Clifford Chance
UAE enacts Federal level close-out Netting Law for financial contracts
24 October 2018
On 20 September 2018, the President of the United Arab Emirates had promulgated the much-anticipated Federal Law No. 10 of 2018 on netting for derivatives contracts and other qualified financial contracts (the UAE Netting Law), the text of which was published last week. The UAE Netting Law will come into force on 30 October 2018, one month after its publication in the Official Gazette, and comes soon after the UAE's securities regulator, the Emirates Securities and Commodity Authority (the SCA), enacted a new regulation mandating the clearing of certain derivatives contracts.
