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Find out moreWelcome 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.
2025 is set to be a game-changer for the MENA region, with legal and regulatory shifts from 2024 continuing to reshape its economic landscape. Saudi Arabia, the UAE, Egypt, Iraq, Qatar, and Bahrain are all implementing groundbreaking reforms in sustainable financing, investment laws, labor regulations, and dispute resolution. As the region positions itself for deeper global integration, businesses must adapt to a rapidly evolving legal environment.
Our Eyes on 2025 publication provides essential insights and practical guidance on the key legal updates shaping the year ahead—equipping you with the knowledge to stay ahead in this dynamic market.
A main objective of the UAE ‘s Federal Decree by Law No. (46) of 2021 on Electronic Transactions and Trust Services (“ETTSL”) that came into force in January 2022 (UAE issues new Federal Electronic Transactions and Trust Services Law – Al Tamimi & Company) is to enhance trust, encourage and facilitate electronic transactions of all types, and protect the rights of customers.
Critical to this regime is the function of a Trust Service Provider (TSP), which is a person licensed by the Telecommunications and Digital Government Regulatory Authority under the ETTSL and its executive regulations to provide Trust Services” under the law involved in the creation, validation and preservation of electronic signatures, electronic seals, electronic time stamps and electronic registered delivery services.
Cabinet Resolution No. (28) of 2023 on the Executive Regulations of Federal Decree by Law No. (46) of 2021 on Electronic Transactions and Trust Services (“Executive Regulations”), which was issued on 31 March 2023 and comes into force on 29 June 2023 (i.e. 90 days later), prescribes the process and procedures for the licensing of Trust Service Providers and Qualified Trust Service Providers (i.e. TSPs that comply with additional measures to provide Qualified Trust Services that have higher integrity under the ETTSL), and outlines the standards for validation and retention of electronic documents, signatures and seals.
The Executive Regulations also provides for the creation of a public list to be called the “UAE Trust List” by the TDRA, which will include information on the licensed TSPs and Qualified Trust Service Providers, the services provided by them, and their licence status – which is an essential element in building trust by allowing users to determine the status of TSPs and the services they are authorised to provide.
Additionally, provisions of the Executive Regulations that allow for the TDRA to set the standards related to the Qualified Trust Mark, which is a mark or logo that proves that the TSP is qualified by the TDRA to provide qualified electronic trust services are important for telling users that they can trust certain services for carrying out electronic transaction in a reliable and secure way, consequently, furthering another one of the ETTSL’s objectives, which is encouraging digital transformation.
Our specialist Digital & Data practice regulatory advises on legal matters relating to electronic transactions and digital transformation. For further information please contact one of our Key Contacts.
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