Developments relating to sufficient or adequate security requirement under amended UAE banking laws (December 2023)
Client Briefings
Introduction
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On 2 January 2023 a series of new laws came into force in the UAE, including Federal Law No. 23 of 2022 which amended certain provisions of Federal Law No. 14 of 2018 (the "UAE Banking Law") and Federal Law No. 50 of 2022 (the "New Commercial Transactions Law") which repealed and replaced Federal Law No. 18 of 1993 (the "Old Commercial Transactions Law").
