Dubai, UAE, 6 May 2015
Leading UAE law firm Baker & McKenzie Habib Al Mulla recently hosted an industry seminar to discuss the various aspects of the renewed Commercial Companies Law No. 2 of 2015 (the CCL). Partners Tom Thraya and Mazen Boustany led the discussion and analysis of the new legislation, issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi in April 2015.
The CCL will come into effect at the end of June 2015, and all existing companies will be required to comply with the regulation within one year from the date of it coming into force.
"The new Commercial Companies Law is a testament to the UAE leadership's commitment to achieve the country's strategic economic objectives for 2021, in which the private sector will undoubtedly play an important role," said Dr. Habib Al Mulla, Chairman of Baker & McKenzie Habib Al Mulla.
Comprising 378 articles, the CCL pertains to commercial companies founded in the UAE, and foreign companies permitted to conduct business in the UAE. The new law introduces the concepts of a sole founder of corporate entities and holding companies and spells out various governance rules in line with the international market practices, amongst other major reforms. For example, funds have now been awarded juristic personality and thus the Emirates Securities and Commodities Authority is in the process of reshuffling its funds regulations as a result of this important new development.
During the seminar, Tom Thraya, Mazen Boustany and Ghada El Ehwany discussed and analyzed the impact of the legislation with an audience comprising senior legal counsel and senior company representatives, in particular looking at issues such as the impact on foreign investments, public offerings, and public and private joint stock companies.
-Ends-
Baker & McKenzie Habib Al Mulla brings over 30 years' local know-how, extensive global resources, and one of the largest litigation teams in the UAE with full rights of audience before all UAE and DIFC courts. As the first international law firm to fully merge with a UAE firm, we deliver unmatched on the ground support that reflects a deep understanding of local legal, regulatory and commercial practices. Our multidisciplinary team of 60 lawyers offers a full range of local and international legal advice across our offices in Dubai and Abu Dhabi, in both English and Arabic.
About Baker & McKenzie
Founded in 1949, Baker & McKenzie advises many of the world's most dynamic and successful business organizations through more than 11,000 people in 77 offices in 47 countries. The Firm is known for its global perspective, deep understanding of the local language and culture of business, uncompromising commitment to excellence, and world-class fluency in its client service. Global revenues for the fiscal year ended 30 June 2014, were US$2.54 billion. Eduardo Leite is Chairman of the Executive Committee. (www.bakermckenzie.com)
© Press Release 2015
