A Will is a crucial legal document specifying how an individual’s assets and property should be distributed upon their death. In the UAE, the creation and registration of a Will, particularly for Muslims, are governed by the...more
According to recent reports, two U.S. multinational financial technology companies have integrated Ethereum Name Service (ENS), a decentralized naming system built on the Ethereum blockchain, into their payment platforms....more
The circumstances in which an unsuccessful party in arbitration may resist enforcement of an award in the Cayman Islands are limited in number and narrow in scope. The judiciary are alive to the risk that parties may run...more
The DIFC Prescribed Company Regulations 2024 (New PC Regulations) were enacted on July 15, 2024. Replacing the former PC Regulations 2019 (and the 2020 and 2022 amendments thereto), the New PC Regulations aim to streamline...more
On 13 June 2024, the DIFC Court of Appeal (the "DIFC CoA") handed down a groundbreaking judgment in Huobi v Tabarak in which the Head of the Digital Economy Court, Justice Michael Black KC (the "Appeal Judge"), reviewed the...more
The overnight abolition of the DIFC-LCIA in September 2021 will be familiar to many. Although the UAE's arbitration landscape is well-serviced by other arbitral institutions in Dubai and Abu Dhabi, questions remained over...more
Background - In Dubai, there has been scope for jurisdictional conflicts to arise between the common law, English language Dubai International Financial Centre (DIFC) Courts, and the ‘onshore’ Dubai Courts, which are Arabic...more
On 18 April 2024, the Ruler of Dubai established the “Judicial Authority for Resolving Jurisdictional Conflicts between the DIFC Courts and the Judicial Bodies in the Emirate of Dubai” (New Judicial Authority). This new body,...more
The Law of Security 2024 (New Law) came into effect in the Dubai International Financial Centre (DIFC) on 8 March 2024 (Effective Date), replacing the previous Law of Security 2005 (Old Law). Modelled after the UNCITRAL Model...more
DIFC Court of Appeal Confirms Enforceability of Arbitral Awards Granting Interim Relief issued in Non DIFC-Seated Arbitrations - The Dubai International Financial Centre’s (DIFC) Court of Appeal has recently confirmed, in CA...more
In Neal v. Nadir [2024] DIFC A 001, the Dubai International Finance Centre ("DIFC") Court of Appeal held that provisional arbitration awards issued by tribunals seated outside the DIFC are enforceable within the DIFC. The...more
The Dubai Financial Services Authority (DFSA) has issued a consultation paper (CP 158) relating to proposed amendments to its Collective Investment Rules (CIR), which includes one proposed change in relation to credit funds,...more
In the House, lawmakers continue to make progress on the Clarity for Stablecoins Act (H.R. 4766). On March 19, at a press event hosted by Punchbowl News on the policy landscape for digital payments, outgoing House Financial...more
To mark Riyadh International Disputes Week we wanted to share our Middle East International Dispute Resolution Compendium, which discusses recent developments in the dispute resolution landscape across the region including...more
A U.S. federal district court refused to compel arbitration in a contractual dispute concerning the supply of materials, products, and services for an oil and gas project being performed by defendants in Saudi Arabia. The...more
I. The Phenomenon of Instant Messaging- Evolution and Proliferation- From basic platforms like IRC and AIM to globally dominant apps such as WhatsApp and Telegram, instant messaging (IM) has witnessed a radical...more
The recent changes to the UAE Federal Arbitration Regime (set out in Federal Decree 15 of 2023 (“the Amendment”) have been rightly welcomed by the arbitration community, especially in relation to the regulation of...more
The recent judgment of the Dubai International Financial Centre (DIFC) Court of Appeal in Panther Real Estate Development LLC v Modern Executive Systems Contracting LLC [2022] DIFC CA 016 provides guidance on common issues in...more
Earlier this month, the Commissioner of Data Protection of the Dubai International Financial Centre (DIFC), a financial free-zone in the United Arab Emirates (UAE), issued the first adequacy decision regarding the California...more
The Dubai International Financial Centre (DIFC) is a prestigious financial free zone in the United Arab Emirates (UAE), established to diversify Dubai's economic resources and attract capital and investments to the region....more
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more
On August 9, the Dubai International Financial Centre Authority (DIFC) Commissioner of Data Protection issued a “first-of-its-kind” adequacy decision, declaring California’s data protection regime as “substantially equivalent...more
As a continuation of our series of updates issued in collaboration with the United Arab Emirates (UAE) Securities and Commodities Authority (SCA), we set out below a summary of additional guidance on marketing of foreign...more
In recent years, regulators within the United Arab Emirates (the UAE) have worked to foster an environment for the sustainable growth of the UAE virtual asset sector through the enactment of several regulatory measures...more
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) issued its Private Credit Fund Rules on 4 May 2023 (the Private Credit Fund Framework), enabling ADGM funds and their fund managers to...more