Managing Partner's Foreword
This edition of Law Update explores key regulatory changes in GCC financial services, covering fund passporting, virtual assets, smart contracts, insolvency, and market reforms across the region.
Law Update: Issue 375 – Financial Services Focus
Welcome to this edition of Law Update, where we focus on the ever-evolving landscape of financial services regulation across the region. As the financial markets in the region continue to grow and diversify, this issue provides timely insights into the key regulatory developments shaping banking, investment, insolvency, and emerging technologies.
One of the most significant advancements this year is the introduction of the GCC Fund Passporting Regime. This new framework offers increased cross-border collaboration, making it easier for investors and fund managers to access regional markets. In our article, “GCC Fund Passporting,” we take a deep dive into how this regime will streamline fund distribution and create fresh opportunities for the GCC’s financial services sector.
Virtual assets remain a hot topic as they revolutionize the financial services industry. Our article “Virtual Assets Marketing” examines the emerging regulatory landscape for marketing digital assets in the GCC, exploring the legal and compliance challenges that businesses will need to navigate as this market continues to expand.
Bahrain is also making strides in improving market infrastructure, with the implementation of its new netting regime. This development, highlighted in “An Introduction to the Netting Regime in Bahrain,” strengthens protections for financial institutions and market participants, adding greater security to financial transactions.
In the UAE, the regulation of smart contracts is gaining momentum, and Kuwait is working on solidifying its legal framework around these digital agreements. Our article “Smart Contracts Regulation in Kuwait: Legal Framework and Risks” explores how businesses can manage the risks associated with this emerging technology while navigating the legal intricacies of smart contracts.
Saudi Arabia is continuing its journey of financial modernization, with significant changes in its bankruptcy laws and debt capital markets. “The Role of Insolvency Trustees in Tracing and Recovering Assets under the Saudi Bankruptcy Law” provides an overview of how the Kingdom is empowering insolvency trustees to recover assets efficiently, while “Transforming Saudi Arabia’s Debt Capital Market” looks at the regulatory reforms that are set to reshape the country’s debt market.
Qatar is also making significant regulatory strides in the financial services sector. Our article, “Tomorrow, to the Person Waiting for It, Is Near: The Quiet Revolution of Financial Services Regulation in Qatar,” takes a closer look at how the country is transforming its financial services industry, presenting new challenges and opportunities for businesses operating within the market.
In addition, we explore Bahrain’s evolving competition law landscape, as well as the growing international reach of the Abu Dhabi Global Market (ADGM), with insights on recent case law regarding cross-border insolvency in “The Growing International Reach of Abu Dhabi Global Market: Highlighting a Recent Case on Cross-Border Insolvency.”
As the regulatory environment in the GCC continues to evolve, staying ahead of these changes is essential for businesses operating in the region. This edition of Law Update is designed to provide the legal insights and strategic guidance needed to navigate these regulatory shifts and make the most of the opportunities that lie ahead.
Jody WaughManaging Partner
