K&A Legal Update – February 2022
- Amendments to the Code of Law Practice (the Attorney Law): the amendments open the door to international law firms to establish a presence in Saudi Arabia. Moreover, Saudi Arabian law firms with cooperation/associate agreements with international law firms are given a six month grace period to comply with the amendments essentially ending the model followed for decades. Other amendments include reducing the time it takes to obtain a legal license, and limiting non-registered lawyers from certain actions.
- Regulation on the Reporting of Violation of the Capital Market Law (whistleblowing regulations): the Capital Market Authority (CMA) issued rules that provide the procedures for reporting any violations pertaining to the CMA rules or laws, the Saudi Exchange rules, Edaa Center, or the Clearing Center.
- Extension of Vision Realization Programs’ exemption to the Government Tenders and Procurement Law: the extension is to remain effective until amendments to the Government Tenders and Procurement Law are completed.
- Establishment of a National Council for Occupational Health and Safety: the council aims to unify health and safety governance on a national level. The Council of Ministers Resolution affords the National Council for Occupational Health and Safety power to establish an oversight program with the relevant government entities to monitor health and safety matters.
- Implementing Regulations to the Law of Antiquities, Museums and Urban Heritage. the Antiquities and Urban Heritage Implementing Regulation and the Museum Implementing Regulation compliment the law by including certain licensing requirements, classifications, and an extensive framework which detail the law.
- Amendments to the Implementing Regulations for Real Estate Dealings Tax: the amendments introduces new exemptions in real estate transfers, such exemptions include transfers among siblings.
- Implementing Instructions In Relation To Violations Committed By Traders And Businesses Pursuant To The Municipal Violations and Fines Table: these instructions provide municipal compliance employees with a framework to follow when issuing fines committed by sellers under the Selling Violations Section of the Municipal Violations and Fines Table. Municipal compliance employees are required to display their identification badge and indicate the purpose of their visit. Penalty reports are required to include certain information, which, if missing, would render the penalty report invalid.
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