This Update is produced on a monthly basis. It provides an update on new legislation in certain Middle East countries (Bahrain, Egypt, Jordan, the Kingdom of Saudi Arabia, Kuwait, Qatar, the Sultanate of Oman and the United Arab Emirates) where SNR Denton has offices. We also include Turkey and Lebanon updates from our affiliate and associate firms in Istanbul and Beirut respectively.
This Update is not an exhaustive list of all new legislation, but a summary of new legislation that we feel may be significant for clients. Should you require further detail on any of the laws referred to in this Update, please contact the relevant managing partner. Please note that, in some jurisdictions, new laws may come into effect which have not been officially published in the publications we have reviewed as mentioned below. Also, some of the official publications in these jurisdictions are not published on a regular basis.
Egypt
New legislation is published weekly in the Official Gazette.
Ministry of Industry and Foreign Trade Decree No. 483 of the year 2012
Imposing An Export Duty on certain kinds of Scrap and Materials
Al-Wakaye Al-Mesreya / Government Bulletin
Issued on 12 June 2012 and shall apply as of it's publication date.
Ministerial Decree No. 572 of the year 2012
Amends some provisions of the Executive Regulations Implementing Capital Market Law Issued By the Minister of Economy and Foreign Trade Decree No. 135 of the year 1993.
Al-Wakaye Al-Mesreya / Government Bulletin
Issued on 24 May 2012 Effective from 25 April 2012
Decree No. 430 of the year 2012
Imposing Temporary Precautionary Measures on Imports of Polypropylene Items HS Code:(39 02 10 90).
Al-Wakaye Al-Mesreya / Government Bulletin
Date of publication 3 June 2012 and shall be effective from the day of it's publication.
Issued on 31/5/2012.
Decree No. 319 of the year 2012
A third paragraph shall be added to the text of article (6) of Decree no. 209 of the year 2009 issued on 29/3/2009 with the Executive Regulations Implementing Law No. 38 of the year 1997 Concerning the Reorganization of Touristic Companies.
It's text is as follows: "In all cases the license applicant whose application is accepted shall be obliged to satisfy the data and documents required for the license and shall submit same within six months as of accepting the application otherwise his right to finalize the license procedures shall forfeit and his/her previous application shall not be considered unless the Minister of Tourism grant him – for imperative reasons – another respite for three months only to satisfy the documents"
Al-Wakaye Al-Mesreya / Government Bulletin
Date of publication 7 June 2012 Effective on 8 June 2012
Jordan
New legislation is published in the Official Gazette. There is no set date for publication.
Railway Law No. 24 of 2012
Provides that the Ministry of Transport in coordination with the relevant authorities shall prepare complete plans for the national railway network in the Kingdom.
Promulgated on 17 June 2012 Effective on 17 June 2012
Law Ratifying Arab Anti-Corruption Agreement No. 21 of 2012
Promulgated on 17 June 2012 Effective on 17 June 2012
Law Ratifying the Arab Agreement on Anti-Money Laundering and Terrorist Financing No. 20 of 2012
Promulgated on 17 June 2012 Effective on 17 June 2012
Political Parties Law No. 16 of 2012
Provides for what constitutes a political party, and gives Jordanians the right to form political parties and to become members of such parties in accordance with the provisions of the Constitution and this law, and gives political parties the right to participate in elections at various levels.
Promulgated on 17 June 2012 Effective on 17 June 2012
Kuwait
New legislation published in the Official Gazette and on the Kuwait Stock Exchange Website in Capital Market Authority (CMA) Announcements.
Law No. 3 of 2012 amending some of the provisions of Law No. 17 of 1960 promulgating the Penal Procedures and Trials Law
Amends Articles 60, 69, 70 and 75 of Penal Procedures and Trial Law, which prohibited arrested person to be imprisoned for more than 48 hours without a written order from the concerned investigation officer. Also, it explains the procedures of appealing in front of the Judge and sets out the rights of the arrested persons.
Promulgated on 10 June 2012 Effective from 10 June 2012
Instruction No. CMA/R/AM/2/2012 regarding Disclosure of Material Information and Mechanism of Disclosure
Introduces new rules and regulations regarding disclosure of material information for all listed companies in the Kuwait Stock Exchange Market. It defines “material information” and sets out the mechanism for making disclosures to the Capital Market Authority and to the public generally. The violation of these instructions could result into suspension of the trade of relevant securities.
Promulgated on 5 June 2012 Effective from 5 June 2012
Decree No. 774 of 2012 regarding rules and regulation for Internet Service Providers
Explains the procedures for obtaining a licence from the Ministry of Communications, the fees and the obligations of the Internet service providers. The Decision also sets out the circumstance wherein the Ministry of Communications can revoke the licence.
Promulgated on 10 June 2012 Effective from 10 June 2012
Decree No. 779 of 2012 regarding Communications Committee Duties
Adds to the existing obligations of the Communications Committee under the Ministry of Communications regarding viewing the requests from telecom companies about the range of phone numbers and accepting or declining them. Also, makes the Committee responsible about all issues related to communication towers.
Promulgated on 10 June 2012 Effective from 10 June 2012
Lebanon
New legislation is published monthly in the Official Gazette.
No relevant new legislation since the last edition of this Update.
Qatar
New legislation is published monthly in the Official Gazette.
No relevant new legislation since the last edition of this Update.
Sultanate of Oman
New legislation is published twice monthly in the Official Gazette.
Official Gazette 975 – Published on 2 June 2012
Sultani Decree No. 30/2012
Establishes the Supreme Council For Planning. Sultani Decree No. 94/1999 is hereby repealed.
Promulgated on 26 May 2012 Effective on promulgation
Sultani Decree No. 33/2012
Establishes the Public Authority for Civil Aviation.
Promulgated on 26 May 2012 Effective on promulgation
Sultani Decree No. 34/2012
Amends some of the provisions to Sultani Decree No. 14/2006 in relation to Oman Investment Fund.
Promulgated on 26 May 2012 Effective on promulgation
Sultani Decree No. 35/2012
Promulgates the Regulations of the Public Authority for Investment Promotion and Export Development.
Promulgated on 26 May 2012 Effective on promulgation
Telecommunications Regulatory Authority - Decision No. 69/2012
Issues regulations in relation to market dominance.
Promulgated on 14 May 2012 Effective on the day following publication
Official Gazette 976 – Published on 23 June 2012
Ministry of Finance - Administrative Decision No. 3/2012
Amends some of the provisions of Ministerial Decision No. 45/2005 on the Determination of Rules and Procedures for Tax and Customs Exemptions for Foreign Investment Projects.
Promulgated on 16 June 2012. Effective on the day following publication.
Official Gazette 978 – Published on 7 July 2012
Ministry of Finance - Financial Publication No. 2/2012
Amends the classification index for the State General Budget promulgated in Financial Publication No. 8/87.
Promulgated on 23 June 2012. Effective on promulgation.
Turkey
Law
Code Introducing Amendments on the Law on Collection Procedure of Public Receivables and Several Other Laws including the Electricity Market Law – Law No. 6322 (Official Gazette No: 28324)
Brings forth a corporate income tax exemption for the revenues collected from the transfer, merger, division, partial division and/or privatisation of the electric distribution companies and electric production facilities until the date of 31 December 2023.
Promulgated on 15 June 2012 Effective from 1 July 2012
United Arab Emirates
Abu Dhabi
Law No (1) of 2012 concerning the cancellation of the Critical National Infrastructure Authority
This law cancels law No (14) of 2007 establishing the Critical National Infrastructure Authority and transfers all its assets, rights ,obligation and affiliates to the General Command of the Armed Forces
Issued on 28 February 2012 Effective from 28 February 2012
Financial Services
The Dubai Financial Services Authority released two new laws after announcing that the Dubai International Financial Centre had issued amendments to DIFC Markets and Regulatory Laws.
The new Markets Law DIFC Law No. 1 of 2012 updates the prospectus regime in an attempt to ensure compliance with international standards. Changes include the introduction of stronger disclosure and approval requirements for prospectuses, important market misconduct provisions as well as corporate governance requirements.
The Regulatory Law Amendment Law DIFC Law No. 2 of 2012 allows for the implementation of the new rules provided for in the Markets Law 2012.
Both laws will come into force on 5 July 2012.
