INSIGHTS

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The UAE enshrines matters of sustainable development in all its forms in to robust laws and regulations

The increasing global spotlight on sanctions against individuals, entities, and groups, is a stark reminder of the importance of ensuring awareness and compliance with applicable sanctions regulations, particularly in the course of conducting business.

On 28 February 2022, Regulatory Law Amendment Law DIFC Law No.1 of 2022 (“Regulatory Law Amendment”) was enacted to include a new Whistleblower Protection regime in Regulatory Law DIFC Law No.1 of 2004 (“Regulatory Law”).

‘Development that meets the needs of the present without compromising the ability
of future generations to meet their own needs.’

Environmental, Social and Governance or “ESG” considerations have evolved out of the need for “Sustainable Finance” and the over-arching global drive towards “Sustainable Development”.

Robust legislation and measures have been implemented by the United Arab Emirates (“UAE”) with respect to Anti- Money Laundering, Combating the Financing of Terrorism and Financing of Illegal Organisations, and Sanctions (referred to herein for ease of reference as “AML”).

Businesses in the financial and non-financial services sectors in the United Arab Emirates (“UAE”) and internationally, are increasingly embedding environmental, social and governance (“ESG”) considerations in to their processes and practices.

The adage ‘time and tide wait for none’ is not uncommon to hear from matriarchs and patriarchs of established and fast-growing diverse family businesses which may not have a formal succession plan in place for the family business or their personal assets.

The United Arab Emirates (“UAE”) Cabinet of Ministers Resolution No. 57 of 2020 Concerning Economic Substance Regulations (the “Amended ESR”) was issued in 10 August 2020.

Amendments were recently introduced to several of the Dubai Financial Services Authority (the “DFSA”) Rulebook Modules incorporating provisions for Venture Capital Funds (“VCFs” or “VCF”) in the Dubai International Financial Centre (the “DIFC”).

The Prescribed Company Regulations 2019 (“PCR”) came in to force on 31 October 2019 in the Dubai International Financial Centre (“DIFC”). The
PCR repealed and replaced the DIFC’s Special Purpose Company Regulations (SPCoR).

The Dubai International Financial Centre (“DIFC”) Data Protection Law DIFC Law No.5 of 2020 (“DP Law”) and Data Protection Regulations thereunder came in to force on 1st July 2020. The DP Law repeals and replaces the earlier DIFC Data Protection Law DIFC Law No.1 of 2007 and the regulations thereunder.

As the world grapples with a return to normalcy in the wake of the global pandemic, businesses big and small across the globe continue to face challenging economic times.

As the consequences of recent global events continue to reverberate and impact businesses big and small
across the world, we consider in this paper the requirement for businesses to put in place a Business Continuity Plan (“BCP”) and a Disaster Recovery Plan (“DRP”) which is taking on an increasingly critical role.