Chad Fox

IPO NEWS: The first-ever education technology company to be listed in the UAE, Alef Education Holding plc announces its intention to list on the Abu Dhabi Securities Exchange. Glad to act as lead issuer's counsel on such significant IPO 1st IPO for educational technology company in the UAE 1st IPO on ADX in 2024 2nd IPO for IBRAHIM .N. PARTNERS in one month (after Spinneys) #equity #capital #markets #equitycapitalmarkets #raise #initial #public #offering #ipo #education #technology #personalised #learning #solutions #digital #resources #provider #grades #governments #primary #gc #MENA #menaregion #middleeast #secondary #schools #educators #students #parents #abudhabi #UAE #adx #markets #worldwide

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The DIFC’s first case concerning Bitcoin has arrived. There is so little case law in the cryptocurrency industry because the industry is in its infancy, and disputes that do occur tend to be settled outside of court. However, there will no doubt be more case law coming on the subject, and I’m curious to see how the courts will deal with these technologically-complex matters. #aglaw #addleshawgoddard #difc

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Investors left in lurch; Company abandoned; Promoters, CEOs, Sr. Staff not traceable; very little or no chances for investors getting their investments back. This is not the first time, such scams are repeated year after year, yet past incidents did not bother these new set of victims asking questions, whether this manner of offering financial returns legit. I have been getting messages/calls from dozens asking for an advise after this BlueChip news came in. Yet another superb investigative journalism by Mr. Mazhar Farooqui, Sr. Editor at Khaleej Times. But callers are desperate, have lost savings of years, wanted to use the returns/savings sending their child to an Intl. University. Quite bad it is. As a Lawyer, I advise, please ask such a company that offers abnormal returns if they have in place an approval from SCA, SEBI, MAS, FCA (the regulator in your Country) to conduct their services, check the financial regulators website if this company’s name is in the open data and they are authorized to collect your money for managing investments. A bigger concern is the Celebrities at launch parties, galas, promoting, endorsing, vouching for this Company, yet to see a celebrity facing trial with operators of a bogus Company for promoting scams. #Journalism #Law #BlueChip #FinancialScam #Scam #Investors #Regulators #Celebrity #Endorsements #Bogus

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🇦🇪 Securities and Commodities Authority (SCA) has signed a cooperation agreement with Dubai's Virtual Assets Regulatory Authority [VARA] to simplify the authorization process for VASPs. Under this agreement, VASPs operating (1) in or (2) from Dubai, or (3) those planning to offer services within the Emirate must obtain a license from VARA. Once licensed, they can be 𝐚𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐜𝐚𝐥𝐥𝐲 𝐫𝐞𝐠𝐢𝐬𝐭𝐞𝐫𝐞𝐝 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐒𝐂𝐀, removing the need for further approvals. This is a major win for VARA-licensed businesses, as they can now benefit from a smoother, more cohesive authorization process. With the SCA recognizing VARA’s framework, the often lengthy and complex dual authorization process is eliminated. Cutting down on bureaucratic red tape can be a game changer - a simple, clear authorization process is key for businesses when deciding where to operate. Regulatory processes play a great role in shaping any local market - when designed well, they can help businesses grow and scale; when poorly designed, they can push them away. That’s why it’s so important for these processes to be aligned with the needs of businesses and the realities of the market. 👏 I’m really glad to see initiatives like this - that take businesses into account and make things easier for them. 🖇 https://lnkd.in/eXZHAjQj

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🚨 Breaking News! The UAE has reshaped the tax landscape for companies owned by UAE foundations, offering the potential for full tax neutrality—if certain conditions are met. This could be a game changer for personal and real estate investments, but the impact depends on how your structures are currently set up and utilised. Stay tuned for our upcoming article, where we break down the key changes, their implications for existing structures, and steps to optimise your setup. #UAECorporateTax #PrivateWealth #Foundations #TaxNeutrality

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💥 Approval of GCC fund passporting framework💥 The UAE SCA has announced the approval of the GCC fund passporting framework, which will allow funds to be registered and promoted across the GCC states (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) 🥇 Funds are the first financial products to be regulated under a unified framework at the GCC level 📝 Passporting regulations are being drafted to cover the fund registration procedures and the terms and conditions that funds are required to meet ⌛ The regulations are scheduled to take effect in early 2025 in the GCC states that have completed the legislative procedures A space to watch next year and how this impacts the Middle East as a funds hub #CrossBorderDistribution #passporting #aosphere #funds

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The UAE has emerged as an attractive destination for private wealth clients and advisors due to its favorable policies and initiatives. The country has overhauled its entry and residence system, offering new visa options and incentives to increase its appeal as a place to live, work, and invest. Estimates suggest the UAE will attract a net inflow of 4,000 millionaires this year, as hedge funds, property managers, and crypto firms relocate to Dubai, drawn by its excellent infrastructure, low taxes, and light regulation. I fully agree. We can expect a brain drain of high-IQ, and high-wealth individuals from Europe. Read more here: https://lnkd.in/dXhmcgCb #AI #tech #law #wolftheiss

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The UAE Funds Regime! The client often asks about the different fund regimes in the UAE and how they could use each. We have ADGM, DIFC, and onshore UAE to set up funds, and the ADGM and DIFC setups are somewhat similar. We have domestic funds domiciled in the UAE and foreign funds marketed in the UAE. The funds are categorised in the DIFC and ADGM as follows: 1. Public Funds - where the retail clients can buy units 2. Exempt Funds are only available through private placement; the minimum subscription is $50000. Other qualifying requirements are based on the subscriber's financials. 3. Qualified Investor Funds are available only through private placement; the minimum subscription is $500000. Other qualifying requirements are based on the subscriber's financials. There are special funds both in the ADGM and DIFC: 1. REITs 2. VC Funds 3. Property Fund 4. Feeder Funds 5. Umbrella Fund 6. Private Credit Fund is there in ADGM and coming up in DIFC Apart from the above, there are special funds just for the DIFC 1. Fund of Funds 2. Money Market Fund 3. Hedge Fund 4. PE Fund 5. Exchange Traded Fund In the UAE onshore jurisdiction regulated by the SCA, there are: 1. Open-ended Fund - issue and redemption on an ongoing basis 2. Closed-ended Fund - redemption only on expiry 3. Closed Fund - minimum subscription of AED 180000 and subscription only by professional investors 4. Public Fund - by retail clients The SCA also regulates special funds on the onshore UAE, which are: 1. Umbrella Fund 2. Fund of Funds 3. Master Fund 4. Feeder Fund Public funds are heavily regulated everywhere, and fund managers have statutory obligations while investing based on where they are regulated. If you need further clarification, please reach out to [email protected] or +971522271563. Thanks

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🌟 Earnest Money in UAE Law 🌟 In the UAE, earnest money is a significant part of sale agreements, serving as a commitment from the buyer to the seller. Here’s a detailed overview of how earnest money is treated under UAE law: 🔑 Key Legal Provisions 🔑 🔷 Definition and Purpose Earnest Money: A deposit paid by the buyer to the seller as part of a sale agreement. It serves as proof of the buyer’s intent to finalize the transaction. Legal Basis: According to Article 148 of the UAE Civil Transactions Law, earnest money confirms that the contract is final and binding unless the contract specifies otherwise. 🔷 Contractual Agreement Forfeiture Terms: Buyer Withdraws: The buyer forfeits the earnest money. Seller Withdraws: The seller must return double the amount received to the buyer. This arrangement ensures that both parties have a stake in completing the transaction and provides a financial deterrent against backing out of the agreement. 🔷 Partial Payment and Execution If the earnest money is considered part of the purchase price (a first installment), then the seller cannot forfeit it as a penalty without specific contractual terms allowing for it. In the event of a dispute, the court will determine whether the deposit should be treated as earnest money (forfeitable) or as part of the purchase price (refundable) based on the contract terms and the parties' conduct. 🔷 Customary Practices Custom and practice also play a role. If it is customary in certain transactions for earnest money to be forfeited or returned, this custom can influence the court’s decision in the absence of explicit contractual terms. 🏠 Practical Examples 🏠 🔵 Property Sales In property transactions, if the buyer pays AED 100,000 as earnest money and later withdraws, they forfeit the amount. If the seller withdraws, they must return AED 200,000 to the buyer. 🔵 Non-Property Sales For other sales, like commodities, the treatment of earnest money depends on the contract specifics. If the contract explicitly states that the deposit is earnest money, the same rules of forfeiture and double repayment apply. 🌟 Conclusion 🌟 Understanding the legal implications of earnest money in the UAE is crucial for both buyers and sellers. Clear contractual terms and awareness of local customs can help avoid disputes and ensure fair treatment for both parties. Always consult with a legal expert to draft and review agreements involving earnest money to ensure compliance with UAE law. #UAE #EarnestMoney #SaleAgreements #LegalCompliance #RealEstate #BusinessTransactions #ContractLaw #PropertyLaw #LegalAdvice

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Established in early 2022 as the world’s first and only standalone virtual assets regulator, Virtual Assets Regulatory Authority [VARA]'s vision of crypto considers it as an integral part of Dubai's broader digital economy aspirations, going beyond just financial services. As global crypto markets resurge, Dubai has emerged as a leading hub, attracting major players with its clear regulatory framework that emphasizes a responsible and harmonized virtual assets ecosystem. I recently had the opportunity to have a great conversation with Deepa Raja Carbon, Managing Director and Vice Chairperson of VARA, who has been at the forefront of this innovation from the day VARA was set up. We talked about how virtual assets fit into Dubai's broader vision for transformative technologies like Web3, AI, Blockchain, and the Metaverse, as well as VARA’s agile and collaborative approach to regulation. Please listen in to the conversation - https://lnkd.in/drqbYUnx  Chainalysis Caroline Malcolm Nicola B. Bas Lemmens Ian Andrews Chengyi Ong Avril Sindhu Trenton Kennedy Mahmoud El Sadi Neha Gurnani

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🚨 Breaking News for Crypto Startups in the UAE 🚨 The Securities and Commodities Authority (SCA) and the Virtual Assets Regulatory Authority (VARA) have signed a COOPERATION AGREEMENT. While the full regulatory framework is yet to be issued, this agreement sets the stage for streamlined Virtual Asset Service Provider (VASP) licensing. If you are in the virtual assets space, expect improved regulatory clarity and coordination for web3 businesses across the UAE. WHY THIS MATTER: The cooperation could lead to clearer VASP licensing processes and faster approvals, but also stricter compliance requirements, especially regarding AML (Anti-Money Laundering) and KYC (Know Your Customer) rules. For businesses in Dubai, compliance falls under VARA, while those outside Dubai will be regulated by SCA. This agreement will reduce overlap, simplifying regulatory oversight. --- Key Action Points for Crypto Startups: 1. Identify Your Licensing Authority: Determine whether your business falls under VARA (Dubai) or SCA (outside Dubai) for the correct VASP license compliance. 2. Prepare for Stricter Compliance: Anticipate more rigorous AML/KYC requirements. Start enhancing your internal compliance systems now. 3. Review Your VASP License: Ensure your current license complies with the new regulatory changes once the new framework is out. 4. Stay Updated on Regulatory Changes: Be proactive and monitor updates from SCA and VARA to avoid penalties. 5. Consult Legal Experts As the framework evolves, getting expert advice will help ensure compliance and avoid operational risks. --- The UAE’s crypto space is evolving rapidly, and this cooperation agreement might act as a catalyst. Preparing now will keep your business compliant and ready for future regulations (avoid regulatory risks). NEED GUIDANCE? As a web3 focused new age technology and media law firm, Triage Law is offering a free 30-minute consultation to help you navigate Dubai's regulatory landscape and VASP licensing. For more details on the SCA and VARA agreement, check out the official announcement: https://lnkd.in/gMJ4jR_Y #Crypto #Web3 #UAE #VARA #SCA #Blockchain #VASP #Compliance #AML #KYC #VASPLicense

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Here's my new article, "UAE's Strengthened AML Laws - Key Highlights of Law No. 26/2021 and Decision No. 24/2022" featured in the June 2024 issue of Corporate Investment Times: https://lnkd.in/dSiempNq You can also view the entire June edition by following this link: https://lnkd.in/dZJN7tNV #moneylaundering #AML #antimoneylaundering #uaeaml #financialregulations #uaefinance #compliance #regulatorycompliance #financialcrimes #AMLframework #uaelaw #legalinsights #uae #article #timesmagazine #juneedition

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⚠️ UAE Crypto Business: Are you ready for the toughest regulatory challenges? The UAE's regulatory body VARA has stringent requirements that can make or break your plans. 💰 Capital demands are high—ranging from $25,000 to $400,000 per service. If you offer multiple services, expect that figure to rise sharply. On top of that, you’ll need liquid assets 1.2x your monthly operating expenses and enough reserves to cover your full liabilities to clients. 🏢 Management and compliance are no small matter. Every crypto company must have at least one board member and an AML officer who is a UAE resident. VARA could even ask you to hire a CFO and other management staff before you're allowed to operate. Even the licensing process is multi-layered and thorough, with interviews, inspections, and document reviews. Companies like Bybit, OKX, and Binance have navigated these challenges, starting with a preliminary MVP license before moving to a full license. 👉 We’re not here to discourage you from starting a crypto company in the UAE—the opportunities are immense! But you need to prepare thoroughly to meet the financial, legal, and operational demands. With careful planning, success is within reach. Are you ready to meet these tough requirements? #StalirovCoBlog #itlawyer #stalirovco #CryptoBusiness #UAE #VARA #BlockchainRegulation #RiskAndReward

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Check out my latest article, "Miracles in the Making: Medically Assisted Reproduction in the UAE" now in the April 2024 issue of Corporate Investment Times. Get the full piece here: https://lnkd.in/d_TYh9zq You can also explore the whole April edition by clicking this link: https://lnkd.in/dQ4w5SWV #article #medicalinsights #reproduction #uaereproduction #timesmagazine #newedition #legalinsights 

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𝐃𝐮𝐛𝐚𝐢 𝐂𝐨𝐮𝐫𝐭 𝐀𝐩𝐩𝐫𝐨𝐯𝐞𝐬 𝐂𝐫𝐲𝐩𝐭𝐨𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐟𝐨𝐫 𝐒𝐚𝐥𝐚𝐫𝐲 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 Dubai's Court of First Instance has officially recognized cryptocurrency as a valid form of salary payment, setting a new legal precedent in the UAE. 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: • The court's decision in case of 2024 allows for salary payments in cryptocurrency, specifically EcoWatt tokens, without requiring conversion to traditional fiat currency. • The ruling aligns with the UAE Civil Transactions Law and Federal Decree-Law No. 33 of 2021, reflecting a consistent application of legal principles in the rapidly evolving digital economy. • This decision marks a progressive shift from the court's 2023 stance, where issues with valuing crypto payments led to the rejection of a similar case. • The ruling indicates a broader acceptance of cryptocurrency in employment contracts, highlighting the UAE’s openness to integrating digital currencies into its legal and economic framework. 𝐖𝐡𝐲 𝐓𝐡𝐢𝐬 𝐌𝐚𝐭𝐭𝐞𝐫𝐬: This ruling is a major step forward in the UAE's approach to digital currencies, signaling a more progressive and adaptable legal framework. By recognizing cryptocurrency as a valid form of payment, the court has paved the way for more businesses to adopt digital currencies in their transactions. This decision also underscores the UAE's commitment to fostering innovation and embracing the evolving nature of financial transactions in the Web3 economy. The legal recognition of crypto payments in employment contracts will encourage businesses to explore innovative payment methods, potentially attracting tech-savvy talent and investment to the UAE. The ruling sets a positive legal precedent that could influence other courts in the UAE and beyond, further integrating cryptocurrency into mainstream financial and legal systems. By upholding the validity of crypto payments, the court’s decision may boost confidence among businesses and employees in using digital currencies for everyday transactions. This landmark ruling represents a pivotal moment in the UAE’s legal and economic landscape, highlighting the country's adaptability and commitment to innovation in the digital age. #Cryptocurrency #DubaiLaw #DigitalCurrency #Web3Economy #Blockchain #UAEInnovation #CryptoPayments #LegalTech https://lnkd.in/dyntN97z Disclaimer: The Content in this post is for informational purposes only derived from references and does not constitute any professional advice. We do not claim ownership of any data or Information referenced.

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📢 𝑲𝒆𝒚 𝑼𝒑𝒅𝒂𝒕𝒆𝒔 𝒕𝒐 𝑷𝒂𝒓𝒕𝒊𝒄𝒊𝒑𝒂𝒕𝒊𝒐𝒏 𝑬𝒙𝒆𝒎𝒑𝒕𝒊𝒐𝒏 𝑹𝒖𝒍𝒆𝒔 𝒊𝒏 𝒕𝒉𝒆 𝑼𝑨𝑬 On December 10, 2024, the UAE Minister of Finance issued Decision No. 302, introducing significant changes to the Participation Exemption rules, effective from 2025. 🔹 𝐖𝐡𝐚𝐭’𝐬 𝐜𝐡𝐚𝐧𝐠𝐢𝐧𝐠: the previous rules allowed AED 4 million in investment costs to bypass the 5% minimum capital ownership requirement. However, this did not exempt investors from meeting additional tests: ✔️ Rights to 5% of assets upon liquidation, ✔️ 5% of total dividend payouts. As a result, the AED 4 million threshold only applied in rare cases where ownership of less than 5% of the capital granted rights to over 5% of profits and liquidation proceeds. 🔹 𝐓𝐡𝐞 𝐧𝐞𝐰 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡: Starting in 2025, AED 4 million will replace the 5% threshold across all three tests, simplifying the framework and eliminating inconsistencies. 🔍 𝐑𝐞𝐭𝐫𝐨𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧: It remains open to interpretation whether these changes can be applied retrospectively from June 2023. The literal interpretation suggests no, but it is not the sole tool for determining the rule's intent and design.

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An example of why doing business in the UAE can be so complex, even for lawyers 😑 If you have an ADGM SPV that owns a mainland entity in Abu Dhabi, then notaries in Abu Dhabi will accept a board resolution attested by the ADGM for any attestation of the Abu Dhabi mainland entity's documents. However, if your ADGM SPV owns a mainland entity in Dubai, then a Dubai notary will not accept an ADGM-attested board resolution. You will either have to (a) notarise the SPV's shareholders' resolution before a Dubai notary, or (b) if the SPV is owned by a foreign corporate, get the corporate shareholder's board resolution legalised, which is....painful and expensive. Some solutions to make your life easier if your ADGM SPV owns a mainland entity: ✅ Adopt ADGM's bilingual articles of association, so that you don't have to translate the SPV's articles in the future; ✅ List the powers of the Board in the ADGM articles, particularly if the SPV owns a Dubai entity - this will allow the directors to notarise their resolution before a Dubai notary, rather than rely on a resolution of the shareholders of the ADGM SPV. ...welcome to UAE practice versus the law 101. #uaebusiness #uaelaws

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Ask the Law: Jobless expat seeks action against bank over loan repayment Obligations and rights of the borrower under UAE law explained https://lnkd.in/dPBG4Vpy

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We've gained extensive experience in tackling the hidden risks of forex trading, from market manipulation to fraudulent practices. Despite strong regulations in the UAE, unlicensed brokers and unethical tactics continue to threaten investors. This article examines these challenges, the existing legal protections, and strategies traders can use to safeguard their investments. #ForexLaw #FinancialCompliance #LegalProtection #ForexLegalAdvice #InvestmentSecurity #RegulatoryCompliance #FraudPrevention #LegalExpertise #FinancialLaw #MarketIntegrity

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