UAE Cabinet approves strategy to regulate operators of crowdfunding platforms

The UAE Cabinet has approved a new crowdfunding strategy that will regulate the operators of this platform across private and public sectors in the country.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the UAE Cabinet meeting at Expo 2020 Dubai on Monday, during which a number of initiatives and legislations were approved.

Chaired by Mohammed bin Rashid, the last UAE cabinet meeting at Expo 2020 adopts a new law for cooperative association and approves the practice of crowdfunding activityhttps://t.co/cmyMo2Udwq

— Dubai Media Office (@DXBMediaOffice) March 21, 2022

Crowdfunding
The Cabinet approved the UAE System for Crowdfunding Platform Operators, adding that the Securities and Commodities Authority (SCA) will be responsible for the regulation governing the activities of crowdfunding platform operators.

The strategy covers all technical aspects associated with the regulation of these operators. It includes definitions; scope of application; operator licensing requirements; operator obligations towards SCA and investors; financing applicant obligations; and the rights of the investor, the operator, and the financing applicant. The strategy also addresses supervision, inspections, and penalties.

“It is one of the best means to support the financing of new innovative commercial ideas and support entrepreneurs by financing their ideas,” said Sheikh Mohammed.

Collective labour disputes committee
The Cabinet approved a decision to establish the Collective Labor Disputes Committee, chaired by Dr. Abdulrahman Al Awar, Minister of Human Resources and Emiratisation. The committee will consider collective labour disputes referred by the Ministry in which the number of workers exceeds 100 workers.

Protection of worker’s rights
The UAE Government Cabinet approved a federal legislation regarding work related injuries and occupational diseases for workers in the private sector, which specify the mechanism for reporting and investigating an injury, as well as the mechanism of compensating them. The law guarantees the rights of workers of the private sector.

The new cooperatives law
The Cabinet adopted the new Cooperatives Law, which adopts the basic principles of cooperatives based on international standards. It includes the establishment of new types of cooperatives, including digital, financial, professional and others, in addition to permitting the inclusion of cooperatives in the financial markets according to specified standards and conditions.

The community farming initiative
The Cabinet approved the Community Farming initiative which targets social welfare categories including widows, divorced women, elderly, and people of determination. It aims to provide greenhouses in order to maintain food security and sustainability of resources and support family cohesion and increase income.

National Child Protection Policy
The Cabinet approved the National Child Protection Policy in educational institutions, which aims at ensuring the safety of children, providing a healthy and
safe educational environment to protect them from all forms of harm, and ensure the implementation of child protection measures in the educational institutions.

Nursing and midwifery professions
A National Strategy for Nursing and Midwifery professions was also approved. The strategy aims to ensure proper planning of nursing and midwifery workforce in terms of recruitment and retention.
The strategy seeks to qualify the nursing and midwifery staff to engage in evidence-based research and practices and also invest in building the leadership capacity of nursing cadres especially during crises and emergencies.

UAE gender balance council strategy 2022-2026
The Cabinet approved the new strategy of the UAE Gender Balance Council 2022-2026, which includes four main pillars: economic participation, wellbeing, protection and entrepreneurship. It aims to further reduce the gender gap across all sectors, enhance the UAE’s ranking in global competitiveness reports on gender equality and achieve gender balance in decision-making positions. The UAE’s new labour law for private sector employees already went into effect starting Wednesday, February 2. Among the many amendments to it, it aims to introduce gender parity in pay, and ensure women’s equality while prohibiting any discrimination against them and ensuring that women receive the same wage as men for the same work or for a job of equal value.