Compliance

July 7, 2020

by re think in Compliance

Merger of SCA & IA – Revison of the Government Structure

Introduction His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai announced the new ministerial structure, appointment of new ministers and merging of departments. The aim for such a change was to ensure the government is quicker in its decision-making, seizing opportunities and up to date with changes. The […]

July 7, 2020

by re think in Compliance

DFSA Whitepaper on Digital Assets Custody

Introduction On 14 June 2020, the Dubai Financial Services Authority (DFSA) in collaboration with Deloitte Middle East published a whitepaper on digital asset custodian[1] highlighting their role and importance in the digital asset market eco-system coupled with challenges and uncertainties currently faced by the industry. For the purposes of this paper, digital assets are characterized […]

June 30, 2020

by re think in Compliance

PROPOSED MONEY SERVICES REGIME IN ADGM

Introduction The Financial Services Regulatory Authority (“FSRA”), the financial services regulator in the Abu Dhabi Global Market (“ADGM”), issued the Consultation Paper No. 1 of 2020 on proposed expansion of the regulatory framework applicable to money services business in order to capture the evolution of new business models and methods for fund transfer within payments […]

June 22, 2020

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MONEY SERVICES REGIME IN DIFC

Introduction The Dubai Financial Services Authority (“DFSA”), the Financial Services Regulator in the Dubai International Finance Centre (“DIFC”), recently amended its legislation to introduce money/payment services business as one of the regulated activities within DIFC. The amended regulation is covered under various DFSA Rulebooks including Conduct of Business, General, AML, Prudential Rules and Auditor. These […]

June 18, 2020

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VENTURE CAPITAL REGIME IN ADGM

What is a Venture Capital Fund? VC Fund is a pool of capital that invests private equity in unlisted start-ups or young SMEs (early stage entities). A VC Fund raises capital from financially sophisticated professional investors. VC Fund Managers co-invests alongside investors allowing growth participation in the fund and alignment of interests with limited partners. […]

June 7, 2020

by re think in Compliance

Data Protection and Business Continuity

Why Data Protection is important? In the era of globalization and digitalization, a lot of data have become readily available and transferred across borders. Many businesses, including banks and financial services companies, are collecting, processing and transferring individual data. Hence it has become significantly important that individuals’ right to privacy is protected. Such data includes […]

May 13, 2020

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UAE Financial Free Zones Economic Stimulus Package Tracker

In response to the UAE Government’s efforts to provide relief to businesses during the COVID–19 pandemic, a number of free zones have announced major relief packages including fee waivers, rent holidays and waiver of penalties. Re/think has compiled an “Economic Stimulus Package Tracker” focusing on key incentives provided by various UAE financial free zones’ financial […]

May 10, 2020

by re think in Compliance

Incentive time! There was never a better time to register a business in ADGM and DIFC – here is why!

What’s new? Most UAE Free zones have introduced incentives to boost business amid CoronaChaos. Arguably the most substantial and impactful incentives for new applicants are found in ADGM and DIFC, two traditionally “High hurdle” jurisdictions. Key take-away Never since the launch of ADGM or DIFC – two tier 1 global financial centres – has establishing […]

May 7, 2020

by re think in Compliance

FATF Mutual Evaluation Report on the UAE released

What’s new? On 30 April 2020, the FATF published its mutual evaluation report on the UAE. The report covers: Summary of AML/CFT measures in place in the UAE as at the date of FATF’s on-site visit in 2019 Analysis of the UAE’s level of compliance with the FATF 40 recommendations and the level of effectiveness […]

May 3, 2020

by re think in Compliance

Economic Stimulus Package by ADGM (2.0)

On 29 Apr 20, the ADGM’s Registration Authority announced further incentives for new businesses, supporting their ADGM-based establishment amidst COVID-19 pandemic. Whom do they apply? These incentives apply to: New applicants for financial, non-financial and retail license types excluding SPVs, Foundations, VC firms, Tech Start-up applicants, Accelerators and Incubators and Professional Associations. Existing ADGM companies […]

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Compliance

Merger of SCA & IA – Revison of the Government Structure

DFSA Whitepaper on Digital Assets Custody

PROPOSED MONEY SERVICES REGIME IN ADGM

MONEY SERVICES REGIME IN DIFC

VENTURE CAPITAL REGIME IN ADGM

Data Protection and Business Continuity

UAE Financial Free Zones Economic Stimulus Package Tracker

Incentive time! There was never a better time to register a business in ADGM and DIFC – here is why!

FATF Mutual Evaluation Report on the UAE released

Economic Stimulus Package by ADGM (2.0)

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