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Italy: Supreme Court of Cassation Addresses Required Evidence in Corporate Shareholder Claims

(May 12, 2020) On February 19, 2020, the Italian Supreme Court of Cassation (SCC) clarified the evidence a corporate shareholder must present to prove a claim for repayment from the corporation. (Decision No. 4261 of February 19, 2020 (Decision).) Background of the Case The SCC reviewed a case submitted by the Appellate Court of Lecce, […]

Oman: New Foreign Capital Investment Law Comes into Force

(Apr. 13, 2020) On January 1, 2020, the Foreign Capital Investment Law came into force in the Sultanate of Oman. This law, which had been promulgated on July 1, 2019, with the issuance of Royal Decree No. 50/2019 by the Sultan of Oman, regulates direct foreign investment in the Sultanate with the aim of providing […]

Saudi Arabia: Cabinet Issues New Law on Commercial Franchise

(Mar. 5, 2020) In October 2019, the Saudi Cabinet approved the Commercial Franchise Law of 24/2/1441 (Hijri, corresponding to October 23, 2019). The new Law is the first in the kingdom to govern the relationship between a franchisee and a franchisor in a comprehensive manner in accordance with international best practices. The Law regulates (1) […]

Egypt: Parliament Approves Draft Law Allowing Foreign Investors to Acquire Egyptian Citizenship

(July 31, 2019) On June 10, 2019, the National Defense and Security Committee of the Egyptian Parliament approved a draft law amending the Citizenship Law—Law No. 26 of 1975. The new amendment aims at attracting foreign investors to reside in Egypt. The bill will now be debated among members of Parliament and put to a […]

Saudi Arabia: Parliament Approves New Type of Residency Permit to Promote Foreign Investments

(July 16, 2019) On May 15, 2019, Saudi Arabia’s Consultative Council approved a law establishing a new residency system to enable investors to reside in the country. Following parliamentary approval, the new law was referred on the same day to the Saudi cabinet—the Council of Ministers—which approved the law after reviewing the Consultative Council’s decision […]

Qatar: Draft Law to Enhance Real Estate Sector Approved

(June 12, 2019) On May 30, 2019, the cabinet of the State of Qatar approved a draft law on real estate development to strengthen the real estate market. (Cabinet Approves Draft Law on Regulating Real Estate Development, THE PENINSULA (May 30, 2019).) The draft law amends Law No. 6 of 2014, which regulates the granting […]

Italy: Legislation in the Event of Brexit Takes Effect

(May 21, 2019) On March 23, 2019, new legislation addressing the potential effects of Brexit entered into force in Italy. (Decree-Law No. 22 of March 25, 2019, Urgent Measures to Ensure Safety, Financial Stability and the Integrity of Markets as well as the Protection of the Health and Freedom of Residence of Italian Citizens and […]

Malta: Government Passes Three Laws to Encourage Blockchain Technology

(Aug. 31, 2018) On July 4, 2018, the Maltese government enacted three laws whose goal is to make Malta a haven for projects that rely on blockchain and other distributed ledger technology (DLT). The Malta Digital Innovation Authority Act (MDIA Act), Innovative Technology Arrangements and Services Act (ITAS Act), and Virtual Financial Assets Act (VFA […]

European Union: New Rules for Money Market Funds

(Aug. 31, 2018) On July 21, 2018, new rules to make money market funds (MMFs) more resilient against financial market difficulties, reduce the risk of runs, and limit cross-border contagion began applying to newly issued MMFs in the European Union (EU). Existing MMFs must show compliance by January 21, 2019. MMFs are mutual funds that […]

Egypt: President Ratifies Law Amending Residency and Citizenship Laws

(Aug. 27, 2018) On August 14, 2018, Egyptian President Abdel Fattah al-Sisi ratified Law No. 173 of 2018, which allows foreign nationals who deposit at least 7 million Egyptian pounds (EGP) (about US$391,000) in local Egyptian banks to be granted a five-year residency and the opportunity to apply for Egyptian citizenship. (Law No. 173 Amending […]