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Covering Contracting, Virtual Asset Platform Operator, Licensing, Media Production, Procurement. Explore regulatory developments affecting Contracting, Virtual Asset Platform Operators, Licensing, Media Production, and Procurement sectors in the UAE and Saudi Arabia, including new frameworks, quality policies, and digital accessibility mandates.
Regulatory news, updates, and insights for countries in the Middle East presented by the Carver Agents team
Welcome to Carver's Middle East Regulatory Updates.
Starting with the United Arab Emirates, the Securities and Commodities Authority, or S-C-A, has introduced a comprehensive Virtual Assets Framework. This new regulation covers licensing requirements for virtual asset platform operators, brokers, dealers, financial consultants, portfolio managers, and safe custody providers under the S-C-A’s jurisdiction. The framework aims to mitigate financial crime, consumer protection, and systemic risks associated with virtual assets. It mandates compliance with anti-money laundering and counter-terrorism financing rules, including reporting obligations under FATCA and CRS. Additionally, entities must disclose and monitor material risks linked to virtual asset activities.
In related news from the United Arab Emirates, the S-C-A has issued a circular prohibiting licensed companies from contracting individuals or unlicensed companies for client solicitation. Contracts must be exclusively with companies licensed by the S-C-A for introducing activity. Licensed companies are required to submit a list of contracted entities and copies of contracts within five working days. Any contracts with individuals or unlicensed entities must be terminated immediately. This measure is designed to protect investors by ensuring only competent, licensed entities engage in client solicitation, thereby maintaining market integrity.
The S-C-A has also set new principles to protect minority shareholders in listed companies. Minority shareholders now have rights to inspect company documents related to related party transactions. Shareholders owning at least 20 percent can request the board to convene a general assembly meeting within five days. Shareholders with 10 percent ownership can request an extraordinary general assembly meeting through the regulatory authority. Furthermore, shareholders may suspend harmful general assembly decisions, strengthening corporate governance and transparency.
The S-C-A is actively engaging the public through multiple digital consultations covering topics such as the capital market regulatory framework, alternative trading platforms, virtual assets, and customer satisfaction. These consultations aim to enhance transparency and regulatory effectiveness. Market participants are encouraged to participate in surveys and monitor consultation outcomes for future regulatory updates.
Turning to Abu Dhabi government entities, Requests for Quotations have been published for consultancy and media services related to business continuity in crises and disasters. Vendors must submit proposals within specified dates and demonstrate experience in government and investment promotion communications. The scope includes delivering integrated media strategy, planning, buying, and production support, ensuring continuity and quality of critical government services and media campaigns.
The United Arab Emirates authority responsible for the capital market has also updated its privacy policy. The policy states that the authority reserves the right to make minor or major amendments without prior notice, with continued use of the site implying acceptance of changes. Users must knowingly provide personal information for it to be collected. Access to personal data is limited to authorized employees bound by confidentiality. While measures to protect data are in place, confidentiality is not guaranteed, and the authority disclaims liability for damages from breaches.
In the United Arab Emirates, the capital market regulator has outlined multiple quality policies, including adherence to ISO standards such as ISO 44001 for partnership management and ISO/IEC 27001:2013 for information security management. The policies also emphasize risk management, sustainable procurement practices, and innovation strategies. These initiatives aim to ensure regulatory compliance, operational efficiency, and alignment with international best practices.
Moving to Saudi Arabia, the government has published multiple public competitions with detailed closing dates and descriptions for various services and licenses. Suppliers must submit bids by specified closing dates and times, with detailed competition information accessible via the supplier portal. This promotes transparency and timely participation in government tenders, impacting supplier engagement and procurement compliance.
Saudi Arabia has also implemented a comprehensive digital accessibility policy mandating compliance with WCAG 2.1 AAA standards. The policy requires integration of assistive tools such as text-to-speech, contrast adjustment, font resizing, and keyboard navigation. Content must be accessible with alternative texts and proper heading structures. This update is critical to mitigate digital exclusion risks for persons with disabilities and elderly users, enhancing user experience across all digital services.
That wraps up today's regulatory updates. Visit carveragents.ai for more information.