On 13 December 2024, amendments were made to the Rules governing the issuance of permits by the Government Commission for Control over Foreign Investment in the Russian Federation, as outlined in the counter-sanctions Decrees of the President of the Russian Federation.

The amendments establish the procedure for filing applications by residents (excluding financial institutions) seeking permits for dividend payments (profit distributions) and loan repayments without adhering to the special procedure set out in Presidential Decree No. 95 of 5 March 2022 (i.e. in the amount exceeding RUB 10m per month and without using special “C” type account).

In today's globalised world, businesses frequently leverage data storage, processing, and analytics capabilities from providers across borders. This shift has brought remarkable efficiencies but has also introduced new regulatory challenges. For UAE-based businesses, cross-border data transfers are subject to stringent regulations, designed to ensure the security and privacy of sensitive information.

Zijad Hanic, Counsel at SEAMLESS Legal, explores the essentials of cross-border data handling from a UAE perspective, including compliance with data protection laws, permitted exceptions, and best practices for businesses looking to harness the benefits of international data management.

Binance Blockchain Week 2024 was held in Dubai, one of the largest Web3 centres and a blockchain hub in the world. The event buzzing with innovation and future-forward discussions brought together traders, builders, founders, institutional investors, regulators, global officials and innovators to explore and shape the future of blockchain and Web3 technology.

As the industry expands, it generates many questions. One of them is how to adapt laws and regulations to the welcome evolution.

Zijad Hanić, Counsel at SEAMLESS Legal UAE, has joined the event and shares some takeaways and insights from industry experts on the current state of the blockchain ecosystem and cryptocurrency infrastructure in the UAE. He provides an overview of the legal landscape and the supportive role of the most influential; regulatory bodies such as FSRA, DFSA, VARA, and SCA in Dubai and Abu Dhabi.

The UAE’s VAT Executive Regulation has undergone substantial amendments through Cabinet Decision No. 100 of 2024, effective from 15 November 2024. These amendments introduce new rules, expand existing provisions, and clarify many aspects of VAT regulations, helping businesses align more effectively with the UAE’s dynamic tax environment. These changes cover multiple areas, including exports, financial services, tax groupings, and deemed supplies. We have prepared a description of the substantive amendments and a comparative table of the key amendments to the original provisions.

When reviewing transactions for the “exit” of the Russian market by foreign “unfriendly” shareholders, the Russian Ministry of Industry and Trade has been informing applicants that the Government Commission for Control over Foreign Investment in the Russian Federation has updated the requirements for approving such transactions. The key updates concern the contribution amount to the federal budget and the compulsory discount.

In 2023, the Russian M&A market showed a general decrease in both the number and average value of transactions, which generally correlates with the global M&A market. Key economic factors affecting the Russian M&A market are high inflation rates and currency fluctuations. In addition to the economic factors, it continues to be driven by the geopolitical agenda and suffers from a lack of inbound foreign investment. Nevertheless, the M&A market has been slowly recovering and as it is expected that in 2024, the number of M&A transactions will continue to grow.

To learn more about the Russian M&A market, its key trends, legal and regulatory issues as well as M&A outlook please read our article prepared for Asia Business Law Journal.

On October 1st, 2024, a new set of VARA regulations will officially replace the existing framework, marking a significant shift in how virtual assets and their operators are promoted and marketed in Dubai. We provide you with the comparative analysis of the key changes, highlighting the progression from the old to the new framework.

On August 8, 2024, amendments to the Federal Laws “On Joint Stock Companies” and “On Limited Liability Companies” came into force aimed at improving and increasing the efficiency of corporate governance and streamlining the management of the so-called “lost” shareholders.

The UAE’s Securities and Commodities Authority (SCA) has issued a detailed set of guidelines to regulate virtual assets and virtual asset service providers, perfecting the existing legislations. The regulatory framework represents a comprehensive approach to ensuring market stability, investor protection, the preservation of financial integrity, and managing the risks and opportunities presented by the rapidly evolving digital economy.

To learn more about the SCA’s Guidelines for Regulations of virtual assets and virtual asset service providers please read the comprehensive analyses prepared by Zijad Hanic, Counsel at SEAMLESS Legal in the UAE.

In August 2024, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) issued Consultation Paper No. 7 of 2024 for public comments on a newly proposed regulatory regime for Fiat-Referenced Tokens (FRTs). FRTs are distinct from other stablecoins in that they maintain their value by being backed by high-quality, liquid assets that can be redeemed on demand.

The Paper is designed to bring clarity and structure to the growing virtual assets market in ADGM. It will certainly enable FSRA to ensure that the market participants comply with the regulatory standards while further encouraging innovation within the virtual asset ecosystem. The issuers and stakeholders might provide their comments within a consultation period that ends on October 3rd, 2024 to help shape the final regulatory landscape.

Zijad Hanic, Counsel at SEAMLESS Legal in the UAE, provides an overview of the main features of the proposed regulatory regime.