The Saudi Arabia Government has approved the final Kingdom of Saudi Arabia VAT Law and published the statute in the official gazette, Um Al Qura Edition 4681, on 28 July 2017. The highlights of the Law are: Effective date of implementation – Article 53 provides that the Law shall be effective from the beginning of the financial year following […]

On January 1, 2018, value-added tax (VAT) will come into effect for the first time in the UAE. Naturally, small businesses are concerned about the financial and operational impacts of VAT compliance, especially since they’re used to operating in a low-tax business environment. While there will be implications for systems, infrastructure, skills and training, there […]

One of world’s leading universities in London was victim to a significant cyberattack. University College London (UCL) is one of London’s leading multidisciplinary universities. The attack targeted the institution’s IT systems, shared drives and management systems, affecting over 35,000 students and 11,000 staff. The ransomware attack started appearing through phishing emails. UCL email system of […]

Looking to the future – Steven Maijoor addresses FIA IDX conference, no more MiFID II delays • The chair of ESMA has pledged there will be no further delay on the implementation of MiFID II. • Speaking during the FIA IDX conference in London, ESMA’s Steven Maijoor eased concerns that the regulation would face further […]

Financial fraud is a crime which involves deception of financial transaction for personal gain. It involves complicated transaction usually conducted by “white collar criminal” such as business professionals. Financial Fraud is an increasing problem across industries and this could be due to the difficulty of checking identities of companies and individuals as it is easy […]

ESMA has added 14 new Q&As to its document on the implementation of investor protection topics under the MiFID II/ MiFIR. The new Q&As cover the topics of ‘information on costs and charges’, ‘post-sale reporting’, and ‘appropriateness’. The overall MiFID II Q&A provide clarifications on the following topics: Appropriateness; Best execution; Suitability; Post-sale reporting; Inducements […]