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Clifford Chance

Clifford Chance


Developments relating to sufficient or adequate security requirement under amended UAE banking laws

19 December 2023

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Law No. 14 of 2018 (the "UAE Banking Law") and Federal Law No. 50 of 2022 (the "New Commercial Transactions Law") which repealed and replaced Federal Law No. 18 of 1993 (the "Old Commercial Transactions Law").

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