This Update is produced on a monthly basis. It provides an update on new legislation in certain Middle East countries (Egypt, Jordan, the Kingdom of Saudi Arabia, Qatar, Turkey, the Sultanate of Oman and the United Arab Emirates) where Dentons has offices. We also include Lebanon updates from our associate firm in Beirut.
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.
New legislation is published weekly in the Official Gazette.
Law No. 72 of 2013
Amends some provisions of Law No. 53 of the year 1973 concerning the State General Budget.
Official Journal, issued on 29 June 2013, published on 30 June 2013 and shall come into force as of the day following its publication date.
Ministerial Decree No. 223 of 2013
Regulating the packing and trading activities related to pasta, vegetable oils and margarine.
Al-Wakaye Al-Mesreya / Government Bulletin, issued on 9 June 2013, published on 19 June 2013 and shall be enforced as of its publication date.
Annex No. 1 to the Minister of Finance's Decree No. 310 of 2013
Concerning the determination of the percentages, commodities and rentals to which the system of addition for account of the tax apply in accordance with the provisions of Article Nos. (59-Bis), (59-Bis-1) and (59-Bis-2) of the Income Tax Law promulgated as per Law No. 91 of 2005 and its amendments.
Al-Wakaye Al-Mesreya / Government Bulletin, published on 10 July 2013 and shall be enforced as of 1 August 2013.
Presidential Decree No. 484 of 2013
Formation of the Cabinet.
Official Journal, issued and published on 16 July 2013 and shall come into force as of the day of its publication date.
The Lebanese Capital Markets Authority issues its first regulatory decisions (Decisions No.1/2013 and No.2/2013).
The Lebanese Capital Markets Authority (the CMA), which was established by Law No.161/2010 and whose members were appointed by way of decree (Decree No.8475/2012), has made a positive start.
The first decisions issued by Lebanon's new financial markets regulator relate to corporate governance. The CMA's objective is to develop transparency and establish a regulatory framework that will enable the monitoring of market players by the relevant stakeholders.
The scope of these decisions extends to collective investment schemes and joint stock companies operating in Lebanon with more than twenty shareholders, if these are listed on the stock exchange or if their shares are traded over-the-counter.
These market players are required to establish a disclosure policy aiming to protect the interests of shareholders and stakeholders in general. This policy is to be submitted to the CMA for approval.
Decision No.2/2013 of the CMA sets out the information that the collective investment schemes and joint stock companies need to make available to their shareholders. The minimum information that should be disclosed relates to the share capital of the company/shares of the scheme and to the term or duration of the company or scheme. An annual activity report must also be communicated. In addition, the CMA requires that the concerned companies and schemes develop effective methods and channels dedicated to the exchanges between them and their shareholders, and that they inform the CMA of such methods and channels.
These decisions of the CMA emphasise the need to comply with the general publishing requirements, the applicable disclosing regulations and decisions, the provisions of the Commercial Code, the Collective Investment Schemes Law and the Asset Securitization Law. They also include a healthy reminder of the relevant administrative sanctions that apply to those who fail to apply the mandatory rules and regulations.
Sultanate of Oman
New legislation is published in the Official Gazette.
Official Gazette 1018 Capital Market Authority, Ministerial Decision 53/2013
Issues regulations to organise the work of insurance brokers under Sultani Decree 12/1979 (Law Regulating Insurance Companies).
Promulgated 18 June 2013
Effective from the day following publication
New legislation is published daily in the Official Gazette.
Regulation regarding duties, authorities, responsibilities and training of on-site doctor and other medical personnel (Official Gazette dated 20 July 2013 and numbered 28713)
Sets out the working principles and procedures, necessary qualifications, training, duties, authorities and responsibilities of on-site doctors and other medical personnel appointed in the occupational health and safety services.
Promulgated on 20 July 2013
Effective from 20 July 2013
Amendment to the regulation on processing personal data and protection of privacy in electronic communications sector (Official Gazette No. 28704)
Postpones the prohibition of taking the personal data out of the boundaries of Republic of Turkey to 1 January 2014, redefines the prior approval of the persons regarding the processing of their personal data in electronic environment and sets out that the liability of operators which carry out electronic communications infrastructures in case they breach their obligations set under this Regulation. Also, operators are required to notify such breaches to the users and subscribers in case the Information Technologies and Communication Authority deems necessary. Furthermore, the Regulation removes the 5 year time limit for keeping the records of reaching to the personal data and the system.
Promulgated on 11 July 2013
Effective from 11 July 2013
Statute amending the Statute regarding the practice of National Marker in Petroleum Market ("Statute") (Official Gazette No. 28712)
Amends the Statute regarding the practice of National Marker in Petroleum Market. The definition "illegal petroleum" changed into "illegal fuel oil". Furthermore, as of the effective date of the Statute, independent examination boards will be entitled to examine the quantity of petroleum and petroleum products provided that the Energy Market Regulatory Authority ("EMRA") grants such power. An authorization certificate is issued to the independent examination boards, which comply with the requirements to conduct examination activity, by EMRA.
Promulgated on 19 July 2013
Effective from 19 July 2013