On Monday, 15 November 2021, the Ministry of Human Resources and Emiratization announced Federal Law No. 33 of 2021 which was issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE. The new law, which will come into effect on 2 February 2022, will bring a number of much needed changes to protect employee rights in the ever-growing labor market and increase flexibility and competitiveness.
UAE Federal Law No. 33 of 2021 to Bring Much Needed Reform to The Labor Market
The Dubai Court of Cassation issued Resolution No. 1 of 2021, which reverses the Court’s previous ruling regarding interest rates applied on adjudged amounts where no contractual agreement on the applicable interest exists.
Dubai Court of Cassation applies an important change to market interest rate
On 16 August 2021, through Notice No. CBUAE/BSD/2021/3944, the UAE Central Bank issued a notice to all banks and financial institutions operating in the UAE requiring strict adherence to the requirements outlined under Regulation No. 29 of 2011, Regulation Regarding Bank Loans and Other Services Offered to Individual Customers No. 29 of 2011, with its amendments and clarifications.
Uae Central Bank Issues Notice To All Financial Institutions Regarding Loans To Individuals And Disputes Arising Therefrom
As part of its ongoing efforts to introduce and maintain over the top regulatory framework, by way of Circular No. 14/2021, the UAE Central Bank has issued a new Outsourcing Regulation with accompanying Standards to regulate UAE financial institutions’ outsourcing endeavors in order to match international best practices adopted in the banking sector.
The Office of Data Protection of the ADGM has published new Standard Contractual Clauses (“SCC”) for data transfer. The SCC, which serve as a means for data transfer, follow the requirements regarding the transfer of personal data outside of ADGM as set out in the Data Protection Regulations of 2021, and further align with the corresponding European Union standards.
ADGM adopts new Standard Contractual Clauses for Data Transfers