,23877,'PostDate','2017-09-27 09:08:06'),
	(243930,23877,'PostUrl','http://localhost:8888/tamimi/lawyer/foutoun-hajjar/'),
	(243931,23877,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=602&amp;action=edit'),
	(243932,23877,'ClientIP','83.111.236.141'),
	(243933,23877,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(243934,23877,'CurrentUserID','5'),
	(243935,23877,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(243936,23878,'PostID','602'),
	(243937,23878,'PostType','lawyer'),
	(243938,23878,'PostTitle','Foutoun Hajjar'),
	(243939,23878,'PostStatus','publish'),
	(243940,23878,'PostDate','2017-09-27 09:08:06'),
	(243941,23878,'PostUrl','http://localhost:8888/tamimi/lawyer/foutoun-hajjar/'),
	(243942,23878,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=602&amp;action=edit'),
	(243943,23878,'ClientIP','83.111.236.141'),
	(243944,23878,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(243945,23878,'CurrentUserID','5'),
	(243946,23878,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(243947,23879,'PostID','7927'),
	(243948,23879,'PostType','news-room'),
	(243949,23879,'PostTitle','New Data Protection Law in Bahrain criminalises non-compliance'),
	(243950,23879,'PostStatus','publish'),
	(243951,23879,'PostDate','2018-07-30 18:00:47'),
	(243952,23879,'PostUrl','http://localhost:8888/tamimi/news-room/new-data-protection-law-in-bahrain-criminalises-non-compliance/'),
	(243953,23879,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7927&amp;action=edit'),
	(243954,23879,'ClientIP','83.111.236.141'),
	(243955,23879,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(243956,23879,'CurrentUserID','5'),
	(243957,23879,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(243958,23880,'PostID','7927'),
	(243959,23880,'PostTitle','New Data Protection Law in Bahrain criminalises non-compliance'),
	(243960,23880,'PostStatus','publish'),
	(243961,23880,'PostType','news-room'),
	(243962,23880,'PostDate','2018-07-30 18:00:47'),
	(243963,23880,'PostUrl','http://localhost:8888/tamimi/news-room/new-data-protection-law-in-bahrain-criminalises-non-compliance/'),
	(243964,23880,'MetaID','222640'),
	(243965,23880,'MetaKey','content'),
	(243966,23880,'MetaValueNew','<span style=\"color: #00578f;\"><strong>Bahrain’s new Law on the Protection of Personal Data was published on 19 July 2018, and will come into effect on 1 August 2019</strong>.</span>\r\n\r\nThe Law will require a variety of changes to the way businesses process personal data in Bahrain or about residents of Bahrain. Historically, data protection has not been a high priority topic for most businesses in Bahrain, with the limited exception of international entities subject to data protection requirements in other jurisdictions in which they operate. While the publication of the new Law provides a considerable lead-in period within which entities subject to the Law will need to comply, the fact that the Law creates criminal offences means that compliance is all the more important and should be treated as a high priority.\r\n\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Application</strong></span>\r\n\r\nBahrain’s Data Protection Law describes the legal protection of personal privacy as among the main constitutional rights of the person, and notes that it should be protected, particularly in the context of the increasing use of electronic/digital means for processing information. The Law applies to:\r\n<ul>\r\n 	<li>Every individual residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) having a place of business in the Kingdom of Bahrain; and</li>\r\n 	<li>Every individual not residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) not having a place of business in the Kingdom of Bahrain, where such persons are processing data using means available in Bahrain, except where such processing means are solely for the purpose of passing data through Bahrain.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Criminal provisions</strong></span>\r\n\r\nThe Law criminalises a variety of acts that would, at most, be the subject of administrative penalties in data protection laws elsewhere. Penalties generally comprise up to one year in prison and/or a fine of between BHD 1,000 and BHD 20,000 (between about USD 2,600 to about USD 53,000) (or a fine only in the case of corporate entities). The following are examples of activities that attract criminal penalties under the Law:\r\n<ul>\r\n 	<li>Processing sensitive personal data in violation of the provision specifying requirements for processing sensitive personal data;</li>\r\n 	<li>Transferring personal data outside Bahrain contrary to the provisions specifying requirements for transfers to jurisdictions that provide an adequate level of data protection, and associated exceptions;</li>\r\n 	<li>Processing personal data without notifying the new Data Protection Authority in accordance with the provision that sets out the obligation to notify the Authority before commencing any data processing activities (except where certain exceptions apply), or failing to update such notification to the Authority;</li>\r\n 	<li>Processing personal data contrary to the provision that requires prior authorization from the Authority before processing personal data in certain circumstances;</li>\r\n 	<li>Providing false or misleading information to the Authority or to a data subject, or withholding relevant information from the Authority, or otherwise hindering the Authority’s work; and</li>\r\n 	<li>Disclosing any data or information accessed due to work, or using the same for own benefit or for the benefit of others unreasonably and in violation of the provisions of this law.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Security considerations</strong></span>\r\n\r\nGenerally, the security of processing provisions, and the confidentiality provisions, appear to be fairly standard. Data controllers are required to apply technical and organizational measures capable of protecting personal data against unintentional or unauthorized destruction, accidental loss, unauthorized alteration, disclosure or access, or any other form of processing. The measures adopted need to be appropriate, bearing in mind the nature of the data in question and the risks associated with processing it.\r\n\r\nData controllers are required to engage only data processors who provide sufficient guarantees regarding the application of technical and organisational measures. Importantly, there is an obligation on data controllers to take steps to verify compliance with such measures, and to enter into a written contract with the data processor requiring that the data processor shall only process data in accordance with the instructions of the data controller, and in accordance with the data controller’s requirements with regard to security and confidentiality.\r\n\r\nThere does not appear to be any specific obligation to notify the Authority in the event of a data breach incident. It is possible that this level of detail might be addressed in the regulations, or that the Authority is expected to address breaches only in the event that they become aware of them, and when the circumstances indicate a breach of the obligation to use suitable technical and organizational security measures.\r\n\r\n&nbsp;\r\n\r\n<span style=\"color: #00578f;\"><strong>Data Protection Supervisor</strong></span>\r\n\r\nThe Law contemplates a role of ‘Data Protection Supervisor’ (not a data protection officer type role) intended to act as an independent and impartial intermediary between the data controller and the Authority. The data protection supervisor will help the data controller fulfil its rights and obligations, and coordinate between the data controller and the Authority. It will also be required to verify the data controller’s processing in compliance with the law, alert the data controller to any apparent non-compliance to enable the issue to be addressed, and alert the Authority where such non-compliance has not been addressed within a specified timeframe.\r\n\r\nThe concept of a data protection supervisor has the potential to result in a whole new industry in the Bahrain market. The regulations setting out the requirements for the registration of data protection supervisors may shed greater light on what is anticipated, in terms of who might be able to fulfil such roles. The most natural development may be for the role to be filled by consulting/audit firms with expertise in data protection related issues.\r\n\r\n&nbsp;\r\n\r\n<em>Al Tamimi &amp; Company regularly advises on data protection issues across the Middle East. For further information about the new Data Protection Law in Bahrain, or assistance in ensuring compliance, please do not hesitate to contact us.</em>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://localhost:8888/tamimi/lawyer/nick-oconnell/\">Nick O\'Connell</a>, Partner, TMT\r\nFoutoun Hajjar, Partner, Head of Office - Bahrain\r\nCamelia Quinnell, Senior Data Protection Adviser, TMT'),
	(245719,24022,'PostID','7945'),
	(245720,24022,'PostType','law_update_articles'),
	(245721,24022,'PostTitle','From Stadion to E-Gaming in the UAE: A look at Stadium'),
	(245722,24022,'PostStatus','draft'),
	(245723,24022,'PostDate','2018-07-31 15:41:19'),
	(245724,24022,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7945'),
	(245725,24022,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7945&amp;action=edit'),
	(245726,24022,'ClientIP','83.111.236.141'),
	(245727,24022,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245728,24022,'CurrentUserID','5'),
	(245729,24022,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245730,24023,'AttachmentID','7947'),
	(245731,24023,'FileName','Diagram.jpg'),
	(245732,24023,'FilePath','/home/tamimnew/public_html/wp-content/uploads/2018/07'),
	(245733,24023,'ClientIP','83.111.236.141'),
	(245734,24023,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245735,24023,'CurrentUserID','5'),
	(245736,24023,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245737,24024,'PostID','7946'),
	(245738,24024,'PostType','law_update_articles'),
	(245739,24024,'PostTitle','Fintech, Blockchain and Sports in the Middle East'),
	(245740,24024,'PostStatus','draft'),
	(245741,24024,'PostDate','2018-07-31 15:46:46'),
	(245742,24024,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7946'),
	(245743,24024,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7946&amp;action=edit'),
	(245744,24024,'ClientIP','83.111.236.141'),
	(245745,24024,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245746,24024,'CurrentUserID','5'),
	(245747,24024,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245748,24025,'PostID','7946'),
	(245749,24025,'PostTitle','Fintech, Blockchain and Sports in the Middle East'),
	(245750,24025,'PostStatus','draft'),
	(245751,24025,'PostType','law_update_articles'),
	(245752,24025,'PostDate','2018-07-31 15:46:46'),
	(245753,24025,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7946'),
	(245754,24025,'MetaKey','lawUpdateArticleMonth'),
	(245755,24025,'MetaValue','7928'),
	(245756,24025,'MetaLink','lawUpdateArticleMonth'),
	(245757,24025,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7946&amp;action=edit'),
	(245758,24025,'ClientIP','83.111.236.141'),
	(245759,24025,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245760,24025,'CurrentUserID','5'),
	(245761,24025,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245762,24026,'PostID','7946'),
	(245763,24026,'PostTitle','Fintech, Blockchain and Sports in the Middle East'),
	(245764,24026,'PostStatus','draft'),
	(245765,24026,'PostType','law_update_articles'),
	(245766,24026,'PostDate','2018-07-31 15:46:46'),
	(245767,24026,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7946'),
	(245768,24026,'MetaKey','lawUpdateArticlePractices_0_lawUpdateArticlePractice'),
	(245769,24026,'MetaValue','627'),
	(245770,24026,'MetaLink','lawUpdateArticlePractices_0_lawUpdateArticlePractice'),
	(245771,24026,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7946&amp;action=edit'),
	(245772,24026,'ClientIP','83.111.236.141'),
	(245773,24026,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245774,24026,'CurrentUserID','5'),
	(245775,24026,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245776,24027,'PostID','7946'),
	(245777,24027,'PostTitle','Fintech, Blockchain and Sports in the Middle East'),
	(245778,24027,'PostStatus','draft'),
	(245779,24027,'PostType','law_update_articles'),
	(245780,24027,'PostDate','2018-07-31 15:46:46'),
	(245781,24027,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7946'),
	(245782,24027,'MetaKey','lawUpdateArticlePractices'),
	(245783,24027,'MetaValue','1'),
	(245784,24027,'MetaLink','lawUpdateArticlePractices'),
	(245785,24027,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7946&amp;action=edit'),
	(245786,24027,'ClientIP','83.111.236.141'),
	(245787,24027,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245788,24027,'CurrentUserID','5'),
	(245789,24027,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245790,24028,'PostID','7946'),
	(245791,24028,'PostTitle','Fintech, Blockchain and Sports in the Middle East'),
	(245792,24028,'PostStatus','draft'),
	(245793,24028,'PostType','law_update_articles'),
	(245794,24028,'PostDate','2018-07-31 15:46:46'),
	(245795,24028,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7946'),
	(245796,24028,'MetaKey','lawUpdateArticleSectors_0_lawUpdateArticleSector'),
	(245797,24028,'MetaValue','667'),
	(245798,24028,'MetaLink','lawUpdateArticleSectors_0_lawUpdateArticleSector'),
	(245799,24028,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7946&amp;action=edit'),
	(245800,24028,'ClientIP','83.111.236.141'),
	(245801,24028,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245802,24028,'CurrentUserID','5'),
	(245803,24028,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245804,24029,'PostID','7946'),
	(245805,24029,'PostTitle','Fintech, Blockchain and Sports in the Middle East'),
	(245806,24029,'PostStatus','draft'),
	(245807,24029,'PostType','law_update_articles'),
	(245808,24029,'PostDate','2018-07-31 15:46:46'),
	(245809,24029,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7946'),
	(245810,24029,'MetaKey','lawUpdateArticleSectors'),
	(245811,24029,'MetaValue','1'),
	(245812,24029,'MetaLink','lawUpdateArticleSectors'),
	(245813,24029,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7946&amp;action=edit'),
	(245814,24029,'ClientIP','83.111.236.141'),
	(245815,24029,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245816,24029,'CurrentUserID','5'),
	(245817,24029,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245818,24030,'PostID','7946'),
	(245819,24030,'PostTitle','Fintech, Blockchain and Sports in the Middle East'),
	(245820,24030,'PostStatus','draft'),
	(245821,24030,'PostType','law_update_articles'),
	(245822,24030,'PostDate','2018-07-31 15:46:46'),
	(245823,24030,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7946'),
	(245824,24030,'MetaKey','lawUpdateArticleWriters'),
	(245825,24030,'MetaLink','lawUpdateArticleWriters'),
	(245826,24030,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7946&amp;action=edit'),
	(245827,24030,'ClientIP','83.111.236.141'),
	(245828,24030,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245829,24030,'CurrentUserID','5'),
	(245830,24030,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(245831,24031,'PostID','7946'),
	(245832,24031,'PostType','law_update_articles'),
	(245833,24031,'PostTitle','Fintech, Blockchain and Sports in the Middle East'),
	(245834,24031,'PostStatus','draft'),
	(245835,24031,'PostDate','2018-07-31 15:46:46'),
	(245836,24031,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7946'),
	(245837,24031,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7946&amp;action=edit'),
	(245838,24031,'ClientIP','83.111.236.141'),
	(245839,24031,'UserAgent','Mozilla/5.0 (Windows NT 6.1; Trident/7.0; rv:11.0) like Gecko'),
	(245840,24031,'CurrentUserID','5'),
	(245841,24031,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248334,24242,'ClientIP','86.98.5.18'),
	(248335,24242,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248336,24242,'CurrentUserID','8'),
	(248337,24242,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248338,24243,'PostID','7934'),
	(248339,24243,'PostType','law_update_articles'),
	(248340,24243,'PostTitle','Commentary on the UAE’s New Arbitration Law'),
	(248341,24243,'PostStatus','draft'),
	(248342,24243,'PostDate','2018-07-31 17:18:59'),
	(248343,24243,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7934'),
	(248344,24243,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7934&amp;action=edit'),
	(248345,24243,'ClientIP','86.98.5.18'),
	(248346,24243,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248347,24243,'CurrentUserID','8'),
	(248348,24243,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248349,24244,'PostID','7934'),
	(248350,24244,'PostType','law_update_articles'),
	(248351,24244,'PostTitle','Commentary on the UAE’s New Arbitration Law'),
	(248352,24244,'PostStatus','draft'),
	(248353,24244,'PostDate','2018-07-31 17:19:03'),
	(248354,24244,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7934'),
	(248355,24244,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7934&amp;action=edit'),
	(248356,24244,'ClientIP','86.98.5.18'),
	(248357,24244,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248358,24244,'CurrentUserID','8'),
	(248359,24244,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248360,24245,'PostID','7934'),
	(248361,24245,'PostType','law_update_articles'),
	(248362,24245,'PostTitle','Commentary on the UAE’s New Arbitration Law'),
	(248363,24245,'PostStatus','draft'),
	(248364,24245,'PostDate','2018-07-31 17:18:59'),
	(248365,24245,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7934'),
	(248366,24245,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7934&amp;action=edit'),
	(248367,24245,'ClientIP','86.98.5.18'),
	(248368,24245,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248369,24245,'CurrentUserID','8'),
	(248370,24245,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248371,24246,'PostID','7934'),
	(248372,24246,'PostTitle','Commentary on the UAE’s New Arbitration Law'),
	(248373,24246,'PostStatus','draft'),
	(248374,24246,'PostType','law_update_articles'),
	(248375,24246,'PostDate','2018-07-31 17:19:47'),
	(248376,24246,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7934'),
	(248377,24246,'MetaID','223002'),
	(248378,24246,'MetaKey','content'),
	(248379,24246,'MetaValueNew','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft wp-image-7990 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_555491044.jpg\" alt=\"\" width=\"3868\" height=\"1481\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The long-awaited Federal arbitration law of the UAE – Federal Law No. 6 of 2018 on Arbitration (\"New Arbitration Law\" or the \"Law\") – was published in the Federal Official Gazette no. 630 of 15 May 2018 and came into effect last June. This standalone piece of legislation repeals the previous outdated and non-comprehensive UAE Chapter on Arbitration contained in articles 203 to 218 of the UAE Civil Procedures Law No. 11 of 1992 (\"CPC\").</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The New Arbitration Law was long overdue, as the sporadic articles of the CPC did not provide much needed detail and clarity on some of the major points arising out of, or in connection with, arbitral proceedings. Furthermore, the provisions did not conform to the UNCITRAL Model Law on International Commercial Arbitration as adopted by the United Nations Commission on International Trade Law of 1985 and amended in 2006 (\"UNCITRAL Model Law\").</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The New Arbitration Law provides for a more secure framework for the conduct of arbitral proceedings in the UAE. The six sections of the New Arbitration Law contain 61 articles, most of which can be traced in the UNCITRAL Model Law, and are expected to significantly revamp the UAE chapter on arbitration.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In this article, we intend to provide an overview of the key highlights of the New Arbitration Law with a focus on its practical effects.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Scope of Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">We note the extensive scope of application of the New Arbitration Law, both in terms of substance and time. Firstly, pursuant to Article 2, the New Arbitration Law shall apply to (i) arbitrations seated in the UAE unless the parties agree on the application of a different arbitration law, provided that such a law does not contravene UAE public policy and morality; (ii) commercial arbitrations taking place outside of the UAE where the parties have agreed to submit the arbitration to the provisions of the New Arbitration Law; and (iii) arbitrations arising out of a legal dispute, whether contractual or non-contractual, governed by the laws of the UAE, unless an exception applies. Accordingly, the New Arbitration Law shall generally apply unless the parties have agreed to apply another arbitration law, provided that other law is not in conflict with the public policy and morality of the UAE.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Furthermore, we welcome the application of the New Arbitration Law to both domestic and international arbitral proceedings. Contrary to the CPC, which did not contain any reference to international arbitration, Article 3 of the New Arbitration Law introduced the character of international arbitration, which adopts an extraterritorial approach. As such, and under certain circumstances, an arbitration is deemed international even if it is conducted within the UAE.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">We also note the absence of an express exclusion regarding the application of the New Arbitration Law to arbitrations seated in either the Dubai International Financial Centre or the Abu Dhabi Global Market. However, pursuant to Article 3(2) of Federal Law No. 8 of 2004 Regarding the Financial Free Zones, we conclude that the New Arbitration Law will not govern arbitrations seated in these two free zones, which will continue to be governed by the relevant free zone’s arbitration laws and regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In relation to the timing of the introduction of the New Arbitration Law, it came into effect \"one month from the day following its publication in the Official Gazette\". It is therefore our view that the New Arbitration Law came into effect on 15 June 2018. It is interesting to note that contrary to recently enacted arbitration laws in the region, the New Arbitration Law will apply retrospectively. Specifically, Article 59 provides that the New Arbitration Law will apply to all ongoing arbitral proceedings at the time of its coming into effect, including arbitrations arising out of existing arbitration agreements. Such a retrospective application is without any prejudice to all proceedings having taken place prior to the entry into force of the New Arbitration Law.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>The Competent Court</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">One of the major procedural highlights of the New Arbitration Law is the designation of the Competent Court, which has been defined as the \"Federal or local Court of Appeal agreed upon by the parties or in whose jurisdiction the arbitration is conducted.\" We hope that going forward, and in line with other major global arbitration hubs, that a dedicated circuit will hear arbitration matters, with specialised and arbitration-focused members of the judiciary to further support and safeguard the arbitral process.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>The Arbitration Agreement</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 7 confirms the writing requirement for the validity of arbitration agreements. Noteworthy additions to the New Arbitration Law include the expansive interpretation of the writing requirement. As such, an arbitration agreement can be concluded by an exchange of correspondence, including e-mails. Furthermore, the writing requirement is satisfied through the reference in a written contract to an arbitration agreement contained in another document, model contract or international agreement. In Article 5, the Law expressly provides for the notion of arbitration agreements incorporated by reference. Also, an oral agreement to arbitrate during court proceedings is deemed valid if it is recorded in a judgment or if the other party asserts the existence of an arbitration party and the other party does not raise any objection.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Despite the softening of the writing requirement, the New Arbitration Law reconfirms, through Article 4(1), the requirement for arbitration agreements to be signed by persons with authority to do so. Therefore, we draw the attention of parties wishing to enter into an arbitration agreement to the requisite capacity requirements provided for under the relevant laws of the UAE, which remain unaffected by the introduction of the New Arbitration Law. For a UAE incorporated limited liability company, it is recommended that the company’s constituting documents are reviewed prior to the execution of an arbitration agreement in order to verify that authority to enter into arbitration agreements, granted by default to the company’s manager, has not been explicitly withdrawn. Article 4(4) explicitly provides that the ex-post lack of capacity of a party entering into an arbitration agreement, which occurs for example as a result of the death of an individual or the expiry of the entity’s term (as prescribed in its constitutional documents) after it has entered into an arbitration agreement, shall not cause the termination of such an arbitration agreement. It is however interesting to note that the Law seemingly intended for such a provision to be non-mandatory as parties may still otherwise agree. Furthermore, Article 4(2) reiterates that there shall not be an agreement to arbitrate matters which are non-conciliatory.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In relation to the validity of arbitration agreements, Article 6, in line with the UNCITRAL Model Law, confirms the separability principle of arbitration agreements. When parties’ agreement to arbitrate is featured within the framework of their main contractual relationship, the New Arbitration Law affirms the independence of the arbitration agreement from the other terms of the main contract in which it is contained. Arbitration agreements are not affected by the nullity, rescission or termination of the main contract, save for grounds arising out of a defective capacity.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Finally, Article 8 provides that the court shall dismiss any action that falls within the scope of an arbitration agreement, provided that the existence of the arbitration agreement is brought to the court’s attention before making any substantive claims or defences on the merits, unless the court decides that the arbitration agreement is invalid or impossible to perform. The filing of such an action does not preclude the commencement or continuance of arbitral proceedings or the issuance of the arbitral award.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft wp-image-7992 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_756750676.jpg\" alt=\"\" width=\"4243\" height=\"1636\" />Set and Stringent Time Limits</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">In an effort to promote efficiency and prevent unnecessary prejudicial delays, the legislative draftsman of the New Arbitration Law have aimed to fit the arbitral proceedings within a clear set of, often stringent, time limits.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">For example, in the event of alleged non-compliance with the arbitration agreement or the Law, Article 25 provides that if a party does not object within the time limit agreed upon, or within seven days of becoming aware of the alleged non-compliance, that party is deemed to have waived its right to rely on this non-compliance subsequently. It is questionable whether the default seven-day period is reasonable from a practical perspective. However, such a waiver to challenge constitutes an important pro-arbitration provision, which shall have the effect of estopping a party from attempting to halt the conduct of the proceedings if it does not assert any objection in a prompt manner. With that said, we note that a party’s right to challenge an award, based on a defective arbitration agreement, or lack thereof, would still be preserved pursuant to Article 53. It is yet to be tested how the courts will interpret and eventually apply Articles 25 and 53.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In relation to the appointment and challenge of arbitrators, the New Arbitration Law has set a reasonable 15-day period. Specifically, pursuant to Article 11(2-3), the parties have a 15-day time limit to agree to the appointment of an arbitrator, from the date of receipt of a request to do so. Under Article 15(1-2), a 15-day time limit has been set for a party to challenge an arbitrator after becoming aware of the arbitrator appointment or after becoming aware of any circumstances justifying the challenge. Such a challenge shall be in a written application addressed to the challenged arbitrator, with a copy of the same addressed to the other members of the tribunal, if any, as well as the other parties. In the event that the arbitrator does not withdraw or the other party does not agree to the removal of the arbitrator, the party making the challenge may present it to the concerned body within 15-days after the lapse of the initial 15-day period.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">We note the express acknowledgment of the compétence-compétence principle in Article 19(2) under which the arbitral tribunal has the jurisdiction to rule on its own jurisdiction. Notwithstanding, a party still has the right to challenge a tribunal’s preliminary decision of jurisdiction before the courts within 15 days of the preliminary decision being notified. The Court then has then 30 days to render its decision. While the request is pending, the arbitral proceedings may continue at the request of a party. We note that this possibility to petition the court on the basis of a procedural order and not an award, is uncustomary in the UAE and may lead, at least in the beginning, to uncertainty.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Arbitrator Requirements</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The New Arbitration Law brings clarity on the requisite requirements for arbitrators. Article 10(1) specifies that an arbitrator must not be a minor, or be judicially declared as incapacitated, or one without civil rights for the reasons of bankruptcy (unless discharged), or conviction for a crime (even if she or he has been rehabilitated).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Furthermore, Article 10(2) provides that an arbitrator cannot be a member of the Board of Trustees or of the administrative body of the arbitral institution administering the arbitration in which that person is asked to sit. We highlight the expansive application of this provision to arbitrations administered by both domestic arbitration centres, such as the Dubai International Arbitration Centre and the DIFC-LCIA Arbitration Centre, as well as international arbitration centres, such as the International Chamber of Commerce’s International Court of Arbitration, the London Court of International Arbitration and the Singapore International Arbitration Centre. The triggering event prompting the application of Article 10(2) is therefore the UAE seat of such arbitral proceedings. It is regrettable that the Law did not draw a distinction between party-appointed arbitrators, on one hand, and centre-appointed arbitrators, on the other, as we would be of the view that party-appointed arbitrators, even if members of the Board of Trustees or administrative body of an arbitral institution, should not be affected by this provision. Given the retrospective application of the New Arbitration Law to ongoing arbitrations, we note that the entry into force of the Law will most likely cause certain concerned arbitrators to resign.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">We also note that the Ministry of Justice or the Chairman of the competent judicial authority are to compile a list of arbitrators to be appointed in the event of a failure to agree upon the appointment of an arbitrator. As the list has not yet been published, we remain hopeful that the selection process of the prospective arbitrators would follow the international best practices in terms of both procedural knowledge and industry-specific expertise.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Finally, pursuant to Article 58, the Ministry of Economy is to issue a charter on the professional conduct of arbitrators in consultation with the arbitration institutions in the UAE. While the issuance of such a charter is likely to instil confidence within the parties to arbitration in the UAE, we are of the view that the effect of such a charter will remain for guidance purposes only. It is notable that the Law does not address the issues relating to the liability of arbitrators. In our view, it would have been desirable that for the Law to have included a provision confirming the civil immunity of arbitrators.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Arbitral Proceedings</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Commencement</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">According to Article 27(1), arbitral proceedings are deemed to have commenced from the following day after which the arbitral tribunal has been constituted, unless the parties agree otherwise. With that said, in relation to the procedural requirement for a substantive claim to confirm and sustain precautionary attachments, Article 27(2) provides that the arbitral proceedings are deemed to have commenced on the date of the notification of the request for arbitration. Even though the relationship between arbitral and court proceedings relating to arbitration is yet to be tested under the New Arbitration Law, the advancement of the date of commencement of the arbitral proceedings for the purpose of precautionary attachments is a positive provision.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>The Language of the Arbitration</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Under the New Arbitration Law, the default language of the arbitral proceedings, absent an agreement between the parties, will be Arabic. We therefore draw the attention of foreign parties in particular to the need to agree on a different language for the arbitration should they wish to avoid arbitral proceedings in Arabic, either explicitly, through for example their arbitration agreement, or implicitly, by agreeing to the application of institutional rules.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Acknowledgment of Modern Means of Communication</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The emphasis on the use and role of technology in the New Arbitration Law can be attributed to the desire for more efficient proceedings. There are indeed several references to the use of \"modern means of communication\" in the Law. For example, written correspondence can now be deemed to have been delivered if sent, amongst other means, by email. Article 28(2) provides that arbitral hearings and deliberations can be conducted by modern means of communication and electronic technology. In addition, Article 33(3) provides that hearing may be held through modern means of communication without the physical presence of the parties at the hearing. Pursuant to Article 35, the arbitral tribunal may question witnesses, including expert witnesses, through modern means of communication without their physical presence at the hearing. The emphasis on the use of technology will undoubtedly modernise arbitral proceedings in the UAE and help instil global confidence in such proceedings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Confidentiality</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Contrary to common belief, arbitral proceedings are not confidential by default. The New Arbitration Law addresses the issue of confidentiality by stating, under Article 33(1), that hearings shall be confidential unless parties have otherwise agreed. The confidentiality of arbitral awards is implicitly recognised pursuant to Article 44. However, the Law does not explicitly provide for the confidentiality of documents, pleadings, evidence or submissions produced by the parties and the tribunal during the proceedings. We recommend that parties address the confidentiality of their arbitral proceedings either through an explicit agreement, or implicitly, through an agreement to apply institutional rules providing for the hoped for confidentiality obligations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignright wp-image-7991 \" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_315538304-145x300.jpg\" alt=\"\" width=\"291\" height=\"602\" />Conduct</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is clear that the New Arbitration Law attempts to instil discipline and efficiency in the conduct of the arbitral proceedings. As noted above, arbitral hearings can be held at any place, and the Law allows arbitral hearings and deliberations to be conducted by modern means of communication and electronic technology. Article 30(1-2) provides, absent an agreement between the parties, for a 14-day period from the date of the composition of the arbitral tribunal for the claimant to communicate the statement of claim in writing to the respondent and to the arbitrators. After receiving the statement of claim, the respondent has a further 14-day period to communicate its statement of defence. The practical difficulties associated with these relatively contracted time limits will most likely prompt parties to agree on different deadlines.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is worth noting that the New Arbitration Law attempts to put an end to disruptive guerrilla tactics through repetitive challenges of an arbitrator by providing under Article 15(3) that the challenge of an arbitrator does not suspend the arbitral proceedings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Pursuant to Article 43 of the New Arbitration Law, the arbitral tribunal can decide to continue the arbitral proceedings (i) where there are issues that fall outside the scope of its jurisdiction; (ii) if a document submitted to it is challenged for forgery; or (iii) if criminal proceedings in respect of that document or for any other criminal act which has been instituted. This is a significant improvement as previously, according to the CPC, the tribunal was required to suspend its proceedings under such circumstances.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Law provides much needed clarity on the issue of the representation of the parties by non-UAE lawyers. Specifically, Article 33(5) provides that parties may seek the assistance of representatives for their representation in the arbitral proceedings and these representatives may or may not be lawyers. The non-restriction on the appearance of foreign counsel in UAE-seated arbitrations is welcome after the issuance of the 2017 Executive Regulations to the Federal Law No. 23 of 1991 on the Legal Professional, which was interpreted by some to restrict the appearance of non –UAE counsel in arbitral proceedings seated in the UAE.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Law also provides wide latitude to the parties and the arbitral tribunal to decide upon the conduct of the arbitral proceedings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Interim and Conservatory Measures</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Interim and conservatory measures constitute crucial tools in arbitral proceedings. The CPC did not grant powers to the tribunal to order such measures, which were within the exclusive powers of the courts. In the event that parties agree to grant such powers to the tribunal, either explicitly or implicitly through the application of institutional rules, the enforcement of tribunal-ordered interim and conservatory measures was an impossible task in the UAE before the enactment of the New Arbitration Law.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">One of the much anticipated provisions of the New Arbitration Law is Article 21. Through this article, and unless otherwise agreed by the parties, the New Arbitration Law explicitly recognises the arbitral tribunal’s power to award interim or conservatory measures, either on the request of a party or of its own motion, including ordering a party to provide adequate security to cover the costs of such measures. Pursuant to Article 21(4), a party for whom an interim measure has been ordered in its favour may, with written permission from the tribunal, request the competent court to enforce the order of the tribunal within 15 days of receipt of the request.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Notwithstanding the arbitral tribunal’s newly attributed powers to order such interim and conservatory measures, the court also remains competent to grant interim and conservatory measures based on an application by the tribunal or one of the parties in relation to forthcoming or ongoing arbitral proceedings. As per Article 18(3), the arbitral proceedings shall continue notwithstanding any application for interim or conservatory measures relating to an ongoing arbitration and such an application to the court shall not constitute a waiver to the arbitration agreement.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">While the receptivity and approach of the courts in relation to these provisions are yet to be tested, we highly welcome these efforts to safeguard more efficient and equitable arbitral proceedings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>The Award</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">In relation to the issuance of the award, Article 42(1) provides that, unless agreed otherwise, an award must be issued within 6 months from the date of the first hearing of the arbitration. Contrary to the previous CPC regime, such a date can now be extended for an additional 6 months, unless the parties agree to a longer extension, either explicitly or implicitly through the application of institutional rules. Article 42(2) provides that absent such an agreement, further extension of time can only be made by the courts upon petition by the parties or the tribunal itself. It is important to bear in mind in this regard that the failure to meet this time limit is a ground for challenging an award pursuant to Article 53(1)(g) of the New Arbitration Law as discussed further below.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The time limits set forth in Article 42 lack any mechanism for arbitral institutions to grant an extension of time, though it may be argued that parties have agreed to such an extension by virtue of having agreed to the application of particular institutional rules. Under the previous regime, the CPC allowed the parties to agree to extensions of time whether expressly or by implication.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In our view, Article 41(6) is a very positive introduction, which provides that awards can be signed outside the seat of arbitration and can also be signed electronically. The issuance of the final award shall be deemed to mark the end of the arbitral proceedings. According to Article 44, parties are to be notified of the award within 15 days from the date of issue of the award.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Law explicitly recognises that an arbitral tribunal may interpret an award by issuing an explanatory award pursuant to Article 49. A party may request the tribunal to interpret any obscurity or ambiguity in its award within 30 days of receipt of the award, unless the parties have agreed to different procedures or time limits. The tribunal shall consider and issue its explanatory award within 30 days after the receipt of the request, which may extended by a further 15 days. Such an explanatory award is deemed to supplement the final arbitral award.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Enforcement of Arbitral Awards</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The New Arbitration Law clarifies the process for enforcing UAE arbitral awards with a fast-tracked and overhauled procedure. The New Arbitration Law provides that arbitral awards are binding on the parties, res judicata applies and that such awards shall be enforceable in the same manner as a judicial ruling provided ratification is obtained. If the enforcement of the award is sought in the UAE, a ratification of such an award by the court is required in order to proceed with the enforcement of such an award.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A major development in the New Arbitration Law lies in the fact that enforcement proceedings shall now commence directly before the UAE federal or local Court of Appeal, not before the Court of First Instance as before. The form of the enforcement procedure has also been simplified. Instead of filing a case before the court, the award-creditor can seek the ratification and enforcement of an award through the filing of an application with the Chief Justice of the Court of Appeal. Pursuant to Article 55(2), the relevant authority will now have 60 days from the date of the application to order the ratification and enforcement of the award unless it finds grounds for annulment.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 57 provides for the possibility of filing a grievance against an order of the Court of Appeal ratifying an award and declaring it enforceable or order of the Court of Appeal denying enforcement. Such a grievance must be filed with the Court of Appeal within 30 days of the Court of Appeal’s notification of the order. We note that it would have been more appropriate for such a grievance to be filed before the Court of Cassation, as the higher appellate court, instead of the Court of Appeal.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In relation to foreign arbitral awards, we note that the Law lacks explicit provisions relating to the enforcement of such awards. It is our view that the CPC provisions, specifically Articles 235 to 238, remain applicable absent a convention or treaty entered into by the UAE dealing with the enforcement of foreign arbitral awards. In the event of enforcement of foreign arbitral awards in the UAE sought on the basis of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958 (\"New York Convention\"), it is yet to be tested whether the new expedited enforcement provisions of the Law would apply to such enforcements given that Article III of the New York Convention provides that: \"(…) There shall not be imposed substantially more onerous conditions or higher fees or charges on the recognition or enforcement of arbitral awards to which this Convention applies than are imposed on the recognition or enforcement of domestic arbitral awards.\"</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Given the absence of any explicit provisions to the contrary within the Law, we are of the view that the new provisions of the Law should apply to enforcements of foreign arbitral awards under the New York Convention.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Award Challenge</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The grounds to challenge and set aside an award are limited and consistent with the spirit of Article 34 of the UNCITRAL Model Law. Article 53(1) of the New Arbitration Law provides for limited grounds for annulment, which include the lack of capacity of a party entering into the arbitration agreement, lack of authorisation to act on the matter or lack of notice. Unlike the UNCITRAL Model Law, the New Arbitration Law also provides that the issuance of a final award which does not apply the substantive law chosen by the parties or the arbitral tribunal’s failure to issue the award within the specified time-frame shall also constitute grounds for challenge. In addition, Article 53(2) provides that the court has the right to set aside the award on its own initiative, if the subject matter of the dispute is not arbitrable or if the award contravenes the public policy and morality of the UAE.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In an effort to preserve the arbitral proceedings, several articles purport to safeguard the sanctity of the arbitral proceedings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">For example, pursuant to Article 50(1-2), a party may request the arbitral tribunal to correct any typographical or clerical errors in the award within 30 days of receipt of the award, unless the parties have agreed to different procedures or time limits. Such correction is to be made within 30 days after the tribunal issues the award or after receiving the request for correction by one of the parties, as the case may be. Such period may be extended by a further 15 days. The arbitral tribunal shall notify the parties after corrections are made within 15 days from the date of issue of correction. Also, Article 51(1-2) provides that a party may request the tribunal to issue an additional award if the party believes that the final award did not deal with some of the requests made. Such a request must be made within 30 days of receipt of the award. If such a request is justified, then the arbitral tribunal shall issue the additional award within 60 days after the receipt of the request and may extend by a further 30 days. In addition, pursuant to Article 54(6), the court may suspend the setting aside proceedings for a period of up to 60 days in order to give the arbitral tribunal an opportunity to take any action or make any amendment to the form of the award.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Whereas under the previous CPC regime, there was no specific deadline for the purpose of filing a set aside action, the New Arbitration Law, pursuant to Article 54(2) provides for a 30-day time limit from the date of receiving notice of the award for a party to commence annulment proceedings. This is a significant change to the previous regime, and we believe that this will contribute to the legal security of final awards. However, Article 54(1) provides that the decision to set aside is final and can only be appealed to the Court of Cassation. We note that there is no set time limit for the Court of Cassation to render its decision.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In line with the general spirit of the New Arbitration Law for more efficient proceedings, an action to set aside an arbitral award does not stay its enforcement. Nevertheless, the court may order a stay of enforcement if a party requests for a stay of enforcement. Such stay of enforcement is to be decided within 15 days after the date of the first scheduled hearing.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The UAE Federal Law No. 6 of 2018 on Arbitration undoubtedly constitutes a landmark development for arbitration in the UAE by providing a standalone arbitration law aligned with international best practices and standards. We consider that the overall preservation and respect of party autonomy and the focus on more streamlined and efficient proceedings will build the UAE’s reputation as a preferred seat for international arbitration in the region. We remain hopeful in the courts’ significant role in appropriately applying and preserving the spirit of the Law. The Executive Regulations, which are in the pipeline, will also undoubtedly clarify some of the issues raised in hope of a more rationalised and synchronised proceedings among the various players in UAE seated arbitrations.</p>\r\n<em>For further information, please contact <a href=\"http://localhost:8888/tamimi/lawyer/essam-al-tamimi/\">Essam Al Tamimi</a> (e.tamimi@tamimi.com) or <a href=\"http://localhost:8888/tamimi/lawyer/sara-aranjo/\">Sara Koleilat-Aranjo</a> (s.aranjo@tamimi.com).</em>'),
	(250283,24415,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(250281,24415,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7946&amp;action=edit'),
	(250282,24415,'ClientIP','86.98.5.18'),
	(250275,24415,'PostID','7946'),
	(250276,24415,'PostType','law_update_articles'),
	(250277,24415,'PostTitle','Fintech, Blockchain and Sports in the Middle East'),
	(250278,24415,'PostStatus','draft'),
	(250279,24415,'PostDate','2018-07-31 17:53:21'),
	(250280,24415,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7946'),
	(250272,24414,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(250273,24414,'CurrentUserID','8'),
	(250274,24414,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(250269,24414,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7945'),
	(250270,24414,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7945&amp;action=edit'),
	(250271,24414,'ClientIP','86.98.5.18'),
	(250264,24414,'PostID','7945'),
	(250265,24414,'PostType','law_update_articles'),
	(250266,24414,'PostTitle','From Stadion to E-Gaming in the UAE: A look at Stadium'),
	(250267,24414,'PostStatus','draft'),
	(250268,24414,'PostDate','2018-07-31 17:53:23'),
	(250260,24413,'ClientIP','86.98.5.18'),
	(250261,24413,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(250262,24413,'CurrentUserID','8'),
	(250263,24413,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248705,24273,'ClientIP','86.98.5.18'),
	(248706,24273,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248707,24273,'CurrentUserID','8'),
	(248708,24273,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248709,24274,'PostID','7935'),
	(248710,24274,'PostType','law_update_articles'),
	(248711,24274,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(248712,24274,'PostStatus','draft'),
	(248713,24274,'PostDate','2018-07-31 17:25:36'),
	(248714,24274,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7935'),
	(248715,24274,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(248716,24274,'ClientIP','86.98.5.18'),
	(248717,24274,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248718,24274,'CurrentUserID','8'),
	(248719,24274,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248720,24275,'PostID','7935'),
	(248721,24275,'PostType','law_update_articles'),
	(248722,24275,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(248723,24275,'PostStatus','draft'),
	(248724,24275,'PostDate','2018-07-31 17:25:46'),
	(248725,24275,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7935'),
	(248726,24275,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(248727,24275,'ClientIP','86.98.5.18'),
	(248728,24275,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248729,24275,'CurrentUserID','8'),
	(248730,24275,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248731,24276,'PostID','7935'),
	(248732,24276,'PostType','law_update_articles'),
	(248733,24276,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(248734,24276,'PostStatus','draft'),
	(248735,24276,'PostDate','2018-07-31 17:25:36'),
	(248736,24276,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7935'),
	(248737,24276,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(248738,24276,'ClientIP','86.98.5.18'),
	(248739,24276,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248740,24276,'CurrentUserID','8'),
	(248741,24276,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248742,24277,'PostID','7935'),
	(248743,24277,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(248744,24277,'PostStatus','draft'),
	(248745,24277,'PostType','law_update_articles'),
	(248746,24277,'PostDate','2018-07-31 17:26:10'),
	(248747,24277,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7935'),
	(248748,24277,'MetaID','223050'),
	(248749,24277,'MetaKey','content'),
	(248750,24277,'MetaValueNew','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft wp-image-7994 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/11.jpg\" alt=\"\" width=\"5472\" height=\"845\" />Amongst the several new laws and regulations being introduced in the UAE, the UAE Central Bank (\"Central Bank\") has on10 May 2018 issued new Finance Company Regulations (\"Regulations\" or \"2018 Regulations\") which are to come into effect one month after its publication.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations replace the previous finance company regulations issued in 1996 and finance companies regulations for companies conducting business as per Islamic sharia’a principles issued in 2004 (\"Previous Regulations\") and aim at providing a detailed regulatory framework for Finance Companies to operate and develop within the UAE and also covers in its ambit the framework for protecting the customers of such Finance Companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations consolidate the regulations for both Islamic finance and conventional finance companies (\"Finance Company/ies\") and incorporate certain significant changes including changes to capital requirements and corporate governance, to also be followed by existing Finance Companies. We have set out below certain noteworthy features of these Regulations and a comparative table on the key changes from the Previous Regulations on subject.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>License Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Pursuant to these Regulations, conducting financing activities in the UAE without a central bank license is prohibited. An application for such license must include the proposed scope of activities, a feasibility study illustrating the financial activities and products to be launched, estimated financial projections, risk factors, corporate structure, start-up costs, branches and a recruitment plan.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another important requisite is for the applicant to provide an unconditional guarantee from a UAE Bank, in favour of the Central Bank for an amount equivalent to the minimum required paid-up capital. The License will be granted for a period of three years and may be renewable for the same period unless otherwise required by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any changes to the ownership of the Finance Company of 5% or more will require prior approval from the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Cancelling or Revoking a License</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank has the discretion to approve or refuse the License application, but must notify applicants in writing with reasons in case there is a refusal. Licenses can also be amended, revoked or cancelled at the discretion of the Board. The Regulations set out instances when the license can be cancelled which include providing false/misleading information, risking interests of the potential customers, or if there is a bankruptcy order filed against the Finance Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If a Finance Company wishes to cease operations it must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Regulations also provide for penalties that will be imposed if such company does not follow the provisions of the Regulations including adhering to the anti-money laundering policies laid down by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Permitted Activities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10.1 of the Regulation details out the types of activities that are permitted, which are:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Retail finance,</li>\r\n 	<li dir=\"LTR\">mortgage finance,</li>\r\n 	<li dir=\"LTR\">wholesale finance,</li>\r\n 	<li dir=\"LTR\">pre-paid cards, and</li>\r\n 	<li dir=\"LTR\">distribution of third party products.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank can review and amend this list from time to time.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10 further sets out the do’s and dont’s in relation to the business of the Finance Company, certain key features are:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">it can extend loans only to ‘Juridicial Persons’ (defined under Article 93 of the UAE Civil Transactions Law) and individuals in the UAE. However, it is prohibited from accepting deposits or loans from individuals.</li>\r\n 	<li dir=\"LTR\">it may accept deposits only from Juridicial Persons, subject to certain conditions laid out under Article 10.4 and also borrow from UAE banks, and may even receive foreign funding provided that its risk has been adequately hedged. In doing so it must not exceed 25% of the sum of total amount of its debt capital.</li>\r\n 	<li dir=\"LTR\">it must obtain a no objection letter from the Central Bank in order to provide any new product line from within activities specified in its license.</li>\r\n 	<li dir=\"LTR\">it may only participate in the share capital of brokerage companies, money exchanges, UAE banks and other Finance Companies. Any such single participation cannot exceed 10% of its debt capital and the aggregate participation must not exceed 25% of the debt capital.</li>\r\n 	<li dir=\"LTR\">It must obtain approval from the Central Bank in order to issue bonds or sukuks. Such bonds and sukuks shall only be denominated in UAE dirhams or US Dollars.</li>\r\n 	<li dir=\"LTR\">it is prohibited from financing a borrower which is not an entity incorporated in the UAE or its free zones, or a UAE resident, or where the mortgaged assets are not in the UAE.</li>\r\n 	<li dir=\"LTR\">it is prohibited from entering into the business of money exchange.</li>\r\n 	<li dir=\"LTR\">it must not purchase immovable properties unless for its own use or specific approval for the same has been obtained from the Central Bank. This rule does not apply to Islamic Finance Companies (IFC). IFCs may own property including immovable property and goods as part of an underlying financing contract with a borrower.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Minimum Capital, Liquidity Requirements and Credit Exposure Restrictions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The minimum paid-up capital for a Finance Company is 150 million UAE Dirhams. UAE national ownership of the Finance Company must comprise at least 60% of total paid-up capital. Finance Companies must also allocate at least 10% of annual net profits to establishing a statutory reserve until the reserve equals 50% of its paid-up capital.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To withstand short-term liquidity stress, Finance Companies are required to hold an amount equivalent to 10% of their aggregate liabilities in liquid assets i.e. cash held in UAE bank, Certificates of deposit issued by the Central Bank held via a UAE bank, short term deposits with a UAE bank with maturity upto 30 days and UAE federal and local government bonds, which must not exceed 30% of the total liquid assets. For the purpose of calculating the 10% amount, a Finance Company may deduct from its aggregate liabilities, cash collateral, bank guarantees from UAE banks and sovereign guarantees.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The credit exposure is considered ‘large’ if the value of such exposure to one borrower or group of related entities is 7% or more. The Regulations set out maximum exposure limits for different borrower types.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Organisational Structure, Composition and Policies of the Finance Company</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Founding shareholders - Founding shareholders must satisfy \"Fit and Proper\" criteria as defined by the Central Bank and their appointment must be in line with the Commercial Companies Law<strong>.</strong></li>\r\n 	<li dir=\"LTR\">Board of Directors - The board of directors of a Finance Company must have no fewer than five members. Atleast 60% of the board members of an IFC must have knowledge of the banking business or Islamic finance and banking business as the case may be. The Regulations provide for detailed selection processes and guidances in relation to the board of directors</li>\r\n 	<li dir=\"LTR\">Sharia’a Supervision Committee and other committees - An IFC must have a Sharia’a Supervision Committee, and its role must be laid out in the policies of the IFC. Finance Companies must also have a board committee and credit committee.</li>\r\n 	<li dir=\"LTR\">Senior Management – Finance Companies must comply with the ‘fit and proper‘ test set out by the Central Bank and must be professional who understands the business of finance and was experience of not less than 10 years in the field of finance. Person within the senior management cannot be a part of the board.</li>\r\n 	<li dir=\"LTR\">Corporate Governance - While the Regulations set out certain minimum requirements for corporate governance, Finance Companies are permitted to set out their own policies and framework for corporate governance (complying with the Regulations), however these must be approved by its board of directors and a copy of such policies must be provided to the Central Bank.</li>\r\n 	<li dir=\"LTR\">Internal Policies – the Regulations set out the requirements that need to be adhered to by Finance Companies and IFC with respect to its internal polices in relation to management, risk management, extension of credit, compliance, information technology, security, audit, remuneration, outsourcing, etc.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Other provisions</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Consumer Protection: the Name of the finance company must not include the words \"bank\", \"investment company\" or and other term which may mislead its customer. It must provide its customers with sufficient information regarding its products, etc. in order for them to be able to make an informed decision. The Finance Company must follow the Central Bank guidelines in relation to ‘Consumer Protection’.</li>\r\n 	<li dir=\"LTR\">Credit Reports - Every Finance Company must adhere to the credit reporting requirements of the Al Etihad Credit Bureau and other credit agencies to provide to and obtain information of the Borrower.</li>\r\n 	<li dir=\"LTR\">Accounting Standards - A Finance Company must implement all applicable International Accounting Standards/International Financial Reporting Standards and provide the Central Bank with two copies of signed audited financial statements, including external auditor reports, before 31st March every year. The Central Bank may require the Finance Company to appoint another auditor if the size and nature of the business of the Finance Company so requires.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Differences in the new Regulations from the Previous Regulations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The 2018 Regulations are far more detailed in the nature of investments permitted, liquidity requirements, organisational structure to be followed, investor guidance; we have set out below certain differences in the provisions between the Previous Regulations and 2018 Regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"wp-image-7997 aligncenter\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/Screen-Shot-2018-07-31-at-5.23.26-PM.png\" alt=\"\" width=\"600\" height=\"589\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations apply to all Finance Companies. Accordingly companies licensed prior to the date of the issuance of these Regulations need to comply with the 2018 Regulations and are given a period not exceeding 3 years from the publication to conform. However, the Central Bank may amend the requirement of compliance within 3 years if it deems the finance company to be substantially in compliance with these Regulations. All existing Finance Companies will require to provide the Central Bank with a detailed adjustment plan to comply with the articles of these Regulations.</p>\r\nAl Tamimi &amp; Company’s Banking and Finance team regularly advises on the Finance Company Regulations. For further information please contact Mark Brown (m.brown@tamimi.com) or Maymoona Talib (m.talib@tamimi.com).'),
	(248751,24277,'MetaValueOld','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft wp-image-7994 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/11.jpg\" alt=\"\" width=\"5472\" height=\"845\" />Amongst the several new laws and regulations being introduced in the UAE, the UAE Central Bank (\"Central Bank\") has on10 May 2018 issued new Finance Company Regulations (\"Regulations\" or \"2018 Regulations\") which are to come into effect one month after its publication.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations replace the previous finance company regulations issued in 1996 and finance companies regulations for companies conducting business as per Islamic sharia’a principles issued in 2004 (\"Previous Regulations\") and aim at providing a detailed regulatory framework for Finance Companies to operate and develop within the UAE and also covers in its ambit the framework for protecting the customers of such Finance Companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations consolidate the regulations for both Islamic finance and conventional finance companies (\"Finance Company/ies\") and incorporate certain significant changes including changes to capital requirements and corporate governance, to also be followed by existing Finance Companies. We have set out below certain noteworthy features of these Regulations and a comparative table on the key changes from the Previous Regulations on subject.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>License Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Pursuant to these Regulations, conducting financing activities in the UAE without a central bank license is prohibited. An application for such license must include the proposed scope of activities, a feasibility study illustrating the financial activities and products to be launched, estimated financial projections, risk factors, corporate structure, start-up costs, branches and a recruitment plan.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another important requisite is for the applicant to provide an unconditional guarantee from a UAE Bank, in favour of the Central Bank for an amount equivalent to the minimum required paid-up capital. The License will be granted for a period of three years and may be renewable for the same period unless otherwise required by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any changes to the ownership of the Finance Company of 5% or more will require prior approval from the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Cancelling or Revoking a License</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank has the discretion to approve or refuse the License application, but must notify applicants in writing with reasons in case there is a refusal. Licenses can also be amended, revoked or cancelled at the discretion of the Board. The Regulations set out instances when the license can be cancelled which include providing false/misleading information, risking interests of the potential customers, or if there is a bankruptcy order filed against the Finance Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If a Finance Company wishes to cease operations it must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Regulations also provide for penalties that will be imposed if such company does not follow the provisions of the Regulations including adhering to the anti-money laundering policies laid down by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Permitted Activities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10.1 of the Regulation details out the types of activities that are permitted, which are:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Retail finance,</li>\r\n 	<li dir=\"LTR\">mortgage finance,</li>\r\n 	<li dir=\"LTR\">wholesale finance,</li>\r\n 	<li dir=\"LTR\">pre-paid cards, and</li>\r\n 	<li dir=\"LTR\">distribution of third party products.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank can review and amend this list from time to time.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10 further sets out the do’s and dont’s in relation to the business of the Finance Company, certain key features are:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">it can extend loans only to ‘Juridicial Persons’ (defined under Article 93 of the UAE Civil Transactions Law) and individuals in the UAE. However, it is prohibited from accepting deposits or loans from individuals.</li>\r\n 	<li dir=\"LTR\">it may accept deposits only from Juridicial Persons, subject to certain conditions laid out under Article 10.4 and also borrow from UAE banks, and may even receive foreign funding provided that its risk has been adequately hedged. In doing so it must not exceed 25% of the sum of total amount of its debt capital.</li>\r\n 	<li dir=\"LTR\">it must obtain a no objection letter from the Central Bank in order to provide any new product line from within activities specified in its license.</li>\r\n 	<li dir=\"LTR\">it may only participate in the share capital of brokerage companies, money exchanges, UAE banks and other Finance Companies. Any such single participation cannot exceed 10% of its debt capital and the aggregate participation must not exceed 25% of the debt capital.</li>\r\n 	<li dir=\"LTR\">It must obtain approval from the Central Bank in order to issue bonds or sukuks. Such bonds and sukuks shall only be denominated in UAE dirhams or US Dollars.</li>\r\n 	<li dir=\"LTR\">it is prohibited from financing a borrower which is not an entity incorporated in the UAE or its free zones, or a UAE resident, or where the mortgaged assets are not in the UAE.</li>\r\n 	<li dir=\"LTR\">it is prohibited from entering into the business of money exchange.</li>\r\n 	<li dir=\"LTR\">it must not purchase immovable properties unless for its own use or specific approval for the same has been obtained from the Central Bank. This rule does not apply to Islamic Finance Companies (IFC). IFCs may own property including immovable property and goods as part of an underlying financing contract with a borrower.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Minimum Capital, Liquidity Requirements and Credit Exposure Restrictions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The minimum paid-up capital for a Finance Company is 150 million UAE Dirhams. UAE national ownership of the Finance Company must comprise at least 60% of total paid-up capital. Finance Companies must also allocate at least 10% of annual net profits to establishing a statutory reserve until the reserve equals 50% of its paid-up capital.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To withstand short-term liquidity stress, Finance Companies are required to hold an amount equivalent to 10% of their aggregate liabilities in liquid assets i.e. cash held in UAE bank, Certificates of deposit issued by the Central Bank held via a UAE bank, short term deposits with a UAE bank with maturity upto 30 days and UAE federal and local government bonds, which must not exceed 30% of the total liquid assets. For the purpose of calculating the 10% amount, a Finance Company may deduct from its aggregate liabilities, cash collateral, bank guarantees from UAE banks and sovereign guarantees.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The credit exposure is considered ‘large’ if the value of such exposure to one borrower or group of related entities is 7% or more. The Regulations set out maximum exposure limits for different borrower types.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Organisational Structure, Composition and Policies of the Finance Company</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Founding shareholders - Founding shareholders must satisfy \"Fit and Proper\" criteria as defined by the Central Bank and their appointment must be in line with the Commercial Companies Law<strong>.</strong></li>\r\n 	<li dir=\"LTR\">Board of Directors - The board of directors of a Finance Company must have no fewer than five members. Atleast 60% of the board members of an IFC must have knowledge of the banking business or Islamic finance and banking business as the case may be. The Regulations provide for detailed selection processes and guidances in relation to the board of directors</li>\r\n 	<li dir=\"LTR\">Sharia’a Supervision Committee and other committees - An IFC must have a Sharia’a Supervision Committee, and its role must be laid out in the policies of the IFC. Finance Companies must also have a board committee and credit committee.</li>\r\n 	<li dir=\"LTR\">Senior Management – Finance Companies must comply with the ‘fit and proper‘ test set out by the Central Bank and must be professional who understands the business of finance and was experience of not less than 10 years in the field of finance. Person within the senior management cannot be a part of the board.</li>\r\n 	<li dir=\"LTR\">Corporate Governance - While the Regulations set out certain minimum requirements for corporate governance, Finance Companies are permitted to set out their own policies and framework for corporate governance (complying with the Regulations), however these must be approved by its board of directors and a copy of such policies must be provided to the Central Bank.</li>\r\n 	<li dir=\"LTR\">Internal Policies – the Regulations set out the requirements that need to be adhered to by Finance Companies and IFC with respect to its internal polices in relation to management, risk management, extension of credit, compliance, information technology, security, audit, remuneration, outsourcing, etc.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Other provisions</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Consumer Protection: the Name of the finance company must not include the words \"bank\", \"investment company\" or and other term which may mislead its customer. It must provide its customers with sufficient information regarding its products, etc. in order for them to be able to make an informed decision. The Finance Company must follow the Central Bank guidelines in relation to ‘Consumer Protection’.</li>\r\n 	<li dir=\"LTR\">Credit Reports - Every Finance Company must adhere to the credit reporting requirements of the Al Etihad Credit Bureau and other credit agencies to provide to and obtain information of the Borrower.</li>\r\n 	<li dir=\"LTR\">Accounting Standards - A Finance Company must implement all applicable International Accounting Standards/International Financial Reporting Standards and provide the Central Bank with two copies of signed audited financial statements, including external auditor reports, before 31st March every year. The Central Bank may require the Finance Company to appoint another auditor if the size and nature of the business of the Finance Company so requires.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Differences in the new Regulations from the Previous Regulations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The 2018 Regulations are far more detailed in the nature of investments permitted, liquidity requirements, organisational structure to be followed, investor guidance; we have set out below certain differences in the provisions between the Previous Regulations and 2018 Regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft  wp-image-7997\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/Screen-Shot-2018-07-31-at-5.23.26-PM.png\" alt=\"\" width=\"736\" height=\"576\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations apply to all Finance Companies. Accordingly companies licensed prior to the date of the issuance of these Regulations need to comply with the 2018 Regulations and are given a period not exceeding 3 years from the publication to conform. However, the Central Bank may amend the requirement of compliance within 3 years if it deems the finance company to be substantially in compliance with these Regulations. All existing Finance Companies will require to provide the Central Bank with a detailed adjustment plan to comply with the articles of these Regulations.</p>\r\nAl Tamimi &amp; Company’s Banking and Finance team regularly advises on the Finance Company Regulations. For further information please contact Mark Brown (m.brown@tamimi.com) or Maymoona Talib (m.talib@tamimi.com).'),
	(248752,24277,'MetaLink','content'),
	(248753,24277,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(248754,24277,'ReportText','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft wp-image-7994 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/11.jpg\" alt=\"\" width=\"5472\" height=\"845\" />Amongst the several new laws and regulations being introduced in the UAE, the UAE Central Bank (\"Central Bank\") has on10 May 2018 issued new Finance Company Regulations (\"Regulations\" or \"2018 Regulations\") which are to come into effect one month after its publication.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations replace the previous finance company regulations issued in 1996 and finance companies regulations for companies conducting business as per Islamic sharia’a principles issued in 2004 (\"Previous Regulations\") and aim at providing a detailed regulatory framework for Finance Companies to operate and develop within the UAE and also covers in its ambit the framework for protecting the customers of such Finance Companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations consolidate the regulations for both Islamic finance and conventional finance companies (\"Finance Company/ies\") and incorporate certain significant changes including changes to capital requirements and corporate governance, to also be followed by existing Finance Companies. We have set out below certain noteworthy features of these Regulations and a comparative table on the key changes from the Previous Regulations on subject.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>License Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Pursuant to these Regulations, conducting financing activities in the UAE without a central bank license is prohibited. An application for such license must include the proposed scope of activities, a feasibility study illustrating the financial activities and products to be launched, estimated financial projections, risk factors, corporate structure, start-up costs, branches and a recruitment plan.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another important requisite is for the applicant to provide an unconditional guarantee from a UAE Bank, in favour of the Central Bank for an amount equivalent to the minimum required paid-up capital. The License will be granted for a period of three years and may be renewable for the same period unless otherwise required by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any changes to the ownership of the Finance Company of 5% or more will require prior approval from the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Cancelling or Revoking a License</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank has the discretion to approve or refuse the License application, but must notify applicants in writing with reasons in case there is a refusal. Licenses can also be amended, revoked or cancelled at the discretion of the Board. The Regulations set out instances when the license can be cancelled which include providing false/misleading information, risking interests of the potential customers, or if there is a bankruptcy order filed against the Finance Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If a Finance Company wishes to cease operations it must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Regulations also provide for penalties that will be imposed if such company does not follow the provisions of the Regulations including adhering to the anti-money laundering policies laid down by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Permitted Activities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10.1 of the Regulation details out the types of activities that are permitted, which are:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Retail finance,</li>\r\n 	<li dir=\"LTR\">mortgage finance,</li>\r\n 	<li dir=\"LTR\">wholesale finance,</li>\r\n 	<li dir=\"LTR\">pre-paid cards, and</li>\r\n 	<li dir=\"LTR\">distribution of third party products.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank can review and amend this list from time to time.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10 further sets out the do’s and dont’s in relation to the business of the Finance Company, certain key features are:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">it can extend loans only to ‘Juridicial Persons’ (defined under Article 93 of the UAE Civil Transactions Law) and individuals in the UAE. However, it is prohibited from accepting deposits or loans from individuals.</li>\r\n 	<li dir=\"LTR\">it may accept deposits only from Juridicial Persons, subject to certain conditions laid out under Article 10.4 and also borrow from UAE banks, and may even receive foreign funding provided that its risk has been adequately hedged. In doing so it must not exceed 25% of the sum of total amount of its debt capital.</li>\r\n 	<li dir=\"LTR\">it must obtain a no objection letter from the Central Bank in order to provide any new product line from within activities specified in its license.</li>\r\n 	<li dir=\"LTR\">it may only participate in the share capital of brokerage companies, money exchanges, UAE banks and other Finance Companies. Any such single participation cannot exceed 10% of its debt capital and the aggregate participation must not exceed 25% of the debt capital.</li>\r\n 	<li dir=\"LTR\">It must obtain approval from the Central Bank in order to issue bonds or sukuks. Such bonds and sukuks shall only be denominated in UAE dirhams or US Dollars.</li>\r\n 	<li dir=\"LTR\">it is prohibited from financing a borrower which is not an entity incorporated in the UAE or its free zones, or a UAE resident, or where the mortgaged assets are not in the UAE.</li>\r\n 	<li dir=\"LTR\">it is prohibited from entering into the business of money exchange.</li>\r\n 	<li dir=\"LTR\">it must not purchase immovable properties unless for its own use or specific approval for the same has been obtained from the Central Bank. This rule does not apply to Islamic Finance Companies (IFC). IFCs may own property including immovable property and goods as part of an underlying financing contract with a borrower.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Minimum Capital, Liquidity Requirements and Credit Exposure Restrictions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The minimum paid-up capital for a Finance Company is 150 million UAE Dirhams. UAE national ownership of the Finance Company must comprise at least 60% of total paid-up capital. Finance Companies must also allocate at least 10% of annual net profits to establishing a statutory reserve until the reserve equals 50% of its paid-up capital.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To withstand short-term liquidity stress, Finance Companies are required to hold an amount equivalent to 10% of their aggregate liabilities in liquid assets i.e. cash held in UAE bank, Certificates of deposit issued by the Central Bank held via a UAE bank, short term deposits with a UAE bank with maturity upto 30 days and UAE federal and local government bonds, which must not exceed 30% of the total liquid assets. For the purpose of calculating the 10% amount, a Finance Company may deduct from its aggregate liabilities, cash collateral, bank guarantees from UAE banks and sovereign guarantees.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The credit exposure is considered ‘large’ if the value of such exposure to one borrower or group of related entities is 7% or more. The Regulations set out maximum exposure limits for different borrower types.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Organisational Structure, Composition and Policies of the Finance Company</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Founding shareholders - Founding shareholders must satisfy \"Fit and Proper\" criteria as defined by the Central Bank and their appointment must be in line with the Commercial Companies Law<strong>.</strong></li>\r\n 	<li dir=\"LTR\">Board of Directors - The board of directors of a Finance Company must have no fewer than five members. Atleast 60% of the board members of an IFC must have knowledge of the banking business or Islamic finance and banking business as the case may be. The Regulations provide for detailed selection processes and guidances in relation to the board of directors</li>\r\n 	<li dir=\"LTR\">Sharia’a Supervision Committee and other committees - An IFC must have a Sharia’a Supervision Committee, and its role must be laid out in the policies of the IFC. Finance Companies must also have a board committee and credit committee.</li>\r\n 	<li dir=\"LTR\">Senior Management – Finance Companies must comply with the ‘fit and proper‘ test set out by the Central Bank and must be professional who understands the business of finance and was experience of not less than 10 years in the field of finance. Person within the senior management cannot be a part of the board.</li>\r\n 	<li dir=\"LTR\">Corporate Governance - While the Regulations set out certain minimum requirements for corporate governance, Finance Companies are permitted to set out their own policies and framework for corporate governance (complying with the Regulations), however these must be approved by its board of directors and a copy of such policies must be provided to the Central Bank.</li>\r\n 	<li dir=\"LTR\">Internal Policies – the Regulations set out the requirements that need to be adhered to by Finance Companies and IFC with respect to its internal polices in relation to management, risk management, extension of credit, compliance, information technology, security, audit, remuneration, outsourcing, etc.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Other provisions</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Consumer Protection: the Name of the finance company must not include the words \"bank\", \"investment company\" or and other term which may mislead its customer. It must provide its customers with sufficient information regarding its products, etc. in order for them to be able to make an informed decision. The Finance Company must follow the Central Bank guidelines in relation to ‘Consumer Protection’.</li>\r\n 	<li dir=\"LTR\">Credit Reports - Every Finance Company must adhere to the credit reporting requirements of the Al Etihad Credit Bureau and other credit agencies to provide to and obtain information of the Borrower.</li>\r\n 	<li dir=\"LTR\">Accounting Standards - A Finance Company must implement all applicable International Accounting Standards/International Financial Reporting Standards and provide the Central Bank with two copies of signed audited financial statements, including external auditor reports, before 31st March every year. The Central Bank may require the Finance Company to appoint another auditor if the size and nature of the business of the Finance Company so requires.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Differences in the new Regulations from the Previous Regulations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The 2018 Regulations are far more detailed in the nature of investments permitted, liquidity requirements, organisational structure to be followed, investor guidance; we have set out below certain differences in the provisions between the Previous Regulations and 2018 Regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft  wp-image-7997\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/Screen-Shot-2018-07-31-at-5.23.26-PM.png\" alt=\"\" width=\"736\" height=\"576\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations apply to all Finance Companies. Accordingly companies licensed prior to the date of the issuance of these Regulations need to comply with the 2018 Regulations and are given a period not exceeding 3 years from the publication to conform. However, the Central Bank may amend the requirement of compliance within 3 years if it deems the finance company to be substantially in compliance with these Regulations. All existing Finance Companies will require to provide the Central Bank with a detailed adjustment plan to comply with the articles of these Regulations.</p>\r\nAl Tamimi &amp; Company’s Banking and Finance team regularly advises on the Finance Company Regulations. For further information please contact Mark Brown (m.brown@tamimi.com) or Maymoona Talib (m.talib@tamimi.com).|<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft wp-image-7994 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/11.jpg\" alt=\"\" width=\"5472\" height=\"845\" />Amongst the several new laws and regulations being introduced in the UAE, the UAE Central Bank (\"Central Bank\") has on10 May 2018 issued new Finance Company Regulations (\"Regulations\" or \"2018 Regulations\") which are to come into effect one month after its publication.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations replace the previous finance company regulations issued in 1996 and finance companies regulations for companies conducting business as per Islamic sharia’a principles issued in 2004 (\"Previous Regulations\") and aim at providing a detailed regulatory framework for Finance Companies to operate and develop within the UAE and also covers in its ambit the framework for protecting the customers of such Finance Companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations consolidate the regulations for both Islamic finance and conventional finance companies (\"Finance Company/ies\") and incorporate certain significant changes including changes to capital requirements and corporate governance, to also be followed by existing Finance Companies. We have set out below certain noteworthy features of these Regulations and a comparative table on the key changes from the Previous Regulations on subject.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>License Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Pursuant to these Regulations, conducting financing activities in the UAE without a central bank license is prohibited. An application for such license must include the proposed scope of activities, a feasibility study illustrating the financial activities and products to be launched, estimated financial projections, risk factors, corporate structure, start-up costs, branches and a recruitment plan.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another important requisite is for the applicant to provide an unconditional guarantee from a UAE Bank, in favour of the Central Bank for an amount equivalent to the minimum required paid-up capital. The License will be granted for a period of three years and may be renewable for the same period unless otherwise required by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any changes to the ownership of the Finance Company of 5% or more will require prior approval from the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Cancelling or Revoking a License</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank has the discretion to approve or refuse the License application, but must notify applicants in writing with reasons in case there is a refusal. Licenses can also be amended, revoked or cancelled at the discretion of the Board. The Regulations set out instances when the license can be cancelled which include providing false/misleading information, risking interests of the potential customers, or if there is a bankruptcy order filed against the Finance Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If a Finance Company wishes to cease operations it must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Regulations also provide for penalties that will be imposed if such company does not follow the provisions of the Regulations including adhering to the anti-money laundering policies laid down by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Permitted Activities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10.1 of the Regulation details out the types of activities that are permitted, which are:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Retail finance,</li>\r\n 	<li dir=\"LTR\">mortgage finance,</li>\r\n 	<li dir=\"LTR\">wholesale finance,</li>\r\n 	<li dir=\"LTR\">pre-paid cards, and</li>\r\n 	<li dir=\"LTR\">distribution of third party products.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank can review and amend this list from time to time.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10 further sets out the do’s and dont’s in relation to the business of the Finance Company, certain key features are:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">it can extend loans only to ‘Juridicial Persons’ (defined under Article 93 of the UAE Civil Transactions Law) and individuals in the UAE. However, it is prohibited from accepting deposits or loans from individuals.</li>\r\n 	<li dir=\"LTR\">it may accept deposits only from Juridicial Persons, subject to certain conditions laid out under Article 10.4 and also borrow from UAE banks, and may even receive foreign funding provided that its risk has been adequately hedged. In doing so it must not exceed 25% of the sum of total amount of its debt capital.</li>\r\n 	<li dir=\"LTR\">it must obtain a no objection letter from the Central Bank in order to provide any new product line from within activities specified in its license.</li>\r\n 	<li dir=\"LTR\">it may only participate in the share capital of brokerage companies, money exchanges, UAE banks and other Finance Companies. Any such single participation cannot exceed 10% of its debt capital and the aggregate participation must not exceed 25% of the debt capital.</li>\r\n 	<li dir=\"LTR\">It must obtain approval from the Central Bank in order to issue bonds or sukuks. Such bonds and sukuks shall only be denominated in UAE dirhams or US Dollars.</li>\r\n 	<li dir=\"LTR\">it is prohibited from financing a borrower which is not an entity incorporated in the UAE or its free zones, or a UAE resident, or where the mortgaged assets are not in the UAE.</li>\r\n 	<li dir=\"LTR\">it is prohibited from entering into the business of money exchange.</li>\r\n 	<li dir=\"LTR\">it must not purchase immovable properties unless for its own use or specific approval for the same has been obtained from the Central Bank. This rule does not apply to Islamic Finance Companies (IFC). IFCs may own property including immovable property and goods as part of an underlying financing contract with a borrower.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Minimum Capital, Liquidity Requirements and Credit Exposure Restrictions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The minimum paid-up capital for a Finance Company is 150 million UAE Dirhams. UAE national ownership of the Finance Company must comprise at least 60% of total paid-up capital. Finance Companies must also allocate at least 10% of annual net profits to establishing a statutory reserve until the reserve equals 50% of its paid-up capital.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To withstand short-term liquidity stress, Finance Companies are required to hold an amount equivalent to 10% of their aggregate liabilities in liquid assets i.e. cash held in UAE bank, Certificates of deposit issued by the Central Bank held via a UAE bank, short term deposits with a UAE bank with maturity upto 30 days and UAE federal and local government bonds, which must not exceed 30% of the total liquid assets. For the purpose of calculating the 10% amount, a Finance Company may deduct from its aggregate liabilities, cash collateral, bank guarantees from UAE banks and sovereign guarantees.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The credit exposure is considered ‘large’ if the value of such exposure to one borrower or group of related entities is 7% or more. The Regulations set out maximum exposure limits for different borrower types.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Organisational Structure, Composition and Policies of the Finance Company</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Founding shareholders - Founding shareholders must satisfy \"Fit and Proper\" criteria as defined by the Central Bank and their appointment must be in line with the Commercial Companies Law<strong>.</strong></li>\r\n 	<li dir=\"LTR\">Board of Directors - The board of directors of a Finance Company must have no fewer than five members. Atleast 60% of the board members of an IFC must have knowledge of the banking business or Islamic finance and banking business as the case may be. The Regulations provide for detailed selection processes and guidances in relation to the board of directors</li>\r\n 	<li dir=\"LTR\">Sharia’a Supervision Committee and other committees - An IFC must have a Sharia’a Supervision Committee, and its role must be laid out in the policies of the IFC. Finance Companies must also have a board committee and credit committee.</li>\r\n 	<li dir=\"LTR\">Senior Management – Finance Companies must comply with the ‘fit and proper‘ test set out by the Central Bank and must be professional who understands the business of finance and was experience of not less than 10 years in the field of finance. Person within the senior management cannot be a part of the board.</li>\r\n 	<li dir=\"LTR\">Corporate Governance - While the Regulations set out certain minimum requirements for corporate governance, Finance Companies are permitted to set out their own policies and framework for corporate governance (complying with the Regulations), however these must be approved by its board of directors and a copy of such policies must be provided to the Central Bank.</li>\r\n 	<li dir=\"LTR\">Internal Policies – the Regulations set out the requirements that need to be adhered to by Finance Companies and IFC with respect to its internal polices in relation to management, risk management, extension of credit, compliance, information technology, security, audit, remuneration, outsourcing, etc.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Other provisions</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Consumer Protection: the Name of the finance company must not include the words \"bank\", \"investment company\" or and other term which may mislead its customer. It must provide its customers with sufficient information regarding its products, etc. in order for them to be able to make an informed decision. The Finance Company must follow the Central Bank guidelines in relation to ‘Consumer Protection’.</li>\r\n 	<li dir=\"LTR\">Credit Reports - Every Finance Company must adhere to the credit reporting requirements of the Al Etihad Credit Bureau and other credit agencies to provide to and obtain information of the Borrower.</li>\r\n 	<li dir=\"LTR\">Accounting Standards - A Finance Company must implement all applicable International Accounting Standards/International Financial Reporting Standards and provide the Central Bank with two copies of signed audited financial statements, including external auditor reports, before 31st March every year. The Central Bank may require the Finance Company to appoint another auditor if the size and nature of the business of the Finance Company so requires.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Differences in the new Regulations from the Previous Regulations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The 2018 Regulations are far more detailed in the nature of investments permitted, liquidity requirements, organisational structure to be followed, investor guidance; we have set out below certain differences in the provisions between the Previous Regulations and 2018 Regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"wp-image-7997 aligncenter\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/Screen-Shot-2018-07-31-at-5.23.26-PM.png\" alt=\"\" width=\"600\" height=\"589\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations apply to all Finance Companies. Accordingly companies licensed prior to the date of the issuance of these Regulations need to comply with the 2018 Regulations and are given a period not exceeding 3 years from the publication to conform. However, the Central Bank may amend the requirement of compliance within 3 years if it deems the finance company to be substantially in compliance with these Regulations. All existing Finance Companies will require to provide the Central Bank with a detailed adjustment plan to comply with the articles of these Regulations.</p>\r\nAl Tamimi &amp; Company’s Banking and Finance team regularly advises on the Finance Company Regulations. For further information please contact Mark Brown (m.brown@tamimi.com) or Maymoona Talib (m.talib@tamimi.com).'),
	(248755,24277,'ClientIP','86.98.5.18'),
	(248756,24277,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248757,24277,'CurrentUserID','8'),
	(248758,24277,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248759,24278,'PostID','7935'),
	(248760,24278,'PostType','law_update_articles'),
	(248761,24278,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(248762,24278,'PostStatus','draft'),
	(248763,24278,'PostDate','2018-07-31 17:26:10'),
	(248764,24278,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7935'),
	(248765,24278,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(248766,24278,'ClientIP','86.98.5.18'),
	(248767,24278,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248768,24278,'CurrentUserID','8'),
	(248769,24278,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248770,24279,'PostID','7935'),
	(248771,24279,'PostType','law_update_articles'),
	(248772,24279,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(248773,24279,'PostStatus','draft'),
	(248774,24279,'PostDate','2018-07-31 17:26:13'),
	(248775,24279,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7935'),
	(248776,24279,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(248777,24279,'ClientIP','86.98.5.18'),
	(248778,24279,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248779,24279,'CurrentUserID','8'),
	(248780,24279,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248781,24280,'PostID','7936'),
	(248782,24280,'PostType','law_update_articles'),
	(248783,24280,'PostTitle','Global Legal Insights: Initial Public Offerings 2018 United Arab Emirates Chapter'),
	(248784,24280,'PostStatus','draft'),
	(248785,24280,'PostDate','2018-07-31 17:26:22'),
	(248786,24280,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7936'),
	(248787,24280,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7936&amp;action=edit'),
	(248788,24280,'ClientIP','86.98.5.18'),
	(248789,24280,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248790,24280,'CurrentUserID','8'),
	(248791,24280,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248792,24281,'PostID','7935'),
	(248793,24281,'PostType','law_update_articles'),
	(248794,24281,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(248795,24281,'PostStatus','draft'),
	(248796,24281,'PostDate','2018-07-31 17:26:54'),
	(248797,24281,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7935'),
	(248798,24281,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(248799,24281,'ClientIP','86.98.5.18'),
	(248800,24281,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248801,24281,'CurrentUserID','8'),
	(248802,24281,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248803,24282,'PostID','7935'),
	(248804,24282,'PostType','law_update_articles'),
	(248805,24282,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(248806,24282,'PostStatus','draft'),
	(248807,24282,'PostDate','2018-07-31 17:26:10'),
	(248808,24282,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7935'),
	(248809,24282,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(248810,24282,'ClientIP','86.98.5.18'),
	(248811,24282,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248812,24282,'CurrentUserID','8'),
	(248813,24282,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248814,24283,'PostID','7935'),
	(248815,24283,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(248816,24283,'PostStatus','draft'),
	(248817,24283,'PostType','law_update_articles'),
	(248818,24283,'PostDate','2018-07-31 17:27:07'),
	(248819,24283,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7935'),
	(248820,24283,'MetaID','223050'),
	(248821,24283,'MetaKey','content'),
	(248822,24283,'MetaValueNew','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft wp-image-7994 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/11.jpg\" alt=\"\" width=\"5472\" height=\"845\" />Amongst the several new laws and regulations being introduced in the UAE, the UAE Central Bank (\"Central Bank\") has on10 May 2018 issued new Finance Company Regulations (\"Regulations\" or \"2018 Regulations\") which are to come into effect one month after its publication.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations replace the previous finance company regulations issued in 1996 and finance companies regulations for companies conducting business as per Islamic sharia’a principles issued in 2004 (\"Previous Regulations\") and aim at providing a detailed regulatory framework for Finance Companies to operate and develop within the UAE and also covers in its ambit the framework for protecting the customers of such Finance Companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations consolidate the regulations for both Islamic finance and conventional finance companies (\"Finance Company/ies\") and incorporate certain significant changes including changes to capital requirements and corporate governance, to also be followed by existing Finance Companies. We have set out below certain noteworthy features of these Regulations and a comparative table on the key changes from the Previous Regulations on subject.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>License Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Pursuant to these Regulations, conducting financing activities in the UAE without a central bank license is prohibited. An application for such license must include the proposed scope of activities, a feasibility study illustrating the financial activities and products to be launched, estimated financial projections, risk factors, corporate structure, start-up costs, branches and a recruitment plan.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another important requisite is for the applicant to provide an unconditional guarantee from a UAE Bank, in favour of the Central Bank for an amount equivalent to the minimum required paid-up capital. The License will be granted for a period of three years and may be renewable for the same period unless otherwise required by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any changes to the ownership of the Finance Company of 5% or more will require prior approval from the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Cancelling or Revoking a License</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank has the discretion to approve or refuse the License application, but must notify applicants in writing with reasons in case there is a refusal. Licenses can also be amended, revoked or cancelled at the discretion of the Board. The Regulations set out instances when the license can be cancelled which include providing false/misleading information, risking interests of the potential customers, or if there is a bankruptcy order filed against the Finance Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If a Finance Company wishes to cease operations it must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Regulations also provide for penalties that will be imposed if such company does not follow the provisions of the Regulations including adhering to the anti-money laundering policies laid down by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Permitted Activities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10.1 of the Regulation details out the types of activities that are permitted, which are:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Retail finance,</li>\r\n 	<li dir=\"LTR\">mortgage finance,</li>\r\n 	<li dir=\"LTR\">wholesale finance,</li>\r\n 	<li dir=\"LTR\">pre-paid cards, and</li>\r\n 	<li dir=\"LTR\">distribution of third party products.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank can review and amend this list from time to time.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10 further sets out the do’s and dont’s in relation to the business of the Finance Company, certain key features are:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">it can extend loans only to ‘Juridicial Persons’ (defined under Article 93 of the UAE Civil Transactions Law) and individuals in the UAE. However, it is prohibited from accepting deposits or loans from individuals.</li>\r\n 	<li dir=\"LTR\">it may accept deposits only from Juridicial Persons, subject to certain conditions laid out under Article 10.4 and also borrow from UAE banks, and may even receive foreign funding provided that its risk has been adequately hedged. In doing so it must not exceed 25% of the sum of total amount of its debt capital.</li>\r\n 	<li dir=\"LTR\">it must obtain a no objection letter from the Central Bank in order to provide any new product line from within activities specified in its license.</li>\r\n 	<li dir=\"LTR\">it may only participate in the share capital of brokerage companies, money exchanges, UAE banks and other Finance Companies. Any such single participation cannot exceed 10% of its debt capital and the aggregate participation must not exceed 25% of the debt capital.</li>\r\n 	<li dir=\"LTR\">It must obtain approval from the Central Bank in order to issue bonds or sukuks. Such bonds and sukuks shall only be denominated in UAE dirhams or US Dollars.</li>\r\n 	<li dir=\"LTR\">it is prohibited from financing a borrower which is not an entity incorporated in the UAE or its free zones, or a UAE resident, or where the mortgaged assets are not in the UAE.</li>\r\n 	<li dir=\"LTR\">it is prohibited from entering into the business of money exchange.</li>\r\n 	<li dir=\"LTR\">it must not purchase immovable properties unless for its own use or specific approval for the same has been obtained from the Central Bank. This rule does not apply to Islamic Finance Companies (IFC). IFCs may own property including immovable property and goods as part of an underlying financing contract with a borrower.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Minimum Capital, Liquidity Requirements and Credit Exposure Restrictions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The minimum paid-up capital for a Finance Company is 150 million UAE Dirhams. UAE national ownership of the Finance Company must comprise at least 60% of total paid-up capital. Finance Companies must also allocate at least 10% of annual net profits to establishing a statutory reserve until the reserve equals 50% of its paid-up capital.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To withstand short-term liquidity stress, Finance Companies are required to hold an amount equivalent to 10% of their aggregate liabilities in liquid assets i.e. cash held in UAE bank, Certificates of deposit issued by the Central Bank held via a UAE bank, short term deposits with a UAE bank with maturity upto 30 days and UAE federal and local government bonds, which must not exceed 30% of the total liquid assets. For the purpose of calculating the 10% amount, a Finance Company may deduct from its aggregate liabilities, cash collateral, bank guarantees from UAE banks and sovereign guarantees.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The credit exposure is considered ‘large’ if the value of such exposure to one borrower or group of related entities is 7% or more. The Regulations set out maximum exposure limits for different borrower types.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Organisational Structure, Composition and Policies of the Finance Company</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Founding shareholders - Founding shareholders must satisfy \"Fit and Proper\" criteria as defined by the Central Bank and their appointment must be in line with the Commercial Companies Law<strong>.</strong></li>\r\n 	<li dir=\"LTR\">Board of Directors - The board of directors of a Finance Company must have no fewer than five members. Atleast 60% of the board members of an IFC must have knowledge of the banking business or Islamic finance and banking business as the case may be. The Regulations provide for detailed selection processes and guidances in relation to the board of directors</li>\r\n 	<li dir=\"LTR\">Sharia’a Supervision Committee and other committees - An IFC must have a Sharia’a Supervision Committee, and its role must be laid out in the policies of the IFC. Finance Companies must also have a board committee and credit committee.</li>\r\n 	<li dir=\"LTR\">Senior Management – Finance Companies must comply with the ‘fit and proper‘ test set out by the Central Bank and must be professional who understands the business of finance and was experience of not less than 10 years in the field of finance. Person within the senior management cannot be a part of the board.</li>\r\n 	<li dir=\"LTR\">Corporate Governance - While the Regulations set out certain minimum requirements for corporate governance, Finance Companies are permitted to set out their own policies and framework for corporate governance (complying with the Regulations), however these must be approved by its board of directors and a copy of such policies must be provided to the Central Bank.</li>\r\n 	<li dir=\"LTR\">Internal Policies – the Regulations set out the requirements that need to be adhered to by Finance Companies and IFC with respect to its internal polices in relation to management, risk management, extension of credit, compliance, information technology, security, audit, remuneration, outsourcing, etc.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Other provisions</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Consumer Protection: the Name of the finance company must not include the words \"bank\", \"investment company\" or and other term which may mislead its customer. It must provide its customers with sufficient information regarding its products, etc. in order for them to be able to make an informed decision. The Finance Company must follow the Central Bank guidelines in relation to ‘Consumer Protection’.</li>\r\n 	<li dir=\"LTR\">Credit Reports - Every Finance Company must adhere to the credit reporting requirements of the Al Etihad Credit Bureau and other credit agencies to provide to and obtain information of the Borrower.</li>\r\n 	<li dir=\"LTR\">Accounting Standards - A Finance Company must implement all applicable International Accounting Standards/International Financial Reporting Standards and provide the Central Bank with two copies of signed audited financial statements, including external auditor reports, before 31st March every year. The Central Bank may require the Finance Company to appoint another auditor if the size and nature of the business of the Finance Company so requires.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Differences in the new Regulations from the Previous Regulations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The 2018 Regulations are far more detailed in the nature of investments permitted, liquidity requirements, organisational structure to be followed, investor guidance; we have set out below certain differences in the provisions between the Previous Regulations and 2018 Regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"wp-image-7997 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/Screen-Shot-2018-07-31-at-5.23.26-PM.png\" alt=\"\" width=\"600\" height=\"589\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations apply to all Finance Companies. Accordingly companies licensed prior to the date of the issuance of these Regulations need to comply with the 2018 Regulations and are given a period not exceeding 3 years from the publication to conform. However, the Central Bank may amend the requirement of compliance within 3 years if it deems the finance company to be substantially in compliance with these Regulations. All existing Finance Companies will require to provide the Central Bank with a detailed adjustment plan to comply with the articles of these Regulations.</p>\r\nAl Tamimi &amp; Company’s Banking and Finance team regularly advises on the Finance Company Regulations. For further information please contact Mark Brown (m.brown@tamimi.com) or Maymoona Talib (m.talib@tamimi.com).'),
	(248823,24283,'MetaValueOld','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft wp-image-7994 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/11.jpg\" alt=\"\" width=\"5472\" height=\"845\" />Amongst the several new laws and regulations being introduced in the UAE, the UAE Central Bank (\"Central Bank\") has on10 May 2018 issued new Finance Company Regulations (\"Regulations\" or \"2018 Regulations\") which are to come into effect one month after its publication.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations replace the previous finance company regulations issued in 1996 and finance companies regulations for companies conducting business as per Islamic sharia’a principles issued in 2004 (\"Previous Regulations\") and aim at providing a detailed regulatory framework for Finance Companies to operate and develop within the UAE and also covers in its ambit the framework for protecting the customers of such Finance Companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations consolidate the regulations for both Islamic finance and conventional finance companies (\"Finance Company/ies\") and incorporate certain significant changes including changes to capital requirements and corporate governance, to also be followed by existing Finance Companies. We have set out below certain noteworthy features of these Regulations and a comparative table on the key changes from the Previous Regulations on subject.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>License Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Pursuant to these Regulations, conducting financing activities in the UAE without a central bank license is prohibited. An application for such license must include the proposed scope of activities, a feasibility study illustrating the financial activities and products to be launched, estimated financial projections, risk factors, corporate structure, start-up costs, branches and a recruitment plan.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another important requisite is for the applicant to provide an unconditional guarantee from a UAE Bank, in favour of the Central Bank for an amount equivalent to the minimum required paid-up capital. The License will be granted for a period of three years and may be renewable for the same period unless otherwise required by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any changes to the ownership of the Finance Company of 5% or more will require prior approval from the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Cancelling or Revoking a License</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank has the discretion to approve or refuse the License application, but must notify applicants in writing with reasons in case there is a refusal. Licenses can also be amended, revoked or cancelled at the discretion of the Board. The Regulations set out instances when the license can be cancelled which include providing false/misleading information, risking interests of the potential customers, or if there is a bankruptcy order filed against the Finance Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If a Finance Company wishes to cease operations it must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Regulations also provide for penalties that will be imposed if such company does not follow the provisions of the Regulations including adhering to the anti-money laundering policies laid down by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Permitted Activities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10.1 of the Regulation details out the types of activities that are permitted, which are:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Retail finance,</li>\r\n 	<li dir=\"LTR\">mortgage finance,</li>\r\n 	<li dir=\"LTR\">wholesale finance,</li>\r\n 	<li dir=\"LTR\">pre-paid cards, and</li>\r\n 	<li dir=\"LTR\">distribution of third party products.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank can review and amend this list from time to time.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10 further sets out the do’s and dont’s in relation to the business of the Finance Company, certain key features are:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">it can extend loans only to ‘Juridicial Persons’ (defined under Article 93 of the UAE Civil Transactions Law) and individuals in the UAE. However, it is prohibited from accepting deposits or loans from individuals.</li>\r\n 	<li dir=\"LTR\">it may accept deposits only from Juridicial Persons, subject to certain conditions laid out under Article 10.4 and also borrow from UAE banks, and may even receive foreign funding provided that its risk has been adequately hedged. In doing so it must not exceed 25% of the sum of total amount of its debt capital.</li>\r\n 	<li dir=\"LTR\">it must obtain a no objection letter from the Central Bank in order to provide any new product line from within activities specified in its license.</li>\r\n 	<li dir=\"LTR\">it may only participate in the share capital of brokerage companies, money exchanges, UAE banks and other Finance Companies. Any such single participation cannot exceed 10% of its debt capital and the aggregate participation must not exceed 25% of the debt capital.</li>\r\n 	<li dir=\"LTR\">It must obtain approval from the Central Bank in order to issue bonds or sukuks. Such bonds and sukuks shall only be denominated in UAE dirhams or US Dollars.</li>\r\n 	<li dir=\"LTR\">it is prohibited from financing a borrower which is not an entity incorporated in the UAE or its free zones, or a UAE resident, or where the mortgaged assets are not in the UAE.</li>\r\n 	<li dir=\"LTR\">it is prohibited from entering into the business of money exchange.</li>\r\n 	<li dir=\"LTR\">it must not purchase immovable properties unless for its own use or specific approval for the same has been obtained from the Central Bank. This rule does not apply to Islamic Finance Companies (IFC). IFCs may own property including immovable property and goods as part of an underlying financing contract with a borrower.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Minimum Capital, Liquidity Requirements and Credit Exposure Restrictions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The minimum paid-up capital for a Finance Company is 150 million UAE Dirhams. UAE national ownership of the Finance Company must comprise at least 60% of total paid-up capital. Finance Companies must also allocate at least 10% of annual net profits to establishing a statutory reserve until the reserve equals 50% of its paid-up capital.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To withstand short-term liquidity stress, Finance Companies are required to hold an amount equivalent to 10% of their aggregate liabilities in liquid assets i.e. cash held in UAE bank, Certificates of deposit issued by the Central Bank held via a UAE bank, short term deposits with a UAE bank with maturity upto 30 days and UAE federal and local government bonds, which must not exceed 30% of the total liquid assets. For the purpose of calculating the 10% amount, a Finance Company may deduct from its aggregate liabilities, cash collateral, bank guarantees from UAE banks and sovereign guarantees.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The credit exposure is considered ‘large’ if the value of such exposure to one borrower or group of related entities is 7% or more. The Regulations set out maximum exposure limits for different borrower types.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Organisational Structure, Composition and Policies of the Finance Company</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Founding shareholders - Founding shareholders must satisfy \"Fit and Proper\" criteria as defined by the Central Bank and their appointment must be in line with the Commercial Companies Law<strong>.</strong></li>\r\n 	<li dir=\"LTR\">Board of Directors - The board of directors of a Finance Company must have no fewer than five members. Atleast 60% of the board members of an IFC must have knowledge of the banking business or Islamic finance and banking business as the case may be. The Regulations provide for detailed selection processes and guidances in relation to the board of directors</li>\r\n 	<li dir=\"LTR\">Sharia’a Supervision Committee and other committees - An IFC must have a Sharia’a Supervision Committee, and its role must be laid out in the policies of the IFC. Finance Companies must also have a board committee and credit committee.</li>\r\n 	<li dir=\"LTR\">Senior Management – Finance Companies must comply with the ‘fit and proper‘ test set out by the Central Bank and must be professional who understands the business of finance and was experience of not less than 10 years in the field of finance. Person within the senior management cannot be a part of the board.</li>\r\n 	<li dir=\"LTR\">Corporate Governance - While the Regulations set out certain minimum requirements for corporate governance, Finance Companies are permitted to set out their own policies and framework for corporate governance (complying with the Regulations), however these must be approved by its board of directors and a copy of such policies must be provided to the Central Bank.</li>\r\n 	<li dir=\"LTR\">Internal Policies – the Regulations set out the requirements that need to be adhered to by Finance Companies and IFC with respect to its internal polices in relation to management, risk management, extension of credit, compliance, information technology, security, audit, remuneration, outsourcing, etc.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Other provisions</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Consumer Protection: the Name of the finance company must not include the words \"bank\", \"investment company\" or and other term which may mislead its customer. It must provide its customers with sufficient information regarding its products, etc. in order for them to be able to make an informed decision. The Finance Company must follow the Central Bank guidelines in relation to ‘Consumer Protection’.</li>\r\n 	<li dir=\"LTR\">Credit Reports - Every Finance Company must adhere to the credit reporting requirements of the Al Etihad Credit Bureau and other credit agencies to provide to and obtain information of the Borrower.</li>\r\n 	<li dir=\"LTR\">Accounting Standards - A Finance Company must implement all applicable International Accounting Standards/International Financial Reporting Standards and provide the Central Bank with two copies of signed audited financial statements, including external auditor reports, before 31st March every year. The Central Bank may require the Finance Company to appoint another auditor if the size and nature of the business of the Finance Company so requires.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Differences in the new Regulations from the Previous Regulations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The 2018 Regulations are far more detailed in the nature of investments permitted, liquidity requirements, organisational structure to be followed, investor guidance; we have set out below certain differences in the provisions between the Previous Regulations and 2018 Regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"wp-image-7997 aligncenter\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/Screen-Shot-2018-07-31-at-5.23.26-PM.png\" alt=\"\" width=\"600\" height=\"589\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations apply to all Finance Companies. Accordingly companies licensed prior to the date of the issuance of these Regulations need to comply with the 2018 Regulations and are given a period not exceeding 3 years from the publication to conform. However, the Central Bank may amend the requirement of compliance within 3 years if it deems the finance company to be substantially in compliance with these Regulations. All existing Finance Companies will require to provide the Central Bank with a detailed adjustment plan to comply with the articles of these Regulations.</p>\r\nAl Tamimi &amp; Company’s Banking and Finance team regularly advises on the Finance Company Regulations. For further information please contact Mark Brown (m.brown@tamimi.com) or Maymoona Talib (m.talib@tamimi.com).'),
	(248824,24283,'MetaLink','content'),
	(248825,24283,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(248826,24283,'ReportText','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft wp-image-7994 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/11.jpg\" alt=\"\" width=\"5472\" height=\"845\" />Amongst the several new laws and regulations being introduced in the UAE, the UAE Central Bank (\"Central Bank\") has on10 May 2018 issued new Finance Company Regulations (\"Regulations\" or \"2018 Regulations\") which are to come into effect one month after its publication.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations replace the previous finance company regulations issued in 1996 and finance companies regulations for companies conducting business as per Islamic sharia’a principles issued in 2004 (\"Previous Regulations\") and aim at providing a detailed regulatory framework for Finance Companies to operate and develop within the UAE and also covers in its ambit the framework for protecting the customers of such Finance Companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations consolidate the regulations for both Islamic finance and conventional finance companies (\"Finance Company/ies\") and incorporate certain significant changes including changes to capital requirements and corporate governance, to also be followed by existing Finance Companies. We have set out below certain noteworthy features of these Regulations and a comparative table on the key changes from the Previous Regulations on subject.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>License Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Pursuant to these Regulations, conducting financing activities in the UAE without a central bank license is prohibited. An application for such license must include the proposed scope of activities, a feasibility study illustrating the financial activities and products to be launched, estimated financial projections, risk factors, corporate structure, start-up costs, branches and a recruitment plan.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another important requisite is for the applicant to provide an unconditional guarantee from a UAE Bank, in favour of the Central Bank for an amount equivalent to the minimum required paid-up capital. The License will be granted for a period of three years and may be renewable for the same period unless otherwise required by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any changes to the ownership of the Finance Company of 5% or more will require prior approval from the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Cancelling or Revoking a License</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank has the discretion to approve or refuse the License application, but must notify applicants in writing with reasons in case there is a refusal. Licenses can also be amended, revoked or cancelled at the discretion of the Board. The Regulations set out instances when the license can be cancelled which include providing false/misleading information, risking interests of the potential customers, or if there is a bankruptcy order filed against the Finance Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If a Finance Company wishes to cease operations it must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Regulations also provide for penalties that will be imposed if such company does not follow the provisions of the Regulations including adhering to the anti-money laundering policies laid down by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Permitted Activities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10.1 of the Regulation details out the types of activities that are permitted, which are:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Retail finance,</li>\r\n 	<li dir=\"LTR\">mortgage finance,</li>\r\n 	<li dir=\"LTR\">wholesale finance,</li>\r\n 	<li dir=\"LTR\">pre-paid cards, and</li>\r\n 	<li dir=\"LTR\">distribution of third party products.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank can review and amend this list from time to time.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10 further sets out the do’s and dont’s in relation to the business of the Finance Company, certain key features are:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">it can extend loans only to ‘Juridicial Persons’ (defined under Article 93 of the UAE Civil Transactions Law) and individuals in the UAE. However, it is prohibited from accepting deposits or loans from individuals.</li>\r\n 	<li dir=\"LTR\">it may accept deposits only from Juridicial Persons, subject to certain conditions laid out under Article 10.4 and also borrow from UAE banks, and may even receive foreign funding provided that its risk has been adequately hedged. In doing so it must not exceed 25% of the sum of total amount of its debt capital.</li>\r\n 	<li dir=\"LTR\">it must obtain a no objection letter from the Central Bank in order to provide any new product line from within activities specified in its license.</li>\r\n 	<li dir=\"LTR\">it may only participate in the share capital of brokerage companies, money exchanges, UAE banks and other Finance Companies. Any such single participation cannot exceed 10% of its debt capital and the aggregate participation must not exceed 25% of the debt capital.</li>\r\n 	<li dir=\"LTR\">It must obtain approval from the Central Bank in order to issue bonds or sukuks. Such bonds and sukuks shall only be denominated in UAE dirhams or US Dollars.</li>\r\n 	<li dir=\"LTR\">it is prohibited from financing a borrower which is not an entity incorporated in the UAE or its free zones, or a UAE resident, or where the mortgaged assets are not in the UAE.</li>\r\n 	<li dir=\"LTR\">it is prohibited from entering into the business of money exchange.</li>\r\n 	<li dir=\"LTR\">it must not purchase immovable properties unless for its own use or specific approval for the same has been obtained from the Central Bank. This rule does not apply to Islamic Finance Companies (IFC). IFCs may own property including immovable property and goods as part of an underlying financing contract with a borrower.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Minimum Capital, Liquidity Requirements and Credit Exposure Restrictions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The minimum paid-up capital for a Finance Company is 150 million UAE Dirhams. UAE national ownership of the Finance Company must comprise at least 60% of total paid-up capital. Finance Companies must also allocate at least 10% of annual net profits to establishing a statutory reserve until the reserve equals 50% of its paid-up capital.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To withstand short-term liquidity stress, Finance Companies are required to hold an amount equivalent to 10% of their aggregate liabilities in liquid assets i.e. cash held in UAE bank, Certificates of deposit issued by the Central Bank held via a UAE bank, short term deposits with a UAE bank with maturity upto 30 days and UAE federal and local government bonds, which must not exceed 30% of the total liquid assets. For the purpose of calculating the 10% amount, a Finance Company may deduct from its aggregate liabilities, cash collateral, bank guarantees from UAE banks and sovereign guarantees.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The credit exposure is considered ‘large’ if the value of such exposure to one borrower or group of related entities is 7% or more. The Regulations set out maximum exposure limits for different borrower types.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Organisational Structure, Composition and Policies of the Finance Company</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Founding shareholders - Founding shareholders must satisfy \"Fit and Proper\" criteria as defined by the Central Bank and their appointment must be in line with the Commercial Companies Law<strong>.</strong></li>\r\n 	<li dir=\"LTR\">Board of Directors - The board of directors of a Finance Company must have no fewer than five members. Atleast 60% of the board members of an IFC must have knowledge of the banking business or Islamic finance and banking business as the case may be. The Regulations provide for detailed selection processes and guidances in relation to the board of directors</li>\r\n 	<li dir=\"LTR\">Sharia’a Supervision Committee and other committees - An IFC must have a Sharia’a Supervision Committee, and its role must be laid out in the policies of the IFC. Finance Companies must also have a board committee and credit committee.</li>\r\n 	<li dir=\"LTR\">Senior Management – Finance Companies must comply with the ‘fit and proper‘ test set out by the Central Bank and must be professional who understands the business of finance and was experience of not less than 10 years in the field of finance. Person within the senior management cannot be a part of the board.</li>\r\n 	<li dir=\"LTR\">Corporate Governance - While the Regulations set out certain minimum requirements for corporate governance, Finance Companies are permitted to set out their own policies and framework for corporate governance (complying with the Regulations), however these must be approved by its board of directors and a copy of such policies must be provided to the Central Bank.</li>\r\n 	<li dir=\"LTR\">Internal Policies – the Regulations set out the requirements that need to be adhered to by Finance Companies and IFC with respect to its internal polices in relation to management, risk management, extension of credit, compliance, information technology, security, audit, remuneration, outsourcing, etc.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Other provisions</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Consumer Protection: the Name of the finance company must not include the words \"bank\", \"investment company\" or and other term which may mislead its customer. It must provide its customers with sufficient information regarding its products, etc. in order for them to be able to make an informed decision. The Finance Company must follow the Central Bank guidelines in relation to ‘Consumer Protection’.</li>\r\n 	<li dir=\"LTR\">Credit Reports - Every Finance Company must adhere to the credit reporting requirements of the Al Etihad Credit Bureau and other credit agencies to provide to and obtain information of the Borrower.</li>\r\n 	<li dir=\"LTR\">Accounting Standards - A Finance Company must implement all applicable International Accounting Standards/International Financial Reporting Standards and provide the Central Bank with two copies of signed audited financial statements, including external auditor reports, before 31st March every year. The Central Bank may require the Finance Company to appoint another auditor if the size and nature of the business of the Finance Company so requires.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Differences in the new Regulations from the Previous Regulations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The 2018 Regulations are far more detailed in the nature of investments permitted, liquidity requirements, organisational structure to be followed, investor guidance; we have set out below certain differences in the provisions between the Previous Regulations and 2018 Regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"wp-image-7997 aligncenter\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/Screen-Shot-2018-07-31-at-5.23.26-PM.png\" alt=\"\" width=\"600\" height=\"589\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations apply to all Finance Companies. Accordingly companies licensed prior to the date of the issuance of these Regulations need to comply with the 2018 Regulations and are given a period not exceeding 3 years from the publication to conform. However, the Central Bank may amend the requirement of compliance within 3 years if it deems the finance company to be substantially in compliance with these Regulations. All existing Finance Companies will require to provide the Central Bank with a detailed adjustment plan to comply with the articles of these Regulations.</p>\r\nAl Tamimi &amp; Company’s Banking and Finance team regularly advises on the Finance Company Regulations. For further information please contact Mark Brown (m.brown@tamimi.com) or Maymoona Talib (m.talib@tamimi.com).|<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft wp-image-7994 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/11.jpg\" alt=\"\" width=\"5472\" height=\"845\" />Amongst the several new laws and regulations being introduced in the UAE, the UAE Central Bank (\"Central Bank\") has on10 May 2018 issued new Finance Company Regulations (\"Regulations\" or \"2018 Regulations\") which are to come into effect one month after its publication.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations replace the previous finance company regulations issued in 1996 and finance companies regulations for companies conducting business as per Islamic sharia’a principles issued in 2004 (\"Previous Regulations\") and aim at providing a detailed regulatory framework for Finance Companies to operate and develop within the UAE and also covers in its ambit the framework for protecting the customers of such Finance Companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations consolidate the regulations for both Islamic finance and conventional finance companies (\"Finance Company/ies\") and incorporate certain significant changes including changes to capital requirements and corporate governance, to also be followed by existing Finance Companies. We have set out below certain noteworthy features of these Regulations and a comparative table on the key changes from the Previous Regulations on subject.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>License Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Pursuant to these Regulations, conducting financing activities in the UAE without a central bank license is prohibited. An application for such license must include the proposed scope of activities, a feasibility study illustrating the financial activities and products to be launched, estimated financial projections, risk factors, corporate structure, start-up costs, branches and a recruitment plan.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another important requisite is for the applicant to provide an unconditional guarantee from a UAE Bank, in favour of the Central Bank for an amount equivalent to the minimum required paid-up capital. The License will be granted for a period of three years and may be renewable for the same period unless otherwise required by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any changes to the ownership of the Finance Company of 5% or more will require prior approval from the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Cancelling or Revoking a License</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank has the discretion to approve or refuse the License application, but must notify applicants in writing with reasons in case there is a refusal. Licenses can also be amended, revoked or cancelled at the discretion of the Board. The Regulations set out instances when the license can be cancelled which include providing false/misleading information, risking interests of the potential customers, or if there is a bankruptcy order filed against the Finance Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If a Finance Company wishes to cease operations it must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Regulations also provide for penalties that will be imposed if such company does not follow the provisions of the Regulations including adhering to the anti-money laundering policies laid down by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Permitted Activities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10.1 of the Regulation details out the types of activities that are permitted, which are:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Retail finance,</li>\r\n 	<li dir=\"LTR\">mortgage finance,</li>\r\n 	<li dir=\"LTR\">wholesale finance,</li>\r\n 	<li dir=\"LTR\">pre-paid cards, and</li>\r\n 	<li dir=\"LTR\">distribution of third party products.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank can review and amend this list from time to time.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10 further sets out the do’s and dont’s in relation to the business of the Finance Company, certain key features are:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">it can extend loans only to ‘Juridicial Persons’ (defined under Article 93 of the UAE Civil Transactions Law) and individuals in the UAE. However, it is prohibited from accepting deposits or loans from individuals.</li>\r\n 	<li dir=\"LTR\">it may accept deposits only from Juridicial Persons, subject to certain conditions laid out under Article 10.4 and also borrow from UAE banks, and may even receive foreign funding provided that its risk has been adequately hedged. In doing so it must not exceed 25% of the sum of total amount of its debt capital.</li>\r\n 	<li dir=\"LTR\">it must obtain a no objection letter from the Central Bank in order to provide any new product line from within activities specified in its license.</li>\r\n 	<li dir=\"LTR\">it may only participate in the share capital of brokerage companies, money exchanges, UAE banks and other Finance Companies. Any such single participation cannot exceed 10% of its debt capital and the aggregate participation must not exceed 25% of the debt capital.</li>\r\n 	<li dir=\"LTR\">It must obtain approval from the Central Bank in order to issue bonds or sukuks. Such bonds and sukuks shall only be denominated in UAE dirhams or US Dollars.</li>\r\n 	<li dir=\"LTR\">it is prohibited from financing a borrower which is not an entity incorporated in the UAE or its free zones, or a UAE resident, or where the mortgaged assets are not in the UAE.</li>\r\n 	<li dir=\"LTR\">it is prohibited from entering into the business of money exchange.</li>\r\n 	<li dir=\"LTR\">it must not purchase immovable properties unless for its own use or specific approval for the same has been obtained from the Central Bank. This rule does not apply to Islamic Finance Companies (IFC). IFCs may own property including immovable property and goods as part of an underlying financing contract with a borrower.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Minimum Capital, Liquidity Requirements and Credit Exposure Restrictions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The minimum paid-up capital for a Finance Company is 150 million UAE Dirhams. UAE national ownership of the Finance Company must comprise at least 60% of total paid-up capital. Finance Companies must also allocate at least 10% of annual net profits to establishing a statutory reserve until the reserve equals 50% of its paid-up capital.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To withstand short-term liquidity stress, Finance Companies are required to hold an amount equivalent to 10% of their aggregate liabilities in liquid assets i.e. cash held in UAE bank, Certificates of deposit issued by the Central Bank held via a UAE bank, short term deposits with a UAE bank with maturity upto 30 days and UAE federal and local government bonds, which must not exceed 30% of the total liquid assets. For the purpose of calculating the 10% amount, a Finance Company may deduct from its aggregate liabilities, cash collateral, bank guarantees from UAE banks and sovereign guarantees.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The credit exposure is considered ‘large’ if the value of such exposure to one borrower or group of related entities is 7% or more. The Regulations set out maximum exposure limits for different borrower types.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Organisational Structure, Composition and Policies of the Finance Company</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Founding shareholders - Founding shareholders must satisfy \"Fit and Proper\" criteria as defined by the Central Bank and their appointment must be in line with the Commercial Companies Law<strong>.</strong></li>\r\n 	<li dir=\"LTR\">Board of Directors - The board of directors of a Finance Company must have no fewer than five members. Atleast 60% of the board members of an IFC must have knowledge of the banking business or Islamic finance and banking business as the case may be. The Regulations provide for detailed selection processes and guidances in relation to the board of directors</li>\r\n 	<li dir=\"LTR\">Sharia’a Supervision Committee and other committees - An IFC must have a Sharia’a Supervision Committee, and its role must be laid out in the policies of the IFC. Finance Companies must also have a board committee and credit committee.</li>\r\n 	<li dir=\"LTR\">Senior Management – Finance Companies must comply with the ‘fit and proper‘ test set out by the Central Bank and must be professional who understands the business of finance and was experience of not less than 10 years in the field of finance. Person within the senior management cannot be a part of the board.</li>\r\n 	<li dir=\"LTR\">Corporate Governance - While the Regulations set out certain minimum requirements for corporate governance, Finance Companies are permitted to set out their own policies and framework for corporate governance (complying with the Regulations), however these must be approved by its board of directors and a copy of such policies must be provided to the Central Bank.</li>\r\n 	<li dir=\"LTR\">Internal Policies – the Regulations set out the requirements that need to be adhered to by Finance Companies and IFC with respect to its internal polices in relation to management, risk management, extension of credit, compliance, information technology, security, audit, remuneration, outsourcing, etc.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Other provisions</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Consumer Protection: the Name of the finance company must not include the words \"bank\", \"investment company\" or and other term which may mislead its customer. It must provide its customers with sufficient information regarding its products, etc. in order for them to be able to make an informed decision. The Finance Company must follow the Central Bank guidelines in relation to ‘Consumer Protection’.</li>\r\n 	<li dir=\"LTR\">Credit Reports - Every Finance Company must adhere to the credit reporting requirements of the Al Etihad Credit Bureau and other credit agencies to provide to and obtain information of the Borrower.</li>\r\n 	<li dir=\"LTR\">Accounting Standards - A Finance Company must implement all applicable International Accounting Standards/International Financial Reporting Standards and provide the Central Bank with two copies of signed audited financial statements, including external auditor reports, before 31st March every year. The Central Bank may require the Finance Company to appoint another auditor if the size and nature of the business of the Finance Company so requires.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Differences in the new Regulations from the Previous Regulations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The 2018 Regulations are far more detailed in the nature of investments permitted, liquidity requirements, organisational structure to be followed, investor guidance; we have set out below certain differences in the provisions between the Previous Regulations and 2018 Regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"wp-image-7997 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/Screen-Shot-2018-07-31-at-5.23.26-PM.png\" alt=\"\" width=\"600\" height=\"589\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations apply to all Finance Companies. Accordingly companies licensed prior to the date of the issuance of these Regulations need to comply with the 2018 Regulations and are given a period not exceeding 3 years from the publication to conform. However, the Central Bank may amend the requirement of compliance within 3 years if it deems the finance company to be substantially in compliance with these Regulations. All existing Finance Companies will require to provide the Central Bank with a detailed adjustment plan to comply with the articles of these Regulations.</p>\r\nAl Tamimi &amp; Company’s Banking and Finance team regularly advises on the Finance Company Regulations. For further information please contact Mark Brown (m.brown@tamimi.com) or Maymoona Talib (m.talib@tamimi.com).'),
	(248827,24283,'ClientIP','86.98.5.18'),
	(248828,24283,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248829,24283,'CurrentUserID','8'),
	(248830,24283,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248831,24284,'PostID','7935'),
	(248832,24284,'PostType','law_update_articles'),
	(248833,24284,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(248834,24284,'PostStatus','draft'),
	(248835,24284,'PostDate','2018-07-31 17:27:07'),
	(248836,24284,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7935'),
	(248837,24284,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(248838,24284,'ClientIP','86.98.5.18'),
	(248839,24284,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248840,24284,'CurrentUserID','8'),
	(248841,24284,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248842,24285,'PostID','7935'),
	(248843,24285,'PostType','law_update_articles'),
	(248844,24285,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(248845,24285,'PostStatus','draft'),
	(248846,24285,'PostDate','2018-07-31 17:27:11'),
	(248847,24285,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7935'),
	(248848,24285,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(248849,24285,'ClientIP','86.98.5.18'),
	(248850,24285,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248851,24285,'CurrentUserID','8'),
	(248852,24285,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248853,24286,'PostID','7937'),
	(248854,24286,'PostType','law_update_articles'),
	(248855,24286,'PostTitle','Now Coming to the DIFC: The Infinitely Flexible and Versatile Corporate Scheme of Arrangement'),
	(248856,24286,'PostStatus','draft'),
	(248857,24286,'PostDate','2018-07-31 12:20:40'),
	(248858,24286,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7937'),
	(248859,24286,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7937&amp;action=edit'),
	(248860,24286,'ClientIP','86.98.5.18'),
	(248861,24286,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(248862,24286,'CurrentUserID','8'),
	(248863,24286,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(248864,24287,'PostID','7937'),
	(248865,24287,'PostTitle','Now Coming to the DIFC: The Infinitely Flexible and Versatile Corporate Scheme of Arrangement'),
	(248866,24287,'PostStatus','draft'),
	(248867,24287,'PostType','law_update_articles'),
	(248868,24287,'PostDate','2018-07-31 17:30:12'),
	(248869,24287,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7937'),
	(248870,24287,'MetaID','223152'),
	(248871,24287,'MetaKey','content'),
	(248872,24287,'MetaValueNew','<p dir=\"LTR\" align=\"LEFT\"><img class=\"wp-image-7968 size-large alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/13-1024x681.jpg\" alt=\"\" width=\"640\" height=\"426\" />The new DIFC Companies Law is expected to come into force in August / September 2018. The new law will make a number of major changes to the rules governing DIFC-established companies, including:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">the removal of the category of limited liability companies (as an option to the company limited by shares) and the introduction of differing regulatory requirements imposed on private and public companies respectively; and</li>\r\n 	<li dir=\"LTR\">the introduction of more detailed and explicit provisions imposing and regulating directors’ duties.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">This article concerns the most innovative feature of the new law, the introduction of a legal framework for corporate schemes of arrangement.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A scheme of arrangement is a process which empowers companies to enter an array of binding arrangements and agreements with its shareholders and/or creditors as classes. Where an arrangement is supported by 75% of the relevant classes of creditors or shareholders, the Court has power to sanction it and to bind all the stakeholders, including any dissenting minority. Schemes of arrangement are used extensively in England and in other common law jurisdictions, so it is a welcome innovation for DIFC companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The legal process for schemes of arrangement was originally developed in England but the new DIFC provisions are closely modelled on Jersey law, which is less detailed and prescriptive than the legislation now applying in England and Wales. The DIFC provisions relating to compromises and arrangements can be found in Articles 124 to 126 of the new Companies Law.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>How are Schemes Commonly Used?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Schemes of arrangement are extremely flexible and the legislation does not restrict the form or content of the compromise or arrangement. Here are a number of examples of how schemes have been employed successfully in the UK:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\"><strong>Reducing debt and carrying out debt for equity swaps</strong></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\">Sometimes, a scheme of arrangement can be used to reduce the value of claims from both secured and unsecured creditors. Debt reduction can occur as part of a compromise, where creditors agree to accept a pro-rated percentage of the total debt so the company can continue to be viable. Often, in these circumstances, a creditor will ‘swap’ some of its debt in the company for equity in a new holding company. This reduces the debt of the operating company, allows it to continue trading and provides for a cash injection into the new holding company.</p>\r\n<p style=\"padding-left: 60px;\"><em>For example, in the Countrywide plc case, the company had issued senior secured loan notes worth £470 million which were reduced to £175 million and the holder of the senior secured loan notes agreed to inject capital into a new holding company in return for 35% of the equity in that company. In addition, it was agreed to convert unsecured loan notes worth £170 million to 5% of equity in the new holding company. The proposal was supported by the majority of the loan note holders and so the court approved the agreement.</em></p>\r\n\r\n<ul>\r\n 	<li><em><strong>An alternative to liquidation</strong></em></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\"><em>Schemes can also be used as an alternative to a formal liquidation process. The terms of the scheme will prescribe a distribution of the company’s assets between the creditors. This can be helpful when there are a number of contingent claims which may be difficult to quantify and would delay the liquidation process or where assets of a group of companies are difficult to identify as owned by a particular member of a group.</em></p>\r\n\r\n<ul>\r\n 	<li><em><strong>Where the company seeks to assure future solvency by \"ring fencing\" contingent claims</strong></em></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\">In <em>Re Cape plc &amp; Ors</em>, Cape plc and its subsidiary companies called a meeting of creditors to approve a solvent scheme of arrangement.</p>\r\n<p style=\"padding-left: 60px;\">Cape plc’s group business was asbestos mining and the manufacture, distribution and installation of asbestos products. The company was solvent, but faced many future contingent claims due to its employees’ past exposure to asbestos dust. Given the slow emergence of medical problems caused by exposure to asbestos, it was clear that the company would face claims in the future, but at the time of proposing the scheme noone could quantify the value of these claims with precision.</p>\r\n<p style=\"padding-left: 60px;\">The scheme of arrangement was designed to protect the group’s ongoing businesses from the asbestos claims, whilst at the same time diverting a percentage of its earnings into a sinking fund for the payment of those claims. The Court approved the proposed scheme, thereby allowing Cape plc to create a subsidiary company to deal with all present and future claims, effectively ring-fencing the rest of the Cape group from the disruptive effect of the claims.</p>\r\n\r\n<ul>\r\n 	<li><strong>Takeovers</strong></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\">Schemes of arrangement are used in the UK as an alternative way to implement a company takeover rather than following the City Code on Takeovers and Mergers Takeover Regulations (\"UK Takeover Regulations\"). Consent is only required from 75% of the shareholders for all shareholders to be bound and liable to compulsory acquisition; whereas 90% of the shareholders are required to consent under the UK Takeover Regulations to achieve a ‘squeeze-out’.</p>\r\n<p style=\"padding-left: 60px;\">An example of this in practice is the case of TDG plc. There the company applied for an order under the Companies Act 2006 sanctioning a scheme of arrangement, the object of which was to facilitate the acquisition of shares in the company by a buyer. A minority shareholder opposed the approval of the scheme. The scheme was approved by the court as reasonable so all shareholders were bound to transfer their shares to the acquiring company.</p>\r\n<p style=\"padding-left: 60px;\">The provisions of the old DIFC Companies law in respect of takeovers contain the same threshold to that of the UK Takeover Regulations (consent of 90% of the shareholders). The introduction of the New Law will enable all shareholders to be bound by the arrangement with only the consent of 75% of the shareholders. This is likely to facilitate takeovers in the DIFC, particularly in circumstances where there are dissenting or ‘lost’ shareholders. The provisions can also be used to implement a ‘squeeze-out’.</p>\r\n\r\n<ul>\r\n 	<li><strong>Demergers</strong></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\">In the case of BGEO Group plc the applicant company applied for the court to sanction a scheme of arrangement to split its investment business from its banking business. The scheme involved the insertion of a new holding company and, once the scheme had taken effect, the demerger of the group’s two businesses. The new holding company would undertake a swap reduction of capital for the purpose of demerging the investment business. The shareholder agreed to swap their shares in the applicant company for shares in the new holding company on a one-for-one basis.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Benefits to companies incorporated in the DIFC</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The new provisions will open up wide range of flexible options for restructuring debt or equity. In certain scenarios, additional requirements of the DIFC companies law will also need to be taken into account, in particular the rules governing any return of capital to shareholders, so there may need to be parallel compliance.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>What types of compromises or arrangements will be approved?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Subject to the required formalities and approvals, schemes can be used to bind all shareholders of the relevant class(es) of creditors and/or shareholders to almost any type of reorganisation. Nothing in the new law limits the subject matter of a scheme. In theory a scheme could be a compromise or arrangement between a company and its creditors or shareholders about anything which they can properly agree amongst themselves.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">However, a scheme must be a ‘genuine’ and ‘effective’ arrangement or compromise. This means that the shareholders and creditors of the company which participate in the scheme must obtain some advantage in compensation for the scheme’s alteration of their pre-scheme rights entitlements.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>The procedure</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">For a company to obtain a sanctioned compromise or arrangement in accordance with the New Law, the following steps will need to be undertaken:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">The person proposing the scheme of arrangement must seek a court order to convene creditor and/or shareholder meetings (as relevant) in order to vote on the proposed scheme;</li>\r\n 	<li dir=\"LTR\">The notice calling for the meeting whether by letter or advertisement, must include a statement containing details of; (i) the effect of the proposed compromise or arrangements, (ii) material interests of the directors of the company in the arrangement, (iii) if any debentures have been issued by the company how the arrangement or compromise would affect the rights of the debenture holders; and (iv) any other matter which would have a material impact on the company, its creditors and shareholder.</li>\r\n 	<li dir=\"LTR\">Compromise or arrangement schemes require approval by at least 75% in value of each class of the creditors who vote on the compromise or arrangements or the holders of 75% of the voting rights of the shareholders or class of shareholders, as the case may be, present and voting either in person or by proxy at the meeting;</li>\r\n 	<li dir=\"LTR\">After the scheme has been approved by the shareholders or creditor, it must then be sanctioned by the court;</li>\r\n 	<li dir=\"LTR\">Any interested shareholder or creditor can be represented when the court considers the application to sanction the scheme, and may argue for or against the sanctioning of the scheme.</li>\r\n 	<li dir=\"LTR\">A copy of the court order must then be sent to the Registrar and the Registrar will ensure that a copy of the court order is included in the company’s articles of association.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\">Applications for a scheme of arrangement can be made by the company, a creditor or shareholder or in the case of a company being wound up its liquidator.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The introduction of schemes of arrangement in the DIFC paves the way to greater flexibility in implementing a range of sophisticated deals within the DIFC from equity swaps, to demergers, to corporate turnarounds.</p>\r\n<em>Al Tamimi &amp; Company’s Corporate and Commercial team regularly advises on restructuring and take over arrangements. For further information please contact Anna Robinson, a.robinson@tamimi.com or Richard Catling, r.catling@tamimi.com.</em>'),
	(250290,24416,'PostDate','2018-07-31 17:53:07'),
	(250286,24416,'PostID','7945'),
	(250287,24416,'PostType','law_update_articles'),
	(250288,24416,'PostTitle','From Stadion to E-Gaming in the UAE: A look at Stadium'),
	(250289,24416,'PostStatus','draft'),
	(250291,24416,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7945'),
	(250292,24416,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7945&amp;action=edit'),
	(250293,24416,'ClientIP','86.98.5.18'),
	(250294,24416,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(250295,24416,'CurrentUserID','8'),
	(250296,24416,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(250297,24417,'PostID','7945'),
	(250298,24417,'PostTitle','From Stadion to E-Gaming in the UAE: A look at Stadium'),
	(250299,24417,'PostStatus','draft'),
	(250300,24417,'PostType','law_update_articles'),
	(250301,24417,'PostDate','2018-07-31 17:53:40'),
	(250302,24417,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7945'),
	(250303,24417,'MetaID','223562'),
	(250304,24417,'MetaKey','content'),
	(250305,24417,'MetaValueNew','<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignright size-full wp-image-8021\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/12323.jpg\" alt=\"\" width=\"4272\" height=\"1747\" />A brief history of stadiums</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The origins of stadiums lie in Ancient Greece in the 8th Century BC where a \"stadion’ (or \"stadium\" in its translated Latin form) was a unit of measurement approximately 200 metres in length. The name of stadion referred to both the elongated U-shaped track of the same length and the sprint race that was run along its distance. The tracks were usually surrounded by rudimentary stands that were sometimes built into hillsides or surrounded by artificial embankments of stone steps in order for spectators to view the race.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Romans later advanced the development of stadiums with the \"circus\", which had a similar, open-ended horseshoe shape to the stadion, but which was used for horse and chariot racing. However, the familiar modern day design was really started with the amphitheatre, which could accommodate much larger crowds, was often multi-tiered and wrapped around the often gruesome gladiatorial, venatio (animal hunts) and naumachia (staged naval battles to the death involving condemned prisoners) events put on for mass entertainment in a circle of blood thirsty noise.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">With the fall of the Roman Empire, \"sports\" and their associated facilities also fell into a steep decline during the Middle Ages with the world more pre-occupied with other matters – with jousting being a notable anomaly.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It was not until the late 19th Century, with large scale urbanisation and the huge growth in organised sports such as football, rugby and cricket in the UK and baseball in the United States, that the modern era of the stadium began and which drew upon its ancient roots. Although the sportsmen on the field of play now managed to escape with their lives, football stadiums in the UK, at least, retained much of the \"red in tooth and claw\" atmosphere of their Roman ancestors right up to as recently as the end of the 1980s.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">My own first experience of attending a stadium was as a child with my father in 1987 standing in the Gallowgate End at St James’ Park watching Newcastle United inflict a very rare 2-1 victory over Manchester United. The memories of that day remain very vivid – the pitch, the ear-splitting volume of the chants, the soggy meat pies, watching Gazza do his stuff as a young 19 year-old, Gordon Strachan’s long range equaliser on the stroke of half time (with the ball remaining ominously lodged in the top right stanchion of the goal in front of me for the whole of the half time interval) and Paul Goddard’s 90th minute winner which sent the place ballistic in a primeval frenzy – all of which was simultaneously pretty intoxicating and slightly terrifying for a 10 year old.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">As Nick Hornby describes of his first football match in his 1992 novel Fever Pitch, an autobiographical account of his lifelong obsession with Arsenal FC:</p>\r\n<p dir=\"LTR\" align=\"LEFT\">\"All I saw on the day was a bewildering chain of incomprehensible incidents ... I remember the overwhelming maleness of it all – cigar and pipe smoke, foul language ... I’d been to public entertainments before, of course ... but that was different. The audiences I had hithero been a part of had paid to have a good time and, though occasionally one might spot a fidgety child or yawning adult, I hadn’t ever noticed faces contorted by rage or despair or frustration. Entertainment as pain was an idea entirely new to me\".</p>\r\n<p dir=\"LTR\" align=\"LEFT\">However, change was afoot. The design of football stadiums and related health and safety legislation in the UK were subject to a massive overhaul following a series of tragedies such as Hillsborough, the Bradford City fire and the Heysel Stadium disaster in the 1980s. Such catastrophes highlighted fatal flaws in stadium design and crowd control at such time. As a result, standing areas were removed from stadiums, which became all-seaters, and an era of much safer, comfortable and more family friendly stadiums was ushered in. The new designs also led to the commercialisation of the stadium with the introduction of hospitality areas and services, acoustics and lighting fit for TV purposes, the hosting of alternative events such as music concerts, and additional commercial facilities such as food and beverage outlets, hotels and conference rooms – all of which increased the frequency and diversity of stadium use.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>A view from pitch side</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Talking of Manchester United, I spoke with Dan Schofield, Head of Venue Operations at Old Trafford and self-confessed stadium geek on the current state of play. Dan provided me with the following insights:</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>\"Stadium development is such a hot topic at the moment in the football industry with clubs jostling and jockeying for position in bringing the newest and best developments in the quest for commercial gain, footballing excellence and fan experience. The big challenge for us all is to find the right balance of each of those elements and different clubs have taken differing approaches. Some, such as Liverpool, FC Barcelona and Sheffield United are looking at modernising existing stadiums whilst others, including Tottenham Hotspur, Everton and Chelsea are spending huge amounts on developing completely new stadiums. To justify these huge outlays in capital expenditure clubs are looking to \"sweat the asset\" and stage as many different events and activities as they can in the stadium. If managed well the non-matchday business can be as lucrative as the matchday business.</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>If you take a deep-dive in to the new White Hart Lane development, for example, you will see that Spurs have incorporated a skywalk, abseil and a huge Museum experience - all to bolster the non-matchday revenue generating potential of the facility. That is in addition to an average of 27 homes games (across all competitions) and a number of NFL games and concerts which they have contracted to take place. This diversification is always a balancing act between bringing in commercially viable events whilst not impacting on the footballing performance on the pitch. It’s been fascinating to follow the development at Spurs and in particular the retractable pitch they are implementing which will enable them to host NFL games and concerts on an artificial surface whilst the football surface is retracted out of the stadium on a series of mechanical trays, rails and hoists.</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>I’m very fortunate that my role heading up the venue operations at Manchester United allows me to visit stadiums all over the world and I make a point of trying to learn something from every venue we visit. I’m particularly looking forward to a trip to Michigan at the end of July where we are playing a pre-season tour game at the 107,000 capacity \"Big House\" stadium. Every stadium you visit is different and having joked about it for years I’ve certainly got enough Stadium based anecdotes to write a book called \"Around the World in 80 Stadiums\" which one day I may well do….. I recently added a new stadium I want to visit to my bucket-list with the Ekaterinburg Arena in Russia in its World Cup guise with its 147 foot high temporary scaffold stands literally outside the stadium with part of the perimeter cut out allowing fans to see the game. You look at photos, scratch your head and question how it’s possible and I’d love to visit and have a proper stomp all over it in person.</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>I’m blessed with a fantastic facility in the 75,000 capacity Old Trafford and it’s a fantastic time to be involved in the stadium industry with a number of exciting developments happening all over the world and new ones being announced on an almost weekly basis. I’d recommend for anyone interested in the subject to sign-up to a couple of industry newsletters which help keep you abreast of developments and changes in the global stadium industry, I’d particularly recommend www.stadia-magazine.com and www.sportindustry.biz \"</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignright wp-image-8007 \" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_421751620-1024x682.jpg\" alt=\"\" width=\"668\" height=\"445\" />E-gaming stadiums</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">As for the future, stadiums will continue to evolve - becoming safer and more technologically sophisticated, diverse in their uses and sustainable; often built with iconic designs (see Qatar 2022) that provide a focal point for cities that are instantly recognisable internationally. They can also help to rejuvenate the economy and attract business in previously run down areas of a city in which they are anchored.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">One example of such evolution in the digital age is with the new phenomena of e-sports stadiums, where professional gamers compete with each other in front of a live audience. Such stadiums are already operational in the United States, China and South Korea and have a huge potential in terms of audience numbers and revenue.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">With a plethora of international standard stadiums already built and construction of the new Dubai Arena well underway, Dubai, ever at the cutting edge of building design and digital technology and soon to be host of EXPO 2020, has also announced the Dubai X-Stadium, a new e-gaming stadium being developed through a joint initiative between Dubai Media Office and TECOM Group.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The features and design of such e-gaming stadiums diverge from traditional stadiums, most notably in that all the action is on huge high definition screens rather than the audience focus being on the competitors, who may be squirreled away in separate booths during play. Use of holographic displays and augmented and virtual reality are also likely to play a significant part in the audience’s experience. Fans are also likely to have a much less sedentary, static relationship with the games – with the freedom to circulate within the stadium and experience other zones and outlets catering to the modern tastes of a new generation - soggy meat pies are likely to be thin on the ground.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Some UAE real estate legal considerations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>\"We don’t want people to leave the stadium until the game finishes\"</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Jurgen Klopp, manager of Liverpool FC in 2016</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the UAE, there are a number of mixed use, master communities that have a stadium as their focal point or as a prominent feature such as Sports City and Motor City in Dubai, Yas Island in Abu Dhabi and Hazza Bin Zayed Stadium in Al Ain (home of Al Ain F.C).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Developers of such cornerstone plots in such developments will often be granted certain concessions in terms of master community fees in light of the fact that use of such facilities is more intermittent than standard commercial use and that they serve as a key attractor to investors, retailers and third party purchasers of residential property within the master community. Any such concessions should be expressly disclosed to third party purchasers by the master developer prior to the parties entering into a sale and purchase agreement.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In addition, although you would think that any such third party purchasers of residential property or commercial tenants would be well aware of potential infringements upon their use and enjoyment of their properties within such a stadium focussed master community, it would also be prudent of master developers to cover off the risk of any nuisance related claims. This may include express wording contained in the relevant master community declaration (which typically purchasers are bound by through the signing of a declaration of adherence upon purchase) or lease whereby a purchaser/tenant acknowledges and waives any claims relating to such matters as traffic congestion, noise and light pollution.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another issue for retail tenants in stadium facilities are conflicts that may arise with the landlord/stadium owner’s sponsors – particularly in relation to special, one off events taking place at the stadium. It is therefore not unusual to find provisions in such leases whereby the landlord reserves rights to impose signage and branding blackouts or restrictions on the sale of goods or services during certain times when a conflict arises with sponsors. This can be a tricky issue and needs to be carefully managed and negotiated up front in the lease. Often with leases where tenants that have a particular connection to the type of sport practised at the stadium, the lease itself may be just a part of a wider commercial deal with the stadium and this may assist with negotiations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Stadiums should also have good standard forms of venue hire agreements and short term kiosk type agreements in place. One issue to be considered is the potential effect of landlord and tenant laws in the UAE on such agreements. Unlike in the UK for example, where the case of Street v Mountford [1985] established that the legal distinction between a lease and an occupational licence is whether or not the tenant enjoys \"exclusive possession\" of the premises, there is no such distinction under UAE law. A short term occupational licence, even if it is described as such on its face and contains express wording that the parties do not intend to create a lease or a relationship of landlord or tenant, is therefore likely to be considered a lease if the question is brought before judicial authorities. This is significant as this will mean that the so called \"licence\" will be subject to landlord and tenant legislation which, in onshore Dubai for example, is generally very tenant friendly in terms of the rights of the landlord to terminate, renewal and security of tenure for tenants. Nevertheless, on a case by case basis depending on the circumstances, certain structuring of the relevant agreement can potentially help to mitigate the risk of it being caught by local landlord and tenant laws.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">...... and there goes the full time whistle.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">For further information please contact Ian Arnott (i.arnott@tamimi.com)</p>'),
	(248873,24287,'MetaValueOld','<p dir=\"LTR\" align=\"LEFT\">The new DIFC Companies Law is expected to come into force in August / September 2018. The new law will make a number of major changes to the rules governing DIFC-established companies, including:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">the removal of the category of limited liability companies (as an option to the company limited by shares) and the introduction of differing regulatory requirements imposed on private and public companies respectively; and</li>\r\n 	<li dir=\"LTR\">the introduction of more detailed and explicit provisions imposing and regulating directors’ duties.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">This article concerns the most innovative feature of the new law, the introduction of a legal framework for corporate schemes of arrangement.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A scheme of arrangement is a process which empowers companies to enter an array of binding arrangements and agreements with its shareholders and/or creditors as classes. Where an arrangement is supported by 75% of the relevant classes of creditors or shareholders, the Court has power to sanction it and to bind all the stakeholders, including any dissenting minority. Schemes of arrangement are used extensively in England and in other common law jurisdictions, so it is a welcome innovation for DIFC companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The legal process for schemes of arrangement was originally developed in England but the new DIFC provisions are closely modelled on Jersey law, which is less detailed and prescriptive than the legislation now applying in England and Wales. The DIFC provisions relating to compromises and arrangements can be found in Articles 124 to 126 of the new Companies Law.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>How are Schemes Commonly Used?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Schemes of arrangement are extremely flexible and the legislation does not restrict the form or content of the compromise or arrangement. Here are a number of examples of how schemes have been employed successfully in the UK:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\"><strong>Reducing debt and carrying out debt for equity swaps</strong></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\">Sometimes, a scheme of arrangement can be used to reduce the value of claims from both secured and unsecured creditors. Debt reduction can occur as part of a compromise, where creditors agree to accept a pro-rated percentage of the total debt so the company can continue to be viable. Often, in these circumstances, a creditor will ‘swap’ some of its debt in the company for equity in a new holding company. This reduces the debt of the operating company, allows it to continue trading and provides for a cash injection into the new holding company.</p>\r\n<p style=\"padding-left: 60px;\"><em>For example, in the Countrywide plc case, the company had issued senior secured loan notes worth £470 million which were reduced to £175 million and the holder of the senior secured loan notes agreed to inject capital into a new holding company in return for 35% of the equity in that company. In addition, it was agreed to convert unsecured loan notes worth £170 million to 5% of equity in the new holding company. The proposal was supported by the majority of the loan note holders and so the court approved the agreement.</em></p>\r\n\r\n<ul>\r\n 	<li><em><strong>An alternative to liquidation</strong></em></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\"><em>Schemes can also be used as an alternative to a formal liquidation process. The terms of the scheme will prescribe a distribution of the company’s assets between the creditors. This can be helpful when there are a number of contingent claims which may be difficult to quantify and would delay the liquidation process or where assets of a group of companies are difficult to identify as owned by a particular member of a group.</em></p>\r\n\r\n<ul>\r\n 	<li><em><strong>Where the company seeks to assure future solvency by \"ring fencing\" contingent claims</strong></em></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\">In <em>Re Cape plc &amp; Ors</em>, Cape plc and its subsidiary companies called a meeting of creditors to approve a solvent scheme of arrangement.</p>\r\n<p style=\"padding-left: 60px;\">Cape plc’s group business was asbestos mining and the manufacture, distribution and installation of asbestos products. The company was solvent, but faced many future contingent claims due to its employees’ past exposure to asbestos dust. Given the slow emergence of medical problems caused by exposure to asbestos, it was clear that the company would face claims in the future, but at the time of proposing the scheme noone could quantify the value of these claims with precision.</p>\r\n<p style=\"padding-left: 60px;\">The scheme of arrangement was designed to protect the group’s ongoing businesses from the asbestos claims, whilst at the same time diverting a percentage of its earnings into a sinking fund for the payment of those claims. The Court approved the proposed scheme, thereby allowing Cape plc to create a subsidiary company to deal with all present and future claims, effectively ring-fencing the rest of the Cape group from the disruptive effect of the claims.</p>\r\n\r\n<ul>\r\n 	<li><strong>Takeovers</strong></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\">Schemes of arrangement are used in the UK as an alternative way to implement a company takeover rather than following the City Code on Takeovers and Mergers Takeover Regulations (\"UK Takeover Regulations\"). Consent is only required from 75% of the shareholders for all shareholders to be bound and liable to compulsory acquisition; whereas 90% of the shareholders are required to consent under the UK Takeover Regulations to achieve a ‘squeeze-out’.</p>\r\n<p style=\"padding-left: 60px;\">An example of this in practice is the case of TDG plc. There the company applied for an order under the Companies Act 2006 sanctioning a scheme of arrangement, the object of which was to facilitate the acquisition of shares in the company by a buyer. A minority shareholder opposed the approval of the scheme. The scheme was approved by the court as reasonable so all shareholders were bound to transfer their shares to the acquiring company.</p>\r\n<p style=\"padding-left: 60px;\">The provisions of the old DIFC Companies law in respect of takeovers contain the same threshold to that of the UK Takeover Regulations (consent of 90% of the shareholders). The introduction of the New Law will enable all shareholders to be bound by the arrangement with only the consent of 75% of the shareholders. This is likely to facilitate takeovers in the DIFC, particularly in circumstances where there are dissenting or ‘lost’ shareholders. The provisions can also be used to implement a ‘squeeze-out’.</p>\r\n\r\n<ul>\r\n 	<li><strong>Demergers</strong></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\">In the case of BGEO Group plc the applicant company applied for the court to sanction a scheme of arrangement to split its investment business from its banking business. The scheme involved the insertion of a new holding company and, once the scheme had taken effect, the demerger of the group’s two businesses. The new holding company would undertake a swap reduction of capital for the purpose of demerging the investment business. The shareholder agreed to swap their shares in the applicant company for shares in the new holding company on a one-for-one basis.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Benefits to companies incorporated in the DIFC</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The new provisions will open up wide range of flexible options for restructuring debt or equity. In certain scenarios, additional requirements of the DIFC companies law will also need to be taken into account, in particular the rules governing any return of capital to shareholders, so there may need to be parallel compliance.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>What types of compromises or arrangements will be approved?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Subject to the required formalities and approvals, schemes can be used to bind all shareholders of the relevant class(es) of creditors and/or shareholders to almost any type of reorganisation. Nothing in the new law limits the subject matter of a scheme. In theory a scheme could be a compromise or arrangement between a company and its creditors or shareholders about anything which they can properly agree amongst themselves.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">However, a scheme must be a ‘genuine’ and ‘effective’ arrangement or compromise. This means that the shareholders and creditors of the company which participate in the scheme must obtain some advantage in compensation for the scheme’s alteration of their pre-scheme rights entitlements.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>The procedure</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">For a company to obtain a sanctioned compromise or arrangement in accordance with the New Law, the following steps will need to be undertaken:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">The person proposing the scheme of arrangement must seek a court order to convene creditor and/or shareholder meetings (as relevant) in order to vote on the proposed scheme;</li>\r\n 	<li dir=\"LTR\">The notice calling for the meeting whether by letter or advertisement, must include a statement containing details of; (i) the effect of the proposed compromise or arrangements, (ii) material interests of the directors of the company in the arrangement, (iii) if any debentures have been issued by the company how the arrangement or compromise would affect the rights of the debenture holders; and (iv) any other matter which would have a material impact on the company, its creditors and shareholder.</li>\r\n 	<li dir=\"LTR\">Compromise or arrangement schemes require approval by at least 75% in value of each class of the creditors who vote on the compromise or arrangements or the holders of 75% of the voting rights of the shareholders or class of shareholders, as the case may be, present and voting either in person or by proxy at the meeting;</li>\r\n 	<li dir=\"LTR\">After the scheme has been approved by the shareholders or creditor, it must then be sanctioned by the court;</li>\r\n 	<li dir=\"LTR\">Any interested shareholder or creditor can be represented when the court considers the application to sanction the scheme, and may argue for or against the sanctioning of the scheme.</li>\r\n 	<li dir=\"LTR\">A copy of the court order must then be sent to the Registrar and the Registrar will ensure that a copy of the court order is included in the company’s articles of association.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\">Applications for a scheme of arrangement can be made by the company, a creditor or shareholder or in the case of a company being wound up its liquidator.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The introduction of schemes of arrangement in the DIFC paves the way to greater flexibility in implementing a range of sophisticated deals within the DIFC from equity swaps, to demergers, to corporate turnarounds.</p>\r\n<em>Al Tamimi &amp; Company’s Corporate and Commercial team regularly advises on restructuring and take over arrangements. For further information please contact Anna Robinson, a.robinson@tamimi.com or Richard Catling, r.catling@tamimi.com.</em>'),
	(253741,24721,'PostID','7939'),
	(252880,24645,'CurrentUserID','1'),
	(252881,24645,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(252882,24646,'PostID','5'),
	(252883,24646,'PostType','page'),
	(252884,24646,'PostTitle','Home'),
	(259135,25165,'MetaID','223152'),
	(259131,25165,'PostStatus','publish'),
	(259132,25165,'PostType','law_update_articles'),
	(259133,25165,'PostDate','2018-08-01 07:43:04'),
	(259136,25165,'MetaKey','content'),
	(259137,25165,'MetaValueNew','<p dir=\"LTR\" align=\"LEFT\"><img class=\"wp-image-7968 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/13-1024x681.jpg\" alt=\"\" width=\"487\" height=\"324\" />The new DIFC Companies Law is expected to come into force in August / September 2018. The new law will make a number of major changes to the rules governing DIFC-established companies, including:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">the removal of the category of limited liability companies (as an option to the company limited by shares) and the introduction of differing regulatory requirements imposed on private and public companies respectively; and</li>\r\n 	<li dir=\"LTR\">the introduction of more detailed and explicit provisions imposing and regulating directors’ duties.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">This article concerns the most innovative feature of the new law, the introduction of a legal framework for corporate schemes of arrangement.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A scheme of arrangement is a process which empowers companies to enter an array of binding arrangements and agreements with its shareholders and/or creditors as classes. Where an arrangement is supported by 75% of the relevant classes of creditors or shareholders, the Court has power to sanction it and to bind all the stakeholders, including any dissenting minority. Schemes of arrangement are used extensively in England and in other common law jurisdictions, so it is a welcome innovation for DIFC companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The legal process for schemes of arrangement was originally developed in England but the new DIFC provisions are closely modelled on Jersey law, which is less detailed and prescriptive than the legislation now applying in England and Wales. The DIFC provisions relating to compromises and arrangements can be found in Articles 124 to 126 of the new Companies Law.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>How are Schemes Commonly Used?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Schemes of arrangement are extremely flexible and the legislation does not restrict the form or content of the compromise or arrangement. Here are a number of examples of how schemes have been employed successfully in the UK:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\"><strong>Reducing debt and carrying out debt for equity swaps</strong></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\">Sometimes, a scheme of arrangement can be used to reduce the value of claims from both secured and unsecured creditors. Debt reduction can occur as part of a compromise, where creditors agree to accept a pro-rated percentage of the total debt so the company can continue to be viable. Often, in these circumstances, a creditor will ‘swap’ some of its debt in the company for equity in a new holding company. This reduces the debt of the operating company, allows it to continue trading and provides for a cash injection into the new holding company.</p>\r\n<p style=\"padding-left: 60px;\"><em>For example, in the Countrywide plc case, the company had issued senior secured loan notes worth £470 million which were reduced to £175 million and the holder of the senior secured loan notes agreed to inject capital into a new holding company in return for 35% of the equity in that company. In addition, it was agreed to convert unsecured loan notes worth £170 million to 5% of equity in the new holding company. The proposal was supported by the majority of the loan note holders and so the court approved the agreement.</em></p>\r\n\r\n<ul>\r\n 	<li><em><strong>An alternative to liquidation</strong></em></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\"><em>Schemes can also be used as an alternative to a formal liquidation process. The terms of the scheme will prescribe a distribution of the company’s assets between the creditors. This can be helpful when there are a number of contingent claims which may be difficult to quantify and would delay the liquidation process or where assets of a group of companies are difficult to identify as owned by a particular member of a group.</em></p>\r\n\r\n<ul>\r\n 	<li><em><strong>Where the company seeks to assure future solvency by \"ring fencing\" contingent claims</strong></em></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\">In <em>Re Cape plc &amp; Ors</em>, Cape plc and its subsidiary companies called a meeting of creditors to approve a solvent scheme of arrangement.</p>\r\n<p style=\"padding-left: 60px;\">Cape plc’s group business was asbestos mining and the manufacture, distribution and installation of asbestos products. The company was solvent, but faced many future contingent claims due to its employees’ past exposure to asbestos dust. Given the slow emergence of medical problems caused by exposure to asbestos, it was clear that the company would face claims in the future, but at the time of proposing the scheme noone could quantify the value of these claims with precision.</p>\r\n<p style=\"padding-left: 60px;\">The scheme of arrangement was designed to protect the group’s ongoing businesses from the asbestos claims, whilst at the same time diverting a percentage of its earnings into a sinking fund for the payment of those claims. The Court approved the proposed scheme, thereby allowing Cape plc to create a subsidiary company to deal with all present and future claims, effectively ring-fencing the rest of the Cape group from the disruptive effect of the claims.</p>\r\n\r\n<ul>\r\n 	<li><strong>Takeovers</strong></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\">Schemes of arrangement are used in the UK as an alternative way to implement a company takeover rather than following the City Code on Takeovers and Mergers Takeover Regulations (\"UK Takeover Regulations\"). Consent is only required from 75% of the shareholders for all shareholders to be bound and liable to compulsory acquisition; whereas 90% of the shareholders are required to consent under the UK Takeover Regulations to achieve a ‘squeeze-out’.</p>\r\n<p style=\"padding-left: 60px;\">An example of this in practice is the case of TDG plc. There the company applied for an order under the Companies Act 2006 sanctioning a scheme of arrangement, the object of which was to facilitate the acquisition of shares in the company by a buyer. A minority shareholder opposed the approval of the scheme. The scheme was approved by the court as reasonable so all shareholders were bound to transfer their shares to the acquiring company.</p>\r\n<p style=\"padding-left: 60px;\">The provisions of the old DIFC Companies law in respect of takeovers contain the same threshold to that of the UK Takeover Regulations (consent of 90% of the shareholders). The introduction of the New Law will enable all shareholders to be bound by the arrangement with only the consent of 75% of the shareholders. This is likely to facilitate takeovers in the DIFC, particularly in circumstances where there are dissenting or ‘lost’ shareholders. The provisions can also be used to implement a ‘squeeze-out’.</p>\r\n\r\n<ul>\r\n 	<li><strong>Demergers</strong></li>\r\n</ul>\r\n<p style=\"padding-left: 60px;\">In the case of BGEO Group plc the applicant company applied for the court to sanction a scheme of arrangement to split its investment business from its banking business. The scheme involved the insertion of a new holding company and, once the scheme had taken effect, the demerger of the group’s two businesses. The new holding company would undertake a swap reduction of capital for the purpose of demerging the investment business. The shareholder agreed to swap their shares in the applicant company for shares in the new holding company on a one-for-one basis.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignright size-full wp-image-8072\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/DIFC.jpg\" alt=\"\" width=\"291\" height=\"537\" />Benefits to companies incorporated in the DIFC</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The new provisions will open up wide range of flexible options for restructuring debt or equity. In certain scenarios, additional requirements of the DIFC companies law will also need to be taken into account, in particular the rules governing any return of capital to shareholders, so there may need to be parallel compliance.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>What types of compromises or arrangements will be approved?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Subject to the required formalities and approvals, schemes can be used to bind all shareholders of the relevant class(es) of creditors and/or shareholders to almost any type of reorganisation. Nothing in the new law limits the subject matter of a scheme. In theory a scheme could be a compromise or arrangement between a company and its creditors or shareholders about anything which they can properly agree amongst themselves.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">However, a scheme must be a ‘genuine’ and ‘effective’ arrangement or compromise. This means that the shareholders and creditors of the company which participate in the scheme must obtain some advantage in compensation for the scheme’s alteration of their pre-scheme rights entitlements.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>The procedure</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">For a company to obtain a sanctioned compromise or arrangement in accordance with the New Law, the following steps will need to be undertaken:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">The person proposing the scheme of arrangement must seek a court order to convene creditor and/or shareholder meetings (as relevant) in order to vote on the proposed scheme;</li>\r\n 	<li dir=\"LTR\">The notice calling for the meeting whether by letter or advertisement, must include a statement containing details of; (i) the effect of the proposed compromise or arrangements, (ii) material interests of the directors of the company in the arrangement, (iii) if any debentures have been issued by the company how the arrangement or compromise would affect the rights of the debenture holders; and (iv) any other matter which would have a material impact on the company, its creditors and shareholder.</li>\r\n 	<li dir=\"LTR\">Compromise or arrangement schemes require approval by at least 75% in value of each class of the creditors who vote on the compromise or arrangements or the holders of 75% of the voting rights of the shareholders or class of shareholders, as the case may be, present and voting either in person or by proxy at the meeting;</li>\r\n 	<li dir=\"LTR\">After the scheme has been approved by the shareholders or creditor, it must then be sanctioned by the court;</li>\r\n 	<li dir=\"LTR\">Any interested shareholder or creditor can be represented when the court considers the application to sanction the scheme, and may argue for or against the sanctioning of the scheme.</li>\r\n 	<li dir=\"LTR\">A copy of the court order must then be sent to the Registrar and the Registrar will ensure that a copy of the court order is included in the company’s articles of association.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\">Applications for a scheme of arrangement can be made by the company, a creditor or shareholder or in the case of a company being wound up its liquidator.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The introduction of schemes of arrangement in the DIFC paves the way to greater flexibility in implementing a range of sophisticated deals within the DIFC from equity swaps, to demergers, to corporate turnarounds.</p>\r\n<em>Al Tamimi &amp; Company’s Corporate and Commercial team regularly advises on restructuring and take over arrangements. For further information please contact Anna Robinson, a.robinson@tamimi.com or Richard Catling, r.catling@tamimi.com.</em>');

INSERT INTO `tm_wsal_metadata` (`id`, `occurrence_id`, `name`, `value`)
VALUES
	(253768,24723,'PostStatus','publish'),
	(253758,24722,'NewUrl','http://localhost:8888/tamimi/law-update-articles/the-calm-after-the-storm-saudi-arabias-anti-corruption-tornado-and-the-investor-impact/'),
	(259127,25164,'CurrentUserID','8'),
	(259128,25164,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(259129,25165,'PostID','7937'),
	(253725,24719,'ReportText','\"http://localhost:8888/tamimi/?post_type=law_update_articles&p=7940\"|\"http://localhost:8888/tamimi/law-update-articles/stuck-between-a-rock-and-a-hard-place-the-uks-unexplained-wealth-orders-and-the-effect-in-the-middle-east/\"'),
	(253730,24720,'PostID','7940'),
	(259134,25165,'PostUrl','http://localhost:8888/tamimi/law-update-articles/now-coming-to-the-difc-the-infinitely-flexible-and-versatile-corporate-scheme-of-arrangement/'),
	(259130,25165,'PostTitle','Now Coming to the DIFC: The Infinitely Flexible and Versatile Corporate Scheme of Arrangement'),
	(253757,24722,'OldUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7939'),
	(253751,24721,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(253770,24723,'PostUrl','http://localhost:8888/tamimi/law-update-articles/the-calm-after-the-storm-saudi-arabias-anti-corruption-tornado-and-the-investor-impact/'),
	(253795,24725,'ReportText','\"http://localhost:8888/tamimi/?post_type=law_update_articles&p=7938\"|\"http://localhost:8888/tamimi/law-update-articles/uae-continues-to-lead-the-way-for-foreign-investment/\"'),
	(253016,24660,'PostStatus','publish'),
	(261715,25377,'PostStatus','publish'),
	(261716,25377,'PostDate','2018-08-01 07:45:01'),
	(261717,25377,'PostUrl','http://localhost:8888/tamimi/law-update-articles/a-high-threshold-for-suing-arbitrators-in-uae/'),
	(261718,25377,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7929&amp;action=edit'),
	(261719,25377,'ClientIP','86.98.5.18'),
	(252900,24647,'ClientIP','86.99.36.78'),
	(252872,24645,'PostType','page'),
	(252873,24645,'PostTitle','Video Gallery'),
	(252874,24645,'PostStatus','publish'),
	(252875,24645,'PostDate','2017-09-28 12:21:25'),
	(252876,24645,'PostUrl','http://localhost:8888/tamimi/video-galleries/'),
	(252877,24645,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=970&amp;action=edit'),
	(261720,25377,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(261721,25377,'CurrentUserID','8'),
	(261722,25377,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(252786,24638,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_2) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(256198,24909,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(256199,24909,'CurrentUserID','5'),
	(252788,24638,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(252785,24638,'ClientIP','86.99.36.78'),
	(256197,24909,'ClientIP','83.111.236.141'),
	(256203,24910,'PostTitle','June - July 2018'),
	(256204,24910,'PostStatus','publish'),
	(256202,24910,'PostType','law-update'),
	(256190,24909,'PostID','526'),
	(256191,24909,'PostType','lawyer'),
	(256192,24909,'PostTitle','Eliana Ugolini'),
	(260491,25275,'PostDate','2018-08-01 07:45:44'),
	(260492,25275,'PostUrl','http://localhost:8888/tamimi/law-update-articles/catching-the-wave-new-data-protection-law-in-bahrain/'),
	(256196,24909,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=526&amp;action=edit'),
	(256195,24909,'PostUrl','http://localhost:8888/tamimi/lawyer/eliana-ugolini/'),
	(250182,24407,'ClientIP','86.98.5.18'),
	(250183,24407,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(256193,24909,'PostStatus','publish'),
	(256194,24909,'PostDate','2017-09-26 14:49:19'),
	(260502,25276,'PostDate','2018-08-01 07:45:44'),
	(260495,25275,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_2) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(259124,25164,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7937&amp;action=edit'),
	(259125,25164,'ClientIP','86.98.5.18'),
	(259126,25164,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(259121,25164,'PostStatus','publish'),
	(259122,25164,'PostDate','2018-08-01 07:43:04'),
	(259123,25164,'PostUrl','http://localhost:8888/tamimi/law-update-articles/now-coming-to-the-difc-the-infinitely-flexible-and-versatile-corporate-scheme-of-arrangement/'),
	(259118,25164,'PostID','7937'),
	(259119,25164,'PostType','law_update_articles'),
	(259120,25164,'PostTitle','Now Coming to the DIFC: The Infinitely Flexible and Versatile Corporate Scheme of Arrangement'),
	(259114,25163,'ClientIP','86.98.5.18'),
	(259115,25163,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(259116,25163,'CurrentUserID','8'),
	(259117,25163,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(259113,25163,'FilePath','/home/tamimnew/public_html/wp-content/uploads/2018/08'),
	(259109,25162,'CurrentUserID','8'),
	(259110,25162,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(259111,25163,'AttachmentID','8072'),
	(259112,25163,'FileName','DIFC.jpg'),
	(259106,25162,'FilePath','/home/tamimnew/public_html/wp-content/uploads/2018/08'),
	(259107,25162,'ClientIP','86.98.5.18'),
	(259108,25162,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(259100,25161,'EventCount','103'),
	(259101,25161,'PruneQuery','DELETE FROM tm_wsal_occurrences ORDER BY created_on ASC LIMIT 103'),
	(259102,25161,'ClientIP','185.140.248.63'),
	(259103,25161,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(259104,25162,'AttachmentID','8071'),
	(259105,25162,'FileName','DIFC-Courts.jpg'),
	(260551,25280,'MetaValueOld','<p dir=\"LTR\" align=\"LEFT\"><img class=\"size-full wp-image-8044 alignnone\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/cvdfd.jpg\" alt=\"\" width=\"6000\" height=\"2401\" /></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\">Bahrain’s Law on the Protection of Personal Data was published on 19 July 2018, and will come into effect on 1 August 2019. The Law will require a variety of changes to the way businesses process personal data in Bahrain or about residents of Bahrain. Data protection has not been a high priority topic for most businesses in Bahrain, with the limited exception of international entities subject to data protection requirements in other jurisdictions in which they operate. While the publication of the new Law provides a considerable lead-in period within which entities subject to the Law will need to comply, the fact that the Law creates criminal offences means that compliance is all the more important and should be treated as a high priority.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Until now, and with one exception (namely, Qatar), none of the Gulf Cooperation Council member states had a modern, nationally applicable data protection law. Legal issues relating to privacy and data protection are typically analysed in terms of general, and ill-fitting, criminal provisions relating to the unauthorized disclosure of secrets, or – in appropriate circumstances - industry-specific obligations relating to healthcare or credit data, or telecommunications sector subscriber data.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Law is generally composed of 60 articles divided into three broad sections or ‘titles’. These are:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Title 1: Processing Provisions – Including definitions and general rules for the legality of processing, controls of data processing and transfer, statements as well as the rights of the data holder.</li>\r\n 	<li dir=\"LTR\">Title 2: Data Protection Authority - Including provisions relating to the establishment of the regulator, and its rights and responsibilities.</li>\r\n 	<li dir=\"LTR\">Title 3: Accountability of the data manager (data controller) and data processor – Including provisions relating to accountability to the regulator, investigation procedures, civil and criminal liability, and penalties for violation.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\">In this article, we consider some key areas addressed in the Data Protection Law.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Bahrain’s Data Protection Law describes the legal protection of personal privacy as among the main constitutional rights of the person, and notes that it should be protected, particularly in the context of the increasing use of electronic/digital means for processing information.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Law applies to:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Every individual residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) having a place of business in the Kingdom of Bahrain; and</li>\r\n 	<li dir=\"LTR\">Every individual not residing normally in Bahrain or having a workplace in Bahrain, and every legal person (corporate) not having a place of business in the Kingdom of Bahrain, where such persons are processing data using means available in Bahrain, except where such processing means are solely for the purpose of passing data through Bahrain.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\">In this latter scenario, the legal person (corporate) is required to appoint an authorized representative in Bahrain, and notify the Authority of such appointment. This provision would appear to affect, for example, corporate customers of cloud service providers, where the customer is based outside Bahrain, and the services being provided to the customer are being provided from data centres located in Bahrain.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Criminal provisions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Law criminalizes a variety of acts that would, at most, be the subject of administrative penalties in data protection laws elsewhere. Penalties generally comprise up to one year in prison and/or a fine of between BHD1,000 and BHD20,000 (between about USD 2,600 to about USD 53,000) (or a fine only in the case of corporate entities). The following are examples of activities that attract criminal penalties under the Law:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">processing sensitive personal data in violation of the provision specifying requirements for processing sensitive personal data;</li>\r\n 	<li dir=\"LTR\">transferring personal data outside Bahrain contrary to the provisions specifying requirements for transfers to jurisdictions that provide an adequate level of data protection, and associated exceptions;</li>\r\n 	<li dir=\"LTR\">processing personal data without notifying the Authority in accordance with the provision that sets out the obligation to notify the Authority before commencing any data processing activities (except where certain exceptions apply), or failing to update such notification to the Authority;</li>\r\n 	<li dir=\"LTR\">Processing personal data contrary to the provision that requires prior authorization from the Authority before processing personal data in certain circumstances;</li>\r\n 	<li dir=\"LTR\">Providing false or misleading information to the Authority or to a data subject, or withholding relevant information from the Authority, or otherwise hindering the Authority’s work; and</li>\r\n 	<li dir=\"LTR\">Disclosing any data or information accessed due to work, or using the same for own benefit or for the benefit of others unreasonably and in violation of the provisions of this law.</li>\r\n</ul>\r\n<img class=\"wp-image-8068 alignleft\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/56.jpg\" alt=\"\" width=\"429\" height=\"286\" />\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Security considerations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Generally, the security of processing provisions, and the confidentiality provisions, appear to be fairly standard.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Data controllers are required to apply technical and organizational measures capable of protecting personal data against unintentional or unauthorized destruction, accidental loss, unauthorized alteration, disclosure or access, or any other form of processing. The measures adopted need to be appropriate, bearing in mind the nature of the data in question and the risks associated with processing it. The Law also indicates that ‘state-of-the-art’ technological protection measures should be adopted, but this is tempered by reference to the costs arising from use of such technology.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Additionally, the Law contemplates the issuance of a regulation specifying requirements that technical and organisational measures must satisfy. It also provides scope for specific requirements to be prescribed in such regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Data controllers are required to maintain documentation that reflects the technical and organizational measures adopted. This documentation must be available for viewing by the parties concerned (presumably, including data subjects), as well as the Authority, any data processors, and the data controller itself.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">With regard to processing by data processors, the Law requires data controllers to engage only data processors who provide sufficient guarantees regarding the application of technical and organisational measures. Importantly, there is an obligation on data controllers to take steps to verify compliance with such measures, and to enter into a written contract with the data processor requiring that the data processor shall only process data in accordance with the instructions of the data controller, and in accordance with the data controller’s requirements with regard to security and confidentiality.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">There does not appear to be any specific obligation to notify the Authority in the event of a data breach incident. It is possible that this level of detail might be addressed in the regulations, or that the Authority is expected to address breaches only in the event that they become aware of them, and the circumstances indicate a breach of the obligation to use suitable technical and organizational security measures.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Data protection supervisor</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Law contemplates a role of ‘Data Protection Supervisor’ (which is not a data protection officer) intended to act as an independent and impartial intermediary between the data controller and the Authority.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The data protection supervisor will help the data controller fulfil its rights and obligations, and coordinate between the data controller and the Authority. It will also be required to verify the data controller’s processing in compliance with the law, alert the data controller to any apparent non-compliance to enable the issue to be addressed, and alert the Authority where such non-compliance has not been addressed within a specified timeframe. The data protection supervisor will also be required to maintain a register of the data controller’s processing operations that the data controller must notify the Authority, and update the Authority of the same on a monthly basis. (If no data protection supervisor is appointed, then the data controller is required to do this itself.)</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The qualifications and requirements for registration as a data protection supervisor will be officially issued, and data protection supervisors will need to be registered on a register maintained by the Authority. The requirement to appoint a data protection supervisor is optional, although it may be made compulsory for specific categories of data controllers.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The concept of a data protection supervisor has the potential to result in a whole new industry in the Bahrain market. The regulations setting out the requirements for the registration of data protection supervisors may shed greater light on what is anticipated, in terms of who might be able to fulfil such roles. The most natural development may be for the role to be filled by consulting/audit firms with expertise in data protection related issues.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Bahrain’s new Data Protection Law will require a great deal of attention from businesses operating in Bahrain. Data protection has not been a high priority topic for most businesses in Bahrain, with the limited exception of international entities subject to data protection requirements in other jurisdictions in which they operate. While the publication of the new Law will result in some degree of a lead-in period within which entities subject to the Law will need to comply, the fact that the Law creates criminal offences means that compliance is all the more important and should be treated as a high priority.</p>'),
	(260509,25277,'PostID','7957'),
	(260510,25277,'PostType','law_update_articles'),
	(260511,25277,'PostTitle','Catching the wave: New Data Protection Law in Bahrain'),
	(260505,25276,'ClientIP','86.98.5.18'),
	(260506,25276,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_2) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(260507,25276,'CurrentUserID','1'),
	(260508,25276,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(260504,25276,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7957&amp;action=edit'),
	(260503,25276,'PostUrl','http://localhost:8888/tamimi/law-update-articles/catching-the-wave-new-data-protection-law-in-bahrain/'),
	(260501,25276,'PostStatus','publish'),
	(260498,25276,'PostID','7957'),
	(260499,25276,'PostType','law_update_articles'),
	(260500,25276,'PostTitle','Catching the wave: New Data Protection Law in Bahrain'),
	(250171,24406,'ClientIP','86.98.5.18'),
	(250172,24406,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(250173,24406,'CurrentUserID','8'),
	(250174,24406,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(250175,24407,'PostID','7946'),
	(250176,24407,'PostType','law_update_articles'),
	(256524,24938,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(256525,24938,'ClientIP','86.98.5.18'),
	(256526,24938,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(253769,24723,'PostDate','2018-08-01 07:41:29'),
	(253755,24722,'PostStatus','publish'),
	(253756,24722,'PostDate','2018-08-01 07:41:29'),
	(256201,24910,'PostID','7928'),
	(256200,24909,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(256188,24908,'CurrentUserID','5'),
	(256189,24908,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(250184,24407,'CurrentUserID','8'),
	(250185,24407,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(250181,24407,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7946&amp;action=edit'),
	(256523,24938,'PostUrl','http://localhost:8888/tamimi/law-update-articles/overhaul-of-the-uae-finance-companies-regulations/'),
	(250178,24407,'PostStatus','draft'),
	(250179,24407,'PostDate','2018-07-31 17:52:49'),
	(250180,24407,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7946'),
	(256184,24908,'PostUrl','http://localhost:8888/tamimi/our-firm/find-a-lawyer/'),
	(256185,24908,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=4074&amp;action=edit'),
	(256186,24908,'ClientIP','83.111.236.141'),
	(256187,24908,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(252863,24644,'PostStatus','publish'),
	(252864,24644,'PostDate','2018-07-31 22:02:23'),
	(252865,24644,'PostUrl','http://localhost:8888/tamimi/video-gallery/al-tamimi-company-in-the-spotlight/'),
	(252861,24644,'PostType','video-gallery'),
	(252856,24643,'ClientIP','86.99.36.78'),
	(252857,24643,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_2) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(252858,24643,'CurrentUserID','1'),
	(252859,24643,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(252860,24644,'PostID','8054'),
	(260496,25275,'CurrentUserID','1'),
	(260497,25275,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(260493,25275,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7957&amp;action=edit'),
	(260494,25275,'ClientIP','86.98.5.18'),
	(250186,24408,'PostID','7945'),
	(250177,24407,'PostTitle','Fintech, Blockchain and Sports in the Middle East'),
	(256177,24907,'CurrentUserID','8'),
	(256178,24907,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(256181,24908,'PostTitle','Lawyers'),
	(256182,24908,'PostStatus','publish'),
	(256183,24908,'PostDate','2017-10-16 13:58:28'),
	(256179,24908,'PostID','4074'),
	(256180,24908,'PostType','page'),
	(253018,24660,'PostUrl','http://localhost:8888/tamimi/law-update-articles/cyber-security-in-the-saudi-financial-services-sector-the-sama-cyber-security-framework/'),
	(253010,24659,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(253011,24659,'CurrentUserID','5'),
	(253050,24663,'PostStatus','publish'),
	(253051,24663,'PostType','law_update_articles'),
	(253052,24663,'PostDate','2018-08-01 07:32:04'),
	(261710,25376,'CurrentUserID','8'),
	(261711,25376,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(261712,25377,'PostID','7929'),
	(261713,25377,'PostType','law_update_articles'),
	(252787,24638,'CurrentUserID','1'),
	(252782,24638,'TagName','450 lawyers'),
	(252783,24638,'Slug','450-lawyers'),
	(252784,24638,'TagLink','http://localhost:8888/tamimi/wp-admin/term.php?taxnomy=post_tag&tag_ID=3062'),
	(261723,25378,'PostID','7929'),
	(261714,25377,'PostTitle','A High Threshold for Suing Arbitrators in UAE'),
	(261709,25376,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(253019,24660,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7961&amp;action=edit'),
	(253012,24659,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(253013,24660,'PostID','7961'),
	(256462,24933,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7935&amp;action=edit'),
	(256463,24933,'ReportText','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft wp-image-7994 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/11.jpg\" alt=\"\" width=\"5472\" height=\"845\" />Amongst the several new laws and regulations being introduced in the UAE, the UAE Central Bank (\"Central Bank\") has on10 May 2018 issued new Finance Company Regulations (\"Regulations\" or \"2018 Regulations\") which are to come into effect one month after its publication.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations replace the previous finance company regulations issued in 1996 and finance companies regulations for companies conducting business as per Islamic sharia’a principles issued in 2004 (\"Previous Regulations\") and aim at providing a detailed regulatory framework for Finance Companies to operate and develop within the UAE and also covers in its ambit the framework for protecting the customers of such Finance Companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations consolidate the regulations for both Islamic finance and conventional finance companies (\"Finance Company/ies\") and incorporate certain significant changes including changes to capital requirements and corporate governance, to also be followed by existing Finance Companies. We have set out below certain noteworthy features of these Regulations and a comparative table on the key changes from the Previous Regulations on subject.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>License Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Pursuant to these Regulations, conducting financing activities in the UAE without a central bank license is prohibited. An application for such license must include the proposed scope of activities, a feasibility study illustrating the financial activities and products to be launched, estimated financial projections, risk factors, corporate structure, start-up costs, branches and a recruitment plan.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another important requisite is for the applicant to provide an unconditional guarantee from a UAE Bank, in favour of the Central Bank for an amount equivalent to the minimum required paid-up capital. The License will be granted for a period of three years and may be renewable for the same period unless otherwise required by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any changes to the ownership of the Finance Company of 5% or more will require prior approval from the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Cancelling or Revoking a License</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank has the discretion to approve or refuse the License application, but must notify applicants in writing with reasons in case there is a refusal. Licenses can also be amended, revoked or cancelled at the discretion of the Board. The Regulations set out instances when the license can be cancelled which include providing false/misleading information, risking interests of the potential customers, or if there is a bankruptcy order filed against the Finance Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If a Finance Company wishes to cease operations it must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Regulations also provide for penalties that will be imposed if such company does not follow the provisions of the Regulations including adhering to the anti-money laundering policies laid down by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Permitted Activities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10.1 of the Regulation details out the types of activities that are permitted, which are:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Retail finance,</li>\r\n 	<li dir=\"LTR\">mortgage finance,</li>\r\n 	<li dir=\"LTR\">wholesale finance,</li>\r\n 	<li dir=\"LTR\">pre-paid cards, and</li>\r\n 	<li dir=\"LTR\">distribution of third party products.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank can review and amend this list from time to time.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10 further sets out the do’s and dont’s in relation to the business of the Finance Company, certain key features are:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">it can extend loans only to ‘Juridicial Persons’ (defined under Article 93 of the UAE Civil Transactions Law) and individuals in the UAE. However, it is prohibited from accepting deposits or loans from individuals.</li>\r\n 	<li dir=\"LTR\">it may accept deposits only from Juridicial Persons, subject to certain conditions laid out under Article 10.4 and also borrow from UAE banks, and may even receive foreign funding provided that its risk has been adequately hedged. In doing so it must not exceed 25% of the sum of total amount of its debt capital.</li>\r\n 	<li dir=\"LTR\">it must obtain a no objection letter from the Central Bank in order to provide any new product line from within activities specified in its license.</li>\r\n 	<li dir=\"LTR\">it may only participate in the share capital of brokerage companies, money exchanges, UAE banks and other Finance Companies. Any such single participation cannot exceed 10% of its debt capital and the aggregate participation must not exceed 25% of the debt capital.</li>\r\n 	<li dir=\"LTR\">It must obtain approval from the Central Bank in order to issue bonds or sukuks. Such bonds and sukuks shall only be denominated in UAE dirhams or US Dollars.</li>\r\n 	<li dir=\"LTR\">it is prohibited from financing a borrower which is not an entity incorporated in the UAE or its free zones, or a UAE resident, or where the mortgaged assets are not in the UAE.</li>\r\n 	<li dir=\"LTR\">it is prohibited from entering into the business of money exchange.</li>\r\n 	<li dir=\"LTR\">it must not purchase immovable properties unless for its own use or specific approval for the same has been obtained from the Central Bank. This rule does not apply to Islamic Finance Companies (IFC). IFCs may own property including immovable property and goods as part of an underlying financing contract with a borrower.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Minimum Capital, Liquidity Requirements and Credit Exposure Restrictions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The minimum paid-up capital for a Finance Company is 150 million UAE Dirhams. UAE national ownership of the Finance Company must comprise at least 60% of total paid-up capital. Finance Companies must also allocate at least 10% of annual net profits to establishing a statutory reserve until the reserve equals 50% of its paid-up capital.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To withstand short-term liquidity stress, Finance Companies are required to hold an amount equivalent to 10% of their aggregate liabilities in liquid assets i.e. cash held in UAE bank, Certificates of deposit issued by the Central Bank held via a UAE bank, short term deposits with a UAE bank with maturity upto 30 days and UAE federal and local government bonds, which must not exceed 30% of the total liquid assets. For the purpose of calculating the 10% amount, a Finance Company may deduct from its aggregate liabilities, cash collateral, bank guarantees from UAE banks and sovereign guarantees.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The credit exposure is considered ‘large’ if the value of such exposure to one borrower or group of related entities is 7% or more. The Regulations set out maximum exposure limits for different borrower types.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Organisational Structure, Composition and Policies of the Finance Company</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Founding shareholders - Founding shareholders must satisfy \"Fit and Proper\" criteria as defined by the Central Bank and their appointment must be in line with the Commercial Companies Law<strong>.</strong></li>\r\n 	<li dir=\"LTR\">Board of Directors - The board of directors of a Finance Company must have no fewer than five members. Atleast 60% of the board members of an IFC must have knowledge of the banking business or Islamic finance and banking business as the case may be. The Regulations provide for detailed selection processes and guidances in relation to the board of directors</li>\r\n 	<li dir=\"LTR\">Sharia’a Supervision Committee and other committees - An IFC must have a Sharia’a Supervision Committee, and its role must be laid out in the policies of the IFC. Finance Companies must also have a board committee and credit committee.</li>\r\n 	<li dir=\"LTR\">Senior Management – Finance Companies must comply with the ‘fit and proper‘ test set out by the Central Bank and must be professional who understands the business of finance and was experience of not less than 10 years in the field of finance. Person within the senior management cannot be a part of the board.</li>\r\n 	<li dir=\"LTR\">Corporate Governance - While the Regulations set out certain minimum requirements for corporate governance, Finance Companies are permitted to set out their own policies and framework for corporate governance (complying with the Regulations), however these must be approved by its board of directors and a copy of such policies must be provided to the Central Bank.</li>\r\n 	<li dir=\"LTR\">Internal Policies – the Regulations set out the requirements that need to be adhered to by Finance Companies and IFC with respect to its internal polices in relation to management, risk management, extension of credit, compliance, information technology, security, audit, remuneration, outsourcing, etc.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Other provisions</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Consumer Protection: the Name of the finance company must not include the words \"bank\", \"investment company\" or and other term which may mislead its customer. It must provide its customers with sufficient information regarding its products, etc. in order for them to be able to make an informed decision. The Finance Company must follow the Central Bank guidelines in relation to ‘Consumer Protection’.</li>\r\n 	<li dir=\"LTR\">Credit Reports - Every Finance Company must adhere to the credit reporting requirements of the Al Etihad Credit Bureau and other credit agencies to provide to and obtain information of the Borrower.</li>\r\n 	<li dir=\"LTR\">Accounting Standards - A Finance Company must implement all applicable International Accounting Standards/International Financial Reporting Standards and provide the Central Bank with two copies of signed audited financial statements, including external auditor reports, before 31st March every year. The Central Bank may require the Finance Company to appoint another auditor if the size and nature of the business of the Finance Company so requires.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Differences in the new Regulations from the Previous Regulations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The 2018 Regulations are far more detailed in the nature of investments permitted, liquidity requirements, organisational structure to be followed, investor guidance; we have set out below certain differences in the provisions between the Previous Regulations and 2018 Regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"aligncenter wp-image-7997 size-large\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/Screen-Shot-2018-07-31-at-5.23.26-PM-1024x947.png\" alt=\"\" width=\"640\" height=\"592\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations apply to all Finance Companies. Accordingly companies licensed prior to the date of the issuance of these Regulations need to comply with the 2018 Regulations and are given a period not exceeding 3 years from the publication to conform. However, the Central Bank may amend the requirement of compliance within 3 years if it deems the finance company to be substantially in compliance with these Regulations. All existing Finance Companies will require to provide the Central Bank with a detailed adjustment plan to comply with the articles of these Regulations.</p>\r\nAl Tamimi &amp; Company’s Banking and Finance team regularly advises on the Finance Company Regulations. For further information please contact Mark Brown (m.brown@tamimi.com) or Maymoona Talib (m.talib@tamimi.com).|<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft wp-image-7994 size-full\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/11.jpg\" alt=\"\" width=\"5472\" height=\"845\" />Amongst the several new laws and regulations being introduced in the UAE, the UAE Central Bank (\"Central Bank\") has on10 May 2018 issued new Finance Company Regulations (\"Regulations\" or \"2018 Regulations\") which are to come into effect one month after its publication.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations replace the previous finance company regulations issued in 1996 and finance companies regulations for companies conducting business as per Islamic sharia’a principles issued in 2004 (\"Previous Regulations\") and aim at providing a detailed regulatory framework for Finance Companies to operate and develop within the UAE and also covers in its ambit the framework for protecting the customers of such Finance Companies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations consolidate the regulations for both Islamic finance and conventional finance companies (\"Finance Company/ies\") and incorporate certain significant changes including changes to capital requirements and corporate governance, to also be followed by existing Finance Companies. We have set out below certain noteworthy features of these Regulations and a comparative table on the key changes from the Previous Regulations on subject.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>License Application</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Pursuant to these Regulations, conducting financing activities in the UAE without a central bank license is prohibited. An application for such license must include the proposed scope of activities, a feasibility study illustrating the financial activities and products to be launched, estimated financial projections, risk factors, corporate structure, start-up costs, branches and a recruitment plan.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another important requisite is for the applicant to provide an unconditional guarantee from a UAE Bank, in favour of the Central Bank for an amount equivalent to the minimum required paid-up capital. The License will be granted for a period of three years and may be renewable for the same period unless otherwise required by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any changes to the ownership of the Finance Company of 5% or more will require prior approval from the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Cancelling or Revoking a License</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank has the discretion to approve or refuse the License application, but must notify applicants in writing with reasons in case there is a refusal. Licenses can also be amended, revoked or cancelled at the discretion of the Board. The Regulations set out instances when the license can be cancelled which include providing false/misleading information, risking interests of the potential customers, or if there is a bankruptcy order filed against the Finance Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If a Finance Company wishes to cease operations it must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Regulations also provide for penalties that will be imposed if such company does not follow the provisions of the Regulations including adhering to the anti-money laundering policies laid down by the Central Bank.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Permitted Activities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10.1 of the Regulation details out the types of activities that are permitted, which are:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Retail finance,</li>\r\n 	<li dir=\"LTR\">mortgage finance,</li>\r\n 	<li dir=\"LTR\">wholesale finance,</li>\r\n 	<li dir=\"LTR\">pre-paid cards, and</li>\r\n 	<li dir=\"LTR\">distribution of third party products.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\">The Central Bank can review and amend this list from time to time.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Article 10 further sets out the do’s and dont’s in relation to the business of the Finance Company, certain key features are:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">it can extend loans only to ‘Juridicial Persons’ (defined under Article 93 of the UAE Civil Transactions Law) and individuals in the UAE. However, it is prohibited from accepting deposits or loans from individuals.</li>\r\n 	<li dir=\"LTR\">it may accept deposits only from Juridicial Persons, subject to certain conditions laid out under Article 10.4 and also borrow from UAE banks, and may even receive foreign funding provided that its risk has been adequately hedged. In doing so it must not exceed 25% of the sum of total amount of its debt capital.</li>\r\n 	<li dir=\"LTR\">it must obtain a no objection letter from the Central Bank in order to provide any new product line from within activities specified in its license.</li>\r\n 	<li dir=\"LTR\">it may only participate in the share capital of brokerage companies, money exchanges, UAE banks and other Finance Companies. Any such single participation cannot exceed 10% of its debt capital and the aggregate participation must not exceed 25% of the debt capital.</li>\r\n 	<li dir=\"LTR\">It must obtain approval from the Central Bank in order to issue bonds or sukuks. Such bonds and sukuks shall only be denominated in UAE dirhams or US Dollars.</li>\r\n 	<li dir=\"LTR\">it is prohibited from financing a borrower which is not an entity incorporated in the UAE or its free zones, or a UAE resident, or where the mortgaged assets are not in the UAE.</li>\r\n 	<li dir=\"LTR\">it is prohibited from entering into the business of money exchange.</li>\r\n 	<li dir=\"LTR\">it must not purchase immovable properties unless for its own use or specific approval for the same has been obtained from the Central Bank. This rule does not apply to Islamic Finance Companies (IFC). IFCs may own property including immovable property and goods as part of an underlying financing contract with a borrower.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Minimum Capital, Liquidity Requirements and Credit Exposure Restrictions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The minimum paid-up capital for a Finance Company is 150 million UAE Dirhams. UAE national ownership of the Finance Company must comprise at least 60% of total paid-up capital. Finance Companies must also allocate at least 10% of annual net profits to establishing a statutory reserve until the reserve equals 50% of its paid-up capital.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To withstand short-term liquidity stress, Finance Companies are required to hold an amount equivalent to 10% of their aggregate liabilities in liquid assets i.e. cash held in UAE bank, Certificates of deposit issued by the Central Bank held via a UAE bank, short term deposits with a UAE bank with maturity upto 30 days and UAE federal and local government bonds, which must not exceed 30% of the total liquid assets. For the purpose of calculating the 10% amount, a Finance Company may deduct from its aggregate liabilities, cash collateral, bank guarantees from UAE banks and sovereign guarantees.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The credit exposure is considered ‘large’ if the value of such exposure to one borrower or group of related entities is 7% or more. The Regulations set out maximum exposure limits for different borrower types.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Organisational Structure, Composition and Policies of the Finance Company</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Founding shareholders - Founding shareholders must satisfy \"Fit and Proper\" criteria as defined by the Central Bank and their appointment must be in line with the Commercial Companies Law<strong>.</strong></li>\r\n 	<li dir=\"LTR\">Board of Directors - The board of directors of a Finance Company must have no fewer than five members. Atleast 60% of the board members of an IFC must have knowledge of the banking business or Islamic finance and banking business as the case may be. The Regulations provide for detailed selection processes and guidances in relation to the board of directors</li>\r\n 	<li dir=\"LTR\">Sharia’a Supervision Committee and other committees - An IFC must have a Sharia’a Supervision Committee, and its role must be laid out in the policies of the IFC. Finance Companies must also have a board committee and credit committee.</li>\r\n 	<li dir=\"LTR\">Senior Management – Finance Companies must comply with the ‘fit and proper‘ test set out by the Central Bank and must be professional who understands the business of finance and was experience of not less than 10 years in the field of finance. Person within the senior management cannot be a part of the board.</li>\r\n 	<li dir=\"LTR\">Corporate Governance - While the Regulations set out certain minimum requirements for corporate governance, Finance Companies are permitted to set out their own policies and framework for corporate governance (complying with the Regulations), however these must be approved by its board of directors and a copy of such policies must be provided to the Central Bank.</li>\r\n 	<li dir=\"LTR\">Internal Policies – the Regulations set out the requirements that need to be adhered to by Finance Companies and IFC with respect to its internal polices in relation to management, risk management, extension of credit, compliance, information technology, security, audit, remuneration, outsourcing, etc.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Other provisions</strong></p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Consumer Protection: the Name of the finance company must not include the words \"bank\", \"investment company\" or and other term which may mislead its customer. It must provide its customers with sufficient information regarding its products, etc. in order for them to be able to make an informed decision. The Finance Company must follow the Central Bank guidelines in relation to ‘Consumer Protection’.</li>\r\n 	<li dir=\"LTR\">Credit Reports - Every Finance Company must adhere to the credit reporting requirements of the Al Etihad Credit Bureau and other credit agencies to provide to and obtain information of the Borrower.</li>\r\n 	<li dir=\"LTR\">Accounting Standards - A Finance Company must implement all applicable International Accounting Standards/International Financial Reporting Standards and provide the Central Bank with two copies of signed audited financial statements, including external auditor reports, before 31st March every year. The Central Bank may require the Finance Company to appoint another auditor if the size and nature of the business of the Finance Company so requires.</li>\r\n</ol>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Differences in the new Regulations from the Previous Regulations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The 2018 Regulations are far more detailed in the nature of investments permitted, liquidity requirements, organisational structure to be followed, investor guidance; we have set out below certain differences in the provisions between the Previous Regulations and 2018 Regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"wp-image-7997 size-large alignleft\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/Screen-Shot-2018-07-31-at-5.23.26-PM-1024x947.png\" alt=\"\" width=\"640\" height=\"592\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">These Regulations apply to all Finance Companies. Accordingly companies licensed prior to the date of the issuance of these Regulations need to comply with the 2018 Regulations and are given a period not exceeding 3 years from the publication to conform. However, the Central Bank may amend the requirement of compliance within 3 years if it deems the finance company to be substantially in compliance with these Regulations. All existing Finance Companies will require to provide the Central Bank with a detailed adjustment plan to comply with the articles of these Regulations.</p>\r\nAl Tamimi &amp; Company’s Banking and Finance team regularly advises on the Finance Company Regulations. For further information please contact Mark Brown (m.brown@tamimi.com) or Maymoona Talib (m.talib@tamimi.com).'),
	(252928,24650,'CurrentUserID','8'),
	(252929,24650,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(252773,24636,'CurrentUserID','1'),
	(252774,24636,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(252992,24658,'PostStatus','publish'),
	(252993,24658,'PostDate','2018-08-01 07:31:23'),
	(252994,24658,'PostUrl','http://localhost:8888/tamimi/law-update-articles/cyber-security-in-the-saudi-financial-services-sector-the-sama-cyber-security-framework/'),
	(252990,24658,'PostType','law_update_articles'),
	(252991,24658,'PostTitle','Cyber security in the Saudi financial services sector: The SAMA Cyber Security Framework'),
	(252869,24644,'CurrentUserID','1'),
	(252870,24644,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(252871,24645,'PostID','970'),
	(261708,25376,'ClientIP','86.98.5.18'),
	(253048,24663,'PostID','7960'),
	(253049,24663,'PostTitle','Guiding Charter for Family Owned Businesses in Saudi Arabia'),
	(261251,25337,'PostUrl','http://localhost:8888/tamimi/law-update-articles/catching-the-wave-new-data-protection-law-in-bahrain/'),
	(261252,25337,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7957&amp;action=edit'),
	(261253,25337,'ClientIP','86.98.5.18'),
	(261254,25337,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_2) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(252771,24636,'ClientIP','86.99.36.78'),
	(252772,24636,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_2) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(252780,24637,'CurrentUserID','1'),
	(252776,24637,'Slug','65-partners'),
	(252777,24637,'TagLink','http://localhost:8888/tamimi/wp-admin/term.php?taxnomy=post_tag&tag_ID=3061'),
	(252778,24637,'ClientIP','86.99.36.78'),
	(252779,24637,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_2) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(253044,24662,'ClientIP','83.111.236.141'),
	(253045,24662,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(253046,24662,'CurrentUserID','5'),
	(252767,24635,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(256166,24906,'CurrentUserID','8'),
	(256167,24906,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(256164,24906,'ClientIP','86.98.5.18'),
	(256165,24906,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(253053,24663,'PostUrl','http://localhost:8888/tamimi/law-update-articles/guiding-charter-for-family-owned-businesses-in-saudi-arabia/'),
	(256168,24907,'PostID','7928'),
	(256169,24907,'PostType','law-update'),
	(256170,24907,'PostTitle','June - July 2018'),
	(256171,24907,'PostStatus','publish'),
	(253740,24720,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(253739,24720,'CurrentUserID','5'),
	(253720,24719,'PostStatus','publish'),
	(256175,24907,'ClientIP','86.98.5.18'),
	(256176,24907,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(256162,24906,'PostUrl','http://localhost:8888/tamimi/law-updates/'),
	(256174,24907,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7928&amp;action=edit'),
	(256172,24907,'PostDate','2018-08-01 07:30:03'),
	(256173,24907,'PostUrl','http://localhost:8888/tamimi/law-update/june-july-2018/'),
	(256163,24906,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=965&amp;action=edit'),
	(260486,25274,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(260489,25275,'PostTitle','Catching the wave: New Data Protection Law in Bahrain'),
	(260490,25275,'PostStatus','publish'),
	(256157,24906,'PostID','965'),
	(256158,24906,'PostType','page'),
	(256159,24906,'PostTitle','Law Update'),
	(253750,24721,'CurrentUserID','5'),
	(256527,24938,'CurrentUserID','8'),
	(256528,24938,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(256529,24939,'PostID','7935'),
	(256530,24939,'PostType','law_update_articles'),
	(256531,24939,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(256532,24939,'PostStatus','publish'),
	(260487,25275,'PostID','7957'),
	(260488,25275,'PostType','law_update_articles'),
	(253742,24721,'PostType','law_update_articles'),
	(253734,24720,'PostDate','2018-08-01 07:41:14'),
	(253735,24720,'PostUrl','http://localhost:8888/tamimi/law-update-articles/stuck-between-a-rock-and-a-hard-place-the-uks-unexplained-wealth-orders-and-the-effect-in-the-middle-east/'),
	(256144,24904,'CurrentUserID','5'),
	(256145,24904,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(256146,24905,'PostID','830'),
	(256147,24905,'PostType','lawyer'),
	(260485,25274,'CurrentUserID','1'),
	(256140,24904,'PostUrl','http://localhost:8888/tamimi/our-firm/find-a-lawyer/'),
	(256516,24937,'CurrentUserID','8'),
	(256517,24937,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(256518,24938,'PostID','7935'),
	(256154,24905,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(256155,24905,'CurrentUserID','5'),
	(256156,24905,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(256148,24905,'PostTitle','Carla Saliba'),
	(256149,24905,'PostStatus','publish'),
	(256150,24905,'PostDate','2017-09-27 17:17:26'),
	(256151,24905,'PostUrl','http://localhost:8888/tamimi/lawyer/carla-saliba/'),
	(256152,24905,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=830&amp;action=edit'),
	(252768,24636,'TagName','9 countries'),
	(252769,24636,'Slug','9-countries'),
	(252770,24636,'TagLink','http://localhost:8888/tamimi/wp-admin/term.php?taxnomy=post_tag&tag_ID=3060'),
	(252761,24635,'TagName','17 offices'),
	(252762,24635,'Slug','17-offices'),
	(252763,24635,'TagLink','http://localhost:8888/tamimi/wp-admin/term.php?taxnomy=post_tag&tag_ID=3059'),
	(253009,24659,'ClientIP','83.111.236.141'),
	(253007,24659,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7961&amp;action=edit'),
	(253008,24659,'ReportText','\"http://localhost:8888/tamimi/?post_type=law_update_articles&p=7961\"|\"http://localhost:8888/tamimi/law-update-articles/cyber-security-in-the-saudi-financial-services-sector-the-sama-cyber-security-framework/\"'),
	(256143,24904,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(256160,24906,'PostStatus','publish'),
	(256161,24906,'PostDate','2017-09-28 12:15:43'),
	(256153,24905,'ClientIP','83.111.236.141'),
	(256142,24904,'ClientIP','83.111.236.141'),
	(252766,24635,'CurrentUserID','1'),
	(252765,24635,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_2) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(256132,24903,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(256141,24904,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=4074&amp;action=edit'),
	(256133,24903,'CurrentUserID','5'),
	(256134,24903,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(256135,24904,'PostID','4074'),
	(256136,24904,'PostType','page'),
	(256137,24904,'PostTitle','Lawyers'),
	(256138,24904,'PostStatus','publish'),
	(256139,24904,'PostDate','2017-10-16 13:58:28'),
	(256519,24938,'PostType','law_update_articles'),
	(256520,24938,'PostTitle','Overhaul of the UAE Finance Companies Regulations'),
	(256521,24938,'PostStatus','publish'),
	(256522,24938,'PostDate','2018-08-01 07:43:42'),
	(253803,24726,'PostStatus','publish'),
	(253804,24726,'PostDate','2018-08-01 07:41:42'),
	(253805,24726,'PostUrl','http://localhost:8888/tamimi/law-update-articles/uae-continues-to-lead-the-way-for-foreign-investment/'),
	(250206,24409,'MetaValueOld','<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignright size-full wp-image-8021\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/12323.jpg\" alt=\"\" width=\"4272\" height=\"1747\" />A brief history of stadiums</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The origins of stadiums lie in Ancient Greece in the 8th Century BC where a \"stadion’ (or \"stadium\" in its translated Latin form) was a unit of measurement approximately 200 metres in length. The name of stadion referred to both the elongated U-shaped track of the same length and the sprint race that was run along its distance. The tracks were usually surrounded by rudimentary stands that were sometimes built into hillsides or surrounded by artificial embankments of stone steps in order for spectators to view the race.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Romans later advanced the development of stadiums with the \"circus\", which had a similar, open-ended horseshoe shape to the stadion, but which was used for horse and chariot racing. However, the familiar modern day design was really started with the amphitheatre, which could accommodate much larger crowds, was often multi-tiered and wrapped around the often gruesome gladiatorial, venatio (animal hunts) and naumachia (staged naval battles to the death involving condemned prisoners) events put on for mass entertainment in a circle of blood thirsty noise.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">With the fall of the Roman Empire, \"sports\" and their associated facilities also fell into a steep decline during the Middle Ages with the world more pre-occupied with other matters – with jousting being a notable anomaly.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It was not until the late 19th Century, with large scale urbanisation and the huge growth in organised sports such as football, rugby and cricket in the UK and baseball in the United States, that the modern era of the stadium began and which drew upon its ancient roots. Although the sportsmen on the field of play now managed to escape with their lives, football stadiums in the UK, at least, retained much of the \"red in tooth and claw\" atmosphere of their Roman ancestors right up to as recently as the end of the 1980s.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">My own first experience of attending a stadium was as a child with my father in 1987 standing in the Gallowgate End at St James’ Park watching Newcastle United inflict a very rare 2-1 victory over Manchester United. The memories of that day remain very vivid – the pitch, the ear-splitting volume of the chants, the soggy meat pies, watching Gazza do his stuff as a young 19 year-old, Gordon Strachan’s long range equaliser on the stroke of half time (with the ball remaining ominously lodged in the top right stanchion of the goal in front of me for the whole of the half time interval) and Paul Goddard’s 90th minute winner which sent the place ballistic in a primeval frenzy – all of which was simultaneously pretty intoxicating and slightly terrifying for a 10 year old.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">As Nick Hornby describes of his first football match in his 1992 novel Fever Pitch, an autobiographical account of his lifelong obsession with Arsenal FC:</p>\r\n<p dir=\"LTR\" align=\"LEFT\">\"All I saw on the day was a bewildering chain of incomprehensible incidents ... I remember the overwhelming maleness of it all – cigar and pipe smoke, foul language ... I’d been to public entertainments before, of course ... but that was different. The audiences I had hithero been a part of had paid to have a good time and, though occasionally one might spot a fidgety child or yawning adult, I hadn’t ever noticed faces contorted by rage or despair or frustration. Entertainment as pain was an idea entirely new to me\".</p>\r\n<p dir=\"LTR\" align=\"LEFT\">However, change was afoot. The design of football stadiums and related health and safety legislation in the UK were subject to a massive overhaul following a series of tragedies such as Hillsborough, the Bradford City fire and the Heysel Stadium disaster in the 1980s. Such catastrophes highlighted fatal flaws in stadium design and crowd control at such time. As a result, standing areas were removed from stadiums, which became all-seaters, and an era of much safer, comfortable and more family friendly stadiums was ushered in. The new designs also led to the commercialisation of the stadium with the introduction of hospitality areas and services, acoustics and lighting fit for TV purposes, the hosting of alternative events such as music concerts, and additional commercial facilities such as food and beverage outlets, hotels and conference rooms – all of which increased the frequency and diversity of stadium use.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>A view from pitch side</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Talking of Manchester United, I spoke with Dan Schofield, Head of Venue Operations at Old Trafford and self-confessed stadium geek on the current state of play. Dan provided me with the following insights:</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>\"Stadium development is such a hot topic at the moment in the football industry with clubs jostling and jockeying for position in bringing the newest and best developments in the quest for commercial gain, footballing excellence and fan experience. The big challenge for us all is to find the right balance of each of those elements and different clubs have taken differing approaches. Some, such as Liverpool, FC Barcelona and Sheffield United are looking at modernising existing stadiums whilst others, including Tottenham Hotspur, Everton and Chelsea are spending huge amounts on developing completely new stadiums. To justify these huge outlays in capital expenditure clubs are looking to \"sweat the asset\" and stage as many different events and activities as they can in the stadium. If managed well the non-matchday business can be as lucrative as the matchday business.</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>If you take a deep-dive in to the new White Hart Lane development, for example, you will see that Spurs have incorporated a skywalk, abseil and a huge Museum experience - all to bolster the non-matchday revenue generating potential of the facility. That is in addition to an average of 27 homes games (across all competitions) and a number of NFL games and concerts which they have contracted to take place. This diversification is always a balancing act between bringing in commercially viable events whilst not impacting on the footballing performance on the pitch. It’s been fascinating to follow the development at Spurs and in particular the retractable pitch they are implementing which will enable them to host NFL games and concerts on an artificial surface whilst the football surface is retracted out of the stadium on a series of mechanical trays, rails and hoists.</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>I’m very fortunate that my role heading up the venue operations at Manchester United allows me to visit stadiums all over the world and I make a point of trying to learn something from every venue we visit. I’m particularly looking forward to a trip to Michigan at the end of July where we are playing a pre-season tour game at the 107,000 capacity \"Big House\" stadium. Every stadium you visit is different and having joked about it for years I’ve certainly got enough Stadium based anecdotes to write a book called \"Around the World in 80 Stadiums\" which one day I may well do….. I recently added a new stadium I want to visit to my bucket-list with the Ekaterinburg Arena in Russia in its World Cup guise with its 147 foot high temporary scaffold stands literally outside the stadium with part of the perimeter cut out allowing fans to see the game. You look at photos, scratch your head and question how it’s possible and I’d love to visit and have a proper stomp all over it in person.</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>I’m blessed with a fantastic facility in the 75,000 capacity Old Trafford and it’s a fantastic time to be involved in the stadium industry with a number of exciting developments happening all over the world and new ones being announced on an almost weekly basis. I’d recommend for anyone interested in the subject to sign-up to a couple of industry newsletters which help keep you abreast of developments and changes in the global stadium industry, I’d particularly recommend www.stadia-magazine.com and www.sportindustry.biz \"</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignright wp-image-8007 \" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_421751620-1024x682.jpg\" alt=\"\" width=\"524\" height=\"349\" />E-gaming stadiums</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">As for the future, stadiums will continue to evolve - becoming safer and more technologically sophisticated, diverse in their uses and sustainable; often built with iconic designs (see Qatar 2022) that provide a focal point for cities that are instantly recognisable internationally. They can also help to rejuvenate the economy and attract business in previously run down areas of a city in which they are anchored.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">One example of such evolution in the digital age is with the new phenomena of e-sports stadiums, where professional gamers compete with each other in front of a live audience. Such stadiums are already operational in the United States, China and South Korea and have a huge potential in terms of audience numbers and revenue.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">With a plethora of international standard stadiums already built and construction of the new Dubai Arena well underway, Dubai, ever at the cutting edge of building design and digital technology and soon to be host of EXPO 2020, has also announced the Dubai X-Stadium, a new e-gaming stadium being developed through a joint initiative between Dubai Media Office and TECOM Group.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The features and design of such e-gaming stadiums diverge from traditional stadiums, most notably in that all the action is on huge high definition screens rather than the audience focus being on the competitors, who may be squirreled away in separate booths during play. Use of holographic displays and augmented and virtual reality are also likely to play a significant part in the audience’s experience. Fans are also likely to have a much less sedentary, static relationship with the games – with the freedom to circulate within the stadium and experience other zones and outlets catering to the modern tastes of a new generation - soggy meat pies are likely to be thin on the ground.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Some UAE real estate legal considerations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>\"We don’t want people to leave the stadium until the game finishes\"</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Jurgen Klopp, manager of Liverpool FC in 2016</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the UAE, there are a number of mixed use, master communities that have a stadium as their focal point or as a prominent feature such as Sports City and Motor City in Dubai, Yas Island in Abu Dhabi and Hazza Bin Zayed Stadium in Al Ain (home of Al Ain F.C).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Developers of such cornerstone plots in such developments will often be granted certain concessions in terms of master community fees in light of the fact that use of such facilities is more intermittent than standard commercial use and that they serve as a key attractor to investors, retailers and third party purchasers of residential property within the master community. Any such concessions should be expressly disclosed to third party purchasers by the master developer prior to the parties entering into a sale and purchase agreement.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In addition, although you would think that any such third party purchasers of residential property or commercial tenants would be well aware of potential infringements upon their use and enjoyment of their properties within such a stadium focussed master community, it would also be prudent of master developers to cover off the risk of any nuisance related claims. This may include express wording contained in the relevant master community declaration (which typically purchasers are bound by through the signing of a declaration of adherence upon purchase) or lease whereby a purchaser/tenant acknowledges and waives any claims relating to such matters as traffic congestion, noise and light pollution.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another issue for retail tenants in stadium facilities are conflicts that may arise with the landlord/stadium owner’s sponsors – particularly in relation to special, one off events taking place at the stadium. It is therefore not unusual to find provisions in such leases whereby the landlord reserves rights to impose signage and branding blackouts or restrictions on the sale of goods or services during certain times when a conflict arises with sponsors. This can be a tricky issue and needs to be carefully managed and negotiated up front in the lease. Often with leases where tenants that have a particular connection to the type of sport practised at the stadium, the lease itself may be just a part of a wider commercial deal with the stadium and this may assist with negotiations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Stadiums should also have good standard forms of venue hire agreements and short term kiosk type agreements in place. One issue to be considered is the potential effect of landlord and tenant laws in the UAE on such agreements. Unlike in the UK for example, where the case of Street v Mountford [1985] established that the legal distinction between a lease and an occupational licence is whether or not the tenant enjoys \"exclusive possession\" of the premises, there is no such distinction under UAE law. A short term occupational licence, even if it is described as such on its face and contains express wording that the parties do not intend to create a lease or a relationship of landlord or tenant, is therefore likely to be considered a lease if the question is brought before judicial authorities. This is significant as this will mean that the so called \"licence\" will be subject to landlord and tenant legislation which, in onshore Dubai for example, is generally very tenant friendly in terms of the rights of the landlord to terminate, renewal and security of tenure for tenants. Nevertheless, on a case by case basis depending on the circumstances, certain structuring of the relevant agreement can potentially help to mitigate the risk of it being caught by local landlord and tenant laws.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">...... and there goes the full time whistle.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">For further information please contact Ian Arnott (i.arnott@tamimi.com)</p>'),
	(252927,24650,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_12_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.87 Safari/537.36'),
	(252781,24637,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(252775,24637,'TagName','65 partners'),
	(252764,24635,'ClientIP','86.99.36.78'),
	(256119,24902,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=544&amp;action=edit'),
	(256120,24902,'ClientIP','83.111.236.141'),
	(256121,24902,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(256122,24902,'CurrentUserID','5'),
	(256123,24902,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(256124,24903,'PostID','658'),
	(256125,24903,'PostType','sectors'),
	(256126,24903,'PostTitle','Hotels & Leisure'),
	(252878,24645,'ClientIP','86.99.36.78'),
	(252879,24645,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_2) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(252867,24644,'ClientIP','86.99.36.78'),
	(252868,24644,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_2) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(261248,25337,'PostTitle','Catching the wave: New Data Protection Law in Bahrain'),
	(261249,25337,'PostStatus','publish'),
	(261250,25337,'PostDate','2018-08-01 07:45:44'),
	(256514,24937,'ClientIP','86.98.5.18'),
	(256515,24937,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(254287,24766,'ClientIP','185.140.248.63'),
	(254288,24766,'UserAgent','WordPress/4.9.7; http://localhost:8888/tamimi'),
	(254289,24767,'PostID','5'),
	(254290,24767,'PostType','page'),
	(254294,24767,'PostUrl','http://localhost:8888/tamimi/'),
	(254293,24767,'PostDate','2017-09-06 07:15:00'),
	(252903,24647,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(252862,24644,'PostTitle','Al Tamimi & Company: In the Spotlight'),
	(260483,25274,'ClientIP','86.98.5.18'),
	(260484,25274,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_2) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(256130,24903,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=658&amp;action=edit'),
	(256131,24903,'ClientIP','83.111.236.141'),
	(252759,24634,'CurrentUserID','1'),
	(252760,24634,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(250197,24409,'PostID','7945'),
	(250198,24409,'PostTitle','From Stadion to E-Gaming in the UAE: A look at Stadium'),
	(250199,24409,'PostStatus','draft'),
	(250200,24409,'PostType','law_update_articles'),
	(250201,24409,'PostDate','2018-07-31 17:53:07'),
	(250202,24409,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7945'),
	(250203,24409,'MetaID','223562'),
	(250204,24409,'MetaKey','content'),
	(250205,24409,'MetaValueNew','<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignright size-full wp-image-8021\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/12323.jpg\" alt=\"\" width=\"4272\" height=\"1747\" />A brief history of stadiums</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The origins of stadiums lie in Ancient Greece in the 8th Century BC where a \"stadion’ (or \"stadium\" in its translated Latin form) was a unit of measurement approximately 200 metres in length. The name of stadion referred to both the elongated U-shaped track of the same length and the sprint race that was run along its distance. The tracks were usually surrounded by rudimentary stands that were sometimes built into hillsides or surrounded by artificial embankments of stone steps in order for spectators to view the race.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Romans later advanced the development of stadiums with the \"circus\", which had a similar, open-ended horseshoe shape to the stadion, but which was used for horse and chariot racing. However, the familiar modern day design was really started with the amphitheatre, which could accommodate much larger crowds, was often multi-tiered and wrapped around the often gruesome gladiatorial, venatio (animal hunts) and naumachia (staged naval battles to the death involving condemned prisoners) events put on for mass entertainment in a circle of blood thirsty noise.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">With the fall of the Roman Empire, \"sports\" and their associated facilities also fell into a steep decline during the Middle Ages with the world more pre-occupied with other matters – with jousting being a notable anomaly.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It was not until the late 19th Century, with large scale urbanisation and the huge growth in organised sports such as football, rugby and cricket in the UK and baseball in the United States, that the modern era of the stadium began and which drew upon its ancient roots. Although the sportsmen on the field of play now managed to escape with their lives, football stadiums in the UK, at least, retained much of the \"red in tooth and claw\" atmosphere of their Roman ancestors right up to as recently as the end of the 1980s.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">My own first experience of attending a stadium was as a child with my father in 1987 standing in the Gallowgate End at St James’ Park watching Newcastle United inflict a very rare 2-1 victory over Manchester United. The memories of that day remain very vivid – the pitch, the ear-splitting volume of the chants, the soggy meat pies, watching Gazza do his stuff as a young 19 year-old, Gordon Strachan’s long range equaliser on the stroke of half time (with the ball remaining ominously lodged in the top right stanchion of the goal in front of me for the whole of the half time interval) and Paul Goddard’s 90th minute winner which sent the place ballistic in a primeval frenzy – all of which was simultaneously pretty intoxicating and slightly terrifying for a 10 year old.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">As Nick Hornby describes of his first football match in his 1992 novel Fever Pitch, an autobiographical account of his lifelong obsession with Arsenal FC:</p>\r\n<p dir=\"LTR\" align=\"LEFT\">\"All I saw on the day was a bewildering chain of incomprehensible incidents ... I remember the overwhelming maleness of it all – cigar and pipe smoke, foul language ... I’d been to public entertainments before, of course ... but that was different. The audiences I had hithero been a part of had paid to have a good time and, though occasionally one might spot a fidgety child or yawning adult, I hadn’t ever noticed faces contorted by rage or despair or frustration. Entertainment as pain was an idea entirely new to me\".</p>\r\n<p dir=\"LTR\" align=\"LEFT\">However, change was afoot. The design of football stadiums and related health and safety legislation in the UK were subject to a massive overhaul following a series of tragedies such as Hillsborough, the Bradford City fire and the Heysel Stadium disaster in the 1980s. Such catastrophes highlighted fatal flaws in stadium design and crowd control at such time. As a result, standing areas were removed from stadiums, which became all-seaters, and an era of much safer, comfortable and more family friendly stadiums was ushered in. The new designs also led to the commercialisation of the stadium with the introduction of hospitality areas and services, acoustics and lighting fit for TV purposes, the hosting of alternative events such as music concerts, and additional commercial facilities such as food and beverage outlets, hotels and conference rooms – all of which increased the frequency and diversity of stadium use.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>A view from pitch side</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Talking of Manchester United, I spoke with Dan Schofield, Head of Venue Operations at Old Trafford and self-confessed stadium geek on the current state of play. Dan provided me with the following insights:</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>\"Stadium development is such a hot topic at the moment in the football industry with clubs jostling and jockeying for position in bringing the newest and best developments in the quest for commercial gain, footballing excellence and fan experience. The big challenge for us all is to find the right balance of each of those elements and different clubs have taken differing approaches. Some, such as Liverpool, FC Barcelona and Sheffield United are looking at modernising existing stadiums whilst others, including Tottenham Hotspur, Everton and Chelsea are spending huge amounts on developing completely new stadiums. To justify these huge outlays in capital expenditure clubs are looking to \"sweat the asset\" and stage as many different events and activities as they can in the stadium. If managed well the non-matchday business can be as lucrative as the matchday business.</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>If you take a deep-dive in to the new White Hart Lane development, for example, you will see that Spurs have incorporated a skywalk, abseil and a huge Museum experience - all to bolster the non-matchday revenue generating potential of the facility. That is in addition to an average of 27 homes games (across all competitions) and a number of NFL games and concerts which they have contracted to take place. This diversification is always a balancing act between bringing in commercially viable events whilst not impacting on the footballing performance on the pitch. It’s been fascinating to follow the development at Spurs and in particular the retractable pitch they are implementing which will enable them to host NFL games and concerts on an artificial surface whilst the football surface is retracted out of the stadium on a series of mechanical trays, rails and hoists.</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>I’m very fortunate that my role heading up the venue operations at Manchester United allows me to visit stadiums all over the world and I make a point of trying to learn something from every venue we visit. I’m particularly looking forward to a trip to Michigan at the end of July where we are playing a pre-season tour game at the 107,000 capacity \"Big House\" stadium. Every stadium you visit is different and having joked about it for years I’ve certainly got enough Stadium based anecdotes to write a book called \"Around the World in 80 Stadiums\" which one day I may well do….. I recently added a new stadium I want to visit to my bucket-list with the Ekaterinburg Arena in Russia in its World Cup guise with its 147 foot high temporary scaffold stands literally outside the stadium with part of the perimeter cut out allowing fans to see the game. You look at photos, scratch your head and question how it’s possible and I’d love to visit and have a proper stomp all over it in person.</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>I’m blessed with a fantastic facility in the 75,000 capacity Old Trafford and it’s a fantastic time to be involved in the stadium industry with a number of exciting developments happening all over the world and new ones being announced on an almost weekly basis. I’d recommend for anyone interested in the subject to sign-up to a couple of industry newsletters which help keep you abreast of developments and changes in the global stadium industry, I’d particularly recommend www.stadia-magazine.com and www.sportindustry.biz \"</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignright wp-image-8007 \" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_421751620-1024x682.jpg\" alt=\"\" width=\"465\" height=\"310\" />E-gaming stadiums</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">As for the future, stadiums will continue to evolve - becoming safer and more technologically sophisticated, diverse in their uses and sustainable; often built with iconic designs (see Qatar 2022) that provide a focal point for cities that are instantly recognisable internationally. They can also help to rejuvenate the economy and attract business in previously run down areas of a city in which they are anchored.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">One example of such evolution in the digital age is with the new phenomena of e-sports stadiums, where professional gamers compete with each other in front of a live audience. Such stadiums are already operational in the United States, China and South Korea and have a huge potential in terms of audience numbers and revenue.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">With a plethora of international standard stadiums already built and construction of the new Dubai Arena well underway, Dubai, ever at the cutting edge of building design and digital technology and soon to be host of EXPO 2020, has also announced the Dubai X-Stadium, a new e-gaming stadium being developed through a joint initiative between Dubai Media Office and TECOM Group.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The features and design of such e-gaming stadiums diverge from traditional stadiums, most notably in that all the action is on huge high definition screens rather than the audience focus being on the competitors, who may be squirreled away in separate booths during play. Use of holographic displays and augmented and virtual reality are also likely to play a significant part in the audience’s experience. Fans are also likely to have a much less sedentary, static relationship with the games – with the freedom to circulate within the stadium and experience other zones and outlets catering to the modern tastes of a new generation - soggy meat pies are likely to be thin on the ground.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Some UAE real estate legal considerations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\"><em>\"We don’t want people to leave the stadium until the game finishes\"</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Jurgen Klopp, manager of Liverpool FC in 2016</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the UAE, there are a number of mixed use, master communities that have a stadium as their focal point or as a prominent feature such as Sports City and Motor City in Dubai, Yas Island in Abu Dhabi and Hazza Bin Zayed Stadium in Al Ain (home of Al Ain F.C).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Developers of such cornerstone plots in such developments will often be granted certain concessions in terms of master community fees in light of the fact that use of such facilities is more intermittent than standard commercial use and that they serve as a key attractor to investors, retailers and third party purchasers of residential property within the master community. Any such concessions should be expressly disclosed to third party purchasers by the master developer prior to the parties entering into a sale and purchase agreement.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In addition, although you would think that any such third party purchasers of residential property or commercial tenants would be well aware of potential infringements upon their use and enjoyment of their properties within such a stadium focussed master community, it would also be prudent of master developers to cover off the risk of any nuisance related claims. This may include express wording contained in the relevant master community declaration (which typically purchasers are bound by through the signing of a declaration of adherence upon purchase) or lease whereby a purchaser/tenant acknowledges and waives any claims relating to such matters as traffic congestion, noise and light pollution.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Another issue for retail tenants in stadium facilities are conflicts that may arise with the landlord/stadium owner’s sponsors – particularly in relation to special, one off events taking place at the stadium. It is therefore not unusual to find provisions in such leases whereby the landlord reserves rights to impose signage and branding blackouts or restrictions on the sale of goods or services during certain times when a conflict arises with sponsors. This can be a tricky issue and needs to be carefully managed and negotiated up front in the lease. Often with leases where tenants that have a particular connection to the type of sport practised at the stadium, the lease itself may be just a part of a wider commercial deal with the stadium and this may assist with negotiations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Stadiums should also have good standard forms of venue hire agreements and short term kiosk type agreements in place. One issue to be considered is the potential effect of landlord and tenant laws in the UAE on such agreements. Unlike in the UK for example, where the case of Street v Mountford [1985] established that the legal distinction between a lease and an occupational licence is whether or not the tenant enjoys \"exclusive possession\" of the premises, there is no such distinction under UAE law. A short term occupational licence, even if it is described as such on its face and contains express wording that the parties do not intend to create a lease or a relationship of landlord or tenant, is therefore likely to be considered a lease if the question is brought before judicial authorities. This is significant as this will mean that the so called \"licence\" will be subject to landlord and tenant legislation which, in onshore Dubai for example, is generally very tenant friendly in terms of the rights of the landlord to terminate, renewal and security of tenure for tenants. Nevertheless, on a case by case basis depending on the circumstances, certain structuring of the relevant agreement can potentially help to mitigate the risk of it being caught by local landlord and tenant laws.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">...... and there goes the full time whistle.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">For further information please contact Ian Arnott (i.arnott@tamimi.com)</p>'),
	(256127,24903,'PostStatus','publish'),
	(253796,24725,'ClientIP','83.111.236.141'),
	(253797,24725,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
	(250191,24408,'PostUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7945'),
	(250192,24408,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7945&amp;action=edit'),
	(256128,24903,'PostDate','2017-09-27 11:12:26'),
	(256129,24903,'PostUrl','http://localhost:8888/tamimi/sectors/hotels-leisure/'),
	(250194,24408,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_11_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
	(250195,24408,'CurrentUserID','8'),
	(250196,24408,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(253047,24662,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
	(253039,24662,'PostDate','2018-08-01 07:32:04'),
	(253024,24661,'PostID','7960'),
	(253025,24661,'PostType','law_update_articles'),
	(253026,24661,'PostTitle','Guiding Charter for Family Owned Businesses in Saudi Arabia'),
	(253793,24725,'NewUrl','http://localhost:8888/tamimi/law-update-articles/uae-continues-to-lead-the-way-for-foreign-investment/'),
	(253794,24725,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7938&amp;action=edit'),
	(254285,24766,'EventCount','113'),
	(254292,24767,'PostStatus','publish'),
	(254291,24767,'PostTitle','Home'),
	(250193,24408,'ClientIP','86.98.5.18'),
	(253005,24659,'OldUrl','http://localhost:8888/tamimi/?post_type=law_update_articles&p=7961'),
	(253006,24659,'NewUrl','http://localhost:8888/tamimi/law-update-articles/cyber-security-in-the-saudi-financial-services-sector-the-sama-cyber-security-framework/'),
	(250187,24408,'PostType','law_update_articles'),
	(250188,24408,'PostTitle','From Stadion to E-Gaming in the UAE: A look at Stadium'),
	(250189,24408,'PostStatus','draft'),
	(250190,24408,'PostDate','2018-07-31 17:52:23'),
	(269098,26002,'MetaLink','content'),
	(269099,26002,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7954&amp;action=edit'),
	(269100,26002,'ReportText','<p dir=\"LTR\" align=\"LEFT\">Expo 2020 aims to attract over 180 participating nations’, multi-national as well as small and medium sized corporates, and millions of people into the United Arab Emirates (\"UAE\") and the Emirate of Dubai, in order to celebrate human innovation. The logistics of managing the risks associated with vast numbers of visitors has its challenges. In this article, we look at the arrangements in place to ensure health needs are identified and supported, not only while on the Expo site, but while in-country.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The regulator responsible for the delivery of health services to the national population, expatriate residents and visitors in Dubai is the Dubai Health Authority (\"DHA\"). As most visitors are expected to fly into Dubai and make this Emirate their base during the visit, it is expected that DHA will shoulder much of the burden of ensuring it caters for the delivery of health services.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Expo Health Framework</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">As part of it’s advance planning, DHA has developed an Expo 2020 DHA Contribution &amp; Support Framework (\"Health Framework\"), planning ahead in order to be suitably prepared and resourced to provide the best health and organisational services.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Health Framework identifies key strategic objectives which are directly linked to the objectives of the Expo:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Position Dubai as a global medical destination by introducing a value-based, comprehensive, integrated and high quality service delivery system;</li>\r\n 	<li dir=\"LTR\">Direct resources to ensure healthy and safe environment for Dubai population;</li>\r\n 	<li dir=\"LTR\">Promote public and private collaboration in Healthcare;</li>\r\n 	<li dir=\"LTR\">Foster innovation across the continuum of care;</li>\r\n 	<li dir=\"LTR\">Revamp the governance structure of DHA; and</li>\r\n 	<li dir=\"LTR\">Establish efficient decision support systems by ensuring an integrated data platform.</li>\r\n</ol>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8098 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_356309201-1-958x1024.jpg\" alt=\"\" width=\"412\" height=\"441\" />Unified process for managing the health of Expo visitors</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">DHA has developed a service charter for the Emirate of Dubai especially for Expo 2020 which caters for the needs of customers, visitors, and investors. Prior to the commencement of Expo 2020, DHA will create and use multiple communications channels to raise awareness of it’s commitment to providing information regarding the availability of health insurance, healthcare services, medical tourism and highlighting Dubai as a leading healthcare hub.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">For participants and visitors requiring a visa (which in-turn requires having a medical fitness examination) DHA will provide medical ﬁtness services in an innovative way to ensure that the experience upon arrival is fast and efficient. This is expected to include processing visitors through an airport clinic upon arrival into the emirate, and a process to link all medical reports with the uniﬁed electronic ﬁle and the public health control system.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">While staying in Dubai, DHA will provide primary healthcare services, emergency services and specialised medical services through it’s integrated hospital network of facilities and clinics. It is also expected to have a clinic on-site at Expo 2020, which again will link all medical reports with the uniﬁed electronic ﬁle system and the public health control system.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">When the visitor then leaves the country DHA will provide all health reports to the visitor through a secure electronic portal called \"my chart\".</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Priority projects and initiatives of DHA that are related to Expo 2020</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">In line with the key strategic objectives DHA is in the process of rolling-out identified priority projects and initiatives related to Expo 2020.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Hasana</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Public Health Surveillance Network that aims to monitor and reduce the spread of infectious diseases, follow up basic vaccinations and manage vaccination campaigns in Dubai.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Sheryan</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A network of healthcare specialists among the UAE’s health authorities as the only source of approved data for the issuance of temporary medical licenses to some professionals enabling them to take care of the needs of exhibitors and visitors at Expo 2020.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Dubai Heart Safe City Initiative</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Developing an effective response system to make Dubai the \"Heart Safe City\" in the world by adopting healthy innovations to combat heart attacks.<b></b></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Salama</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The uniﬁed electronic medical ﬁle The uniﬁed electronic medical ﬁle that aims to create a uniﬁed electronic record for each patient, available in all the centers of DHA. It also provides doctors with accurate data on patients to help them in decision making, to achieve the best medical outcomes.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Strategy for Investment in the Health Care Sector Strategy for investment in the health care sector and partnership with the private sector, including investment in the Emirate and the service of Expo 2020</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Salem</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">An integrated intelligent system designed to improve the customer’s journey, reduce waiting time, and provide all services in one place, with the best methods, electronic systems and smart technologies.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Dubai Health Experience</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A web site which will include a variety of travel information including how to obtain a UAE visa (if required), in addition to the option of booking the hotel and the round-trip tickets on Emirates Airlines. The site includes more than 17 hospitals, 45 health facilities and more than 600 health packages.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Health Facilities Performance Assessment System</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A smart system measuring the performance of all health facilities in Dubai including an integrated star rating system that will be available for the public in the emirate.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>DHA Central Call Center</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A central Call Center as DHA’s ﬁrst line of customer service, responding to customer’s inquires, booking medical appointments and ease the communication of customers with DHA through telephone, website and social media channels.</p>\r\n<em>Disclosed Source: DHA Expo 2020 DHA Contribution &amp; Support Framework</em>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8099 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_242389561.jpg\" alt=\"\" width=\"552\" height=\"310\" /></p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\">Medical tourism and innovation</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Dubai seeks to establish itself as a global hub for health tourism and innovation. In order to realise these objectives it is critical that the government of Dubai and DHA have a clear vision and strategy which will utilise Expo 2020 as a showcase for its services.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Recent legislative changes should improve the attractiveness of the emirate as a destination for medical tourism and innovation. Developments include new telehealth regulations, and initiatives based around the concept of ‘wellness’, that in turn are aligned with the ‘Emirates Vision 2021’ and emphasise the importance of preventive medicine to combat an increase in the prevalence of lifestyle-related diseases, and to identify and treat cancer, which is the third-leading cause of death in the country, after heart disease and accidents.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Public Private Partnerships</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The DHA Investment Strategy 2017- 2020 has created an investment strategy that \"Promote[s] Dubai as a viable and competitive hub for Investment In healthcare that address the needs of the Emirate and the future opportunities, and provide the best service for Investors and enable sustainable public-private model[s] in Dubai.\" Initiatives range from creating incentives to promote public private partnership (\"PPP\") investment, to reviewing and implementing regulatory changes that might encourage investment. A new piece of legislation is expected to be published later this year regarding PPPs in healthcare projects. These new and rapid changes are creating an attractive opportunity for foreign investment.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">DHA has adopted a series of initiatives that will create a service delivery network of healthcare services for the Expo 2020 event, but that will also create opportunities for inward investment into the medical tourism and innovation strategy, thus ensuring it’s own Expo legacy.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><em>Al Tamimi &amp; Company’s healthcare team regularly advises on Middle East healthcare strategy, regulatory developments, and commercial matters and provides key support to our Expo 2020 practice group. For further information, please contact expo2020@tamimi.com).</em></p>|<p dir=\"LTR\" align=\"LEFT\">Expo 2020 aims to attract over 180 participating nations’, multi-national as well as small and medium sized corporates, and millions of people into the United Arab Emirates (\"UAE\") and the Emirate of Dubai, in order to celebrate human innovation. The logistics of managing the risks associated with vast numbers of visitors has its challenges. In this article, we look at the arrangements in place to ensure health needs are identified and supported, not only while on the Expo site, but while in-country.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The regulator responsible for the delivery of health services to the national population, expatriate residents and visitors in Dubai is the Dubai Health Authority (\"DHA\"). As most visitors are expected to fly into Dubai and make this Emirate their base during the visit, it is expected that DHA will shoulder much of the burden of ensuring it caters for the delivery of health services.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Expo Health Framework</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">As part of it’s advance planning, DHA has developed an Expo 2020 DHA Contribution &amp; Support Framework (\"Health Framework\"), planning ahead in order to be suitably prepared and resourced to provide the best health and organisational services.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Health Framework identifies key strategic objectives which are directly linked to the objectives of the Expo:</p>\r\n\r\n<ol>\r\n 	<li dir=\"LTR\">Position Dubai as a global medical destination by introducing a value-based, comprehensive, integrated and high quality service delivery system;</li>\r\n 	<li dir=\"LTR\">Direct resources to ensure healthy and safe environment for Dubai population;</li>\r\n 	<li dir=\"LTR\">Promote public and private collaboration in Healthcare;</li>\r\n 	<li dir=\"LTR\">Foster innovation across the continuum of care;</li>\r\n 	<li dir=\"LTR\">Revamp the governance structure of DHA; and</li>\r\n 	<li dir=\"LTR\">Establish efficient decision support systems by ensuring an integrated data platform.</li>\r\n</ol>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8098 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_356309201-1-958x1024.jpg\" alt=\"\" width=\"412\" height=\"441\" />Unified process for managing the health of Expo visitors</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">DHA has developed a service charter for the Emirate of Dubai especially for Expo 2020 which caters for the needs of customers, visitors, and investors. Prior to the commencement of Expo 2020, DHA will create and use multiple communications channels to raise awareness of it’s commitment to providing information regarding the availability of health insurance, healthcare services, medical tourism and highlighting Dubai as a leading healthcare hub.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">For participants and visitors requiring a visa (which in-turn requires having a medical fitness examination) DHA will provide medical ﬁtness services in an innovative way to ensure that the experience upon arrival is fast and efficient. This is expected to include processing visitors through an airport clinic upon arrival into the emirate, and a process to link all medical reports with the uniﬁed electronic ﬁle and the public health control system.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">While staying in Dubai, DHA will provide primary healthcare services, emergency services and specialised medical services through it’s integrated hospital network of facilities and clinics. It is also expected to have a clinic on-site at Expo 2020, which again will link all medical reports with the uniﬁed electronic ﬁle system and the public health control system.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">When the visitor then leaves the country DHA will provide all health reports to the visitor through a secure electronic portal called \"my chart\".</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Priority projects and initiatives of DHA that are related to Expo 2020</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">In line with the key strategic objectives DHA is in the process of rolling-out identified priority projects and initiatives related to Expo 2020.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Hasana</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Public Health Surveillance Network that aims to monitor and reduce the spread of infectious diseases, follow up basic vaccinations and manage vaccination campaigns in Dubai.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Sheryan</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A network of healthcare specialists among the UAE’s health authorities as the only source of approved data for the issuance of temporary medical licenses to some professionals enabling them to take care of the needs of exhibitors and visitors at Expo 2020.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Dubai Heart Safe City Initiative</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Developing an effective response system to make Dubai the \"Heart Safe City\" in the world by adopting healthy innovations to combat heart attacks.<b></b></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Salama</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The uniﬁed electronic medical ﬁle The uniﬁed electronic medical ﬁle that aims to create a uniﬁed electronic record for each patient, available in all the centers of DHA. It also provides doctors with accurate data on patients to help them in decision making, to achieve the best medical outcomes.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Strategy for Investment in the Health Care Sector Strategy for investment in the health care sector and partnership with the private sector, including investment in the Emirate and the service of Expo 2020</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Salem</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">An integrated intelligent system designed to improve the customer’s journey, reduce waiting time, and provide all services in one place, with the best methods, electronic systems and smart technologies.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Dubai Health Experience</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A web site which will include a variety of travel information including how to obtain a UAE visa (if required), in addition to the option of booking the hotel and the round-trip tickets on Emirates Airlines. The site includes more than 17 hospitals, 45 health facilities and more than 600 health packages.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Health Facilities Performance Assessment System</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A smart system measuring the performance of all health facilities in Dubai including an integrated star rating system that will be available for the public in the emirate.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>DHA Central Call Center</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A central Call Center as DHA’s ﬁrst line of customer service, responding to customer’s inquires, booking medical appointments and ease the communication of customers with DHA through telephone, website and social media channels.</p>\r\n<em>Disclosed Source: DHA Expo 2020 DHA Contribution &amp; Support Framework</em>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Medical tourism and innovation</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Dubai seeks to establish itself as a global hub for health tourism and innovation. In order to realise these objectives it is critical that the government of Dubai and DHA have a clear vision and strategy which will utilise Expo 2020 as a showcase for its services.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Recent legislative changes should improve the attractiveness of the emirate as a destination for medical tourism and innovation. Developments include new telehealth regulations, and initiatives based around the concept of ‘wellness’, that in turn are aligned with the ‘Emirates Vision 2021’ and emphasise the importance of preventive medicine to combat an increase in the prevalence of lifestyle-related diseases, and to identify and treat cancer, which is the third-leading cause of death in the country, after heart disease and accidents.</p>\r\n<img class=\"size-full wp-image-8099 aligncenter\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_242389561.jpg\" alt=\"\" width=\"1000\" height=\"562\" />\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Public Private Partnerships</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The DHA Investment Strategy 2017- 2020 has created an investment strategy that \"Promote[s] Dubai as a viable and competitive hub for Investment In healthcare that address the needs of the Emirate and the future opportunities, and provide the best service for Investors and enable sustainable public-private model[s] in Dubai.\" Initiatives range from creating incentives to promote public private partnership (\"PPP\") investment, to reviewing and implementing regulatory changes that might encourage investment. A new piece of legislation is expected to be published later this year regarding PPPs in healthcare projects. These new and rapid changes are creating an attractive opportunity for foreign investment.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">DHA has adopted a series of initiatives that will create a service delivery network of healthcare services for the Expo 2020 event, but that will also create opportunities for inward investment into the medical tourism and innovation strategy, thus ensuring it’s own Expo legacy.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><em>Al Tamimi &amp; Company’s healthcare team regularly advises on Middle East healthcare strategy, regulatory developments, and commercial matters and provides key support to our Expo 2020 practice group. For further information, please contact expo2020@tamimi.com).</em></p>'),
