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Legal Update: Foreign ownership restrictions in the UAE

The foreign ownership restrictions that currently apply to UAE limited liability companies are expected to be relaxed in 2018. Background Most companies established “onshore” in the UAE are limited liability companies (or “LLCs”). Under Federal Law No. 2 of 2015 (the “Commercial Companies Law”), an LLC must be at least…

Guidelines on Profiling and Automated Individual Decision Making

Article 29 Working Party issues much anticipated guidance on automated decision making under the GDPR. The Article 29 Working Party (WP29) has published draft guidance on the activities of profiling and automated individual decision-making (Guidance) in light of the incoming General Data Protection Regulation (GDPR). The Guidance clarifies the differences…

Legal Update – EU Parliament and EU Council adopt amendments to the EuVECA Regulations and the EuSEF Regulations

The EU Parliament and EU Council have recently adopted amendments to the European Venture Capital Funds Regulations 2013 (“EuVECA Regulations”) and the European Social Entrepreneurship Funds Regulations 2013 (“EuSEF Regulations”). Background The EuVECA Regulations and the EuSEF Regulations allow EU fund managers of EuVECAs and EuSEFs to market their funds…

The Alternative Investment Fund Managers Directive – Overview

The Alternative Investment Fund Managers Directive (“AIFMD”) came into force in 2011 and was required to be transposed into national law by EU member countries by 2013. It creates a harmonised and stringent regulatory and supervisory framework in the EU for Alternative Investment Fund Managers, and has far-reaching consequences for…

Countdown to VAT in the UAE

VAT on supplies and imports will be introduced in the UAE with effect from 1 January 2018 at a standard rate of 5%. Businesses with taxable supplies and imports exceeding AED375k (approx. US$100k) are required to register for VAT. The deadlines for registration have been staged as follows: High-turnover businesses…

Standard Contractual Clauses At Risk After Schrems II Decision

Following the upheaval caused by the invalidation of the Safe Harbour agreement by the Court of Justice of the European Union (CJEU) in the 2015 Schrems Case (Schrems I) (see our previous blog post here), the use of standard contractual clauses (SCCs) has become the favoured method of enabling personal…