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Cross Border Business In the MENA Region

Cross Border Business In the MENA Region. 25 th May 2011 Nigel Pasea. Cross Border Business in the MENA Region. History of Regional coverage by International Firms Pre 2005 Fly in banking + Rep Offices

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Cross Border Business In the MENA Region

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  1. Cross Border Business In the MENA Region 25th May 2011 Nigel Pasea

  2. Cross Border Business in the MENA Region • History of Regional coverage by International Firms • Pre 2005 Fly in banking + Rep Offices • 2005-2008 Establishment of regulated entities in Dubai and Qatar as ‘hubs’ to cover region • Coverage model based on ‘tolerated practice’ giving implied carve-out of institutional/professional business • Tolerated Practice regime now debatable • Saudi Arabia – local licence required with no professional carve-out • Bahrain – local licence required with no professional carve-out • Kuwait – new Capital Markets Law • UAE – Investment Funds regime mandating use of CB licensed bank • India/Pakistan • No EEA style passporting in the GCC • Internal Codes of Conduct require employees to comply with all relevant legislation • Globally regulators putting more resources into policing regulatory boundaries • Boards becoming more regulatory risk averse • Increased regulatory risk and also economic risk (voidability of contract)

  3. Cross Border Business in the MENA Region • Risk tolerance setting by Board • Risk mapping of business • Jurisdictions • Type of customer • Manner of coverage • Legal analysis • Establishment of local regulatory footprint in key locations • Practical? • Can it cover market on standalone basis? • Does it replace fly-in banking model • Chaperoning • Reverse inquiry safe harbour?

  4. Questions • Nigel Pasea Tel: +971 4323 0800 Email: Nigel.Pasea@ccl.ae

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