Assessing the Impact of the New UAE Competition Law
Type
E-journal
Date
6 Dec 2012
Jurisdiction
United Arab Emirates
Taxonomy
Abuse of Dominant Position & Monopolies, Agreements, Enforcement of Competition Law, Mergers & Acquisitions, Exemptions, Changes to Market Definition and Analysis Guidance
Copyright
LexisNexis
Analysis
Following the UAE's issue of its first ever specific competition law, Rebecca Kelly, Partner at Clyde & Co, analyses the existing legislation and the new law (Federal Law No 4/2012) and its potential impact on mergers and acquisitions in the country. As the law is set to come into force on the 23 February 2013, Rebecca Kelly then considers its potential impact on mergers and acquisitions activity in the country.
What was the old law and where were the gaps?
Federal Law No. 4/2012 is set to come into force on the 23 February 2013. Before its introduction, the legal framework for competition in the UAE was split between various laws.
These included:
• Commercial Register Law (Federal Law No. 5/1975);
• Suppression of Fraud and Deceit in Commercial Transactions Law (Federal Law No. 4/1979);
• Central Bank, the Monetary System and Organisation of the Banking Profession Law (Federal Law No. 10/1980 as amended);
• Organisation of Trade Agencies Law (Federal Law No. 18/1981 as amended);