LAW & REGULATION

Legal Requirements in United Arab Emirates

Introduction2

Discussion2

Regulating Competition2

Protecting Consumers3

Protecting Equity4

Protecting Safety5

Protecting Environment6

Encouraging Organisation Compliance program6

Conclusion7

References8

Legal Requirements in United Arab Emirates

Introduction

All countries, economies and organizations are subject to follow certain laws and regulations in order to ensure the reliability and authenticity of operating procedures. Corporate decision making is considered as the most fundamental aspect of any business or organization. It is because of the reason that, effective and appropriate corporate decision making may greatly help the businesses and organizations to get their pre defined and desired goals. In addition to this, it is also observed that, non executive directors may play a vital role in taking effective and strategic corporate decisions.

On the other hand, there is also complex relationship between the corporate decisions making and social, governance and economic issues. In this scenario, it is considered as the responsibility of the non executive director to consider these issues, in order to greater outcomes of their strategies and decisions. Proceeding discussion incorporates the answers related to the regulating competition, protecting consumers, protecting equity and safety, protecting the environment & Incentives to encourage organizational compliance programs from the perspective of United Arab Emirates.

Discussion

Regulating Competition

Providing grounds for fair competition is the main responsbility of the state or country in which the business is operating. Competitive governance is another name for the regulatory competition. In many places it is also known as policy competition. Regulatory competition basically deals with shaping the outline, laws and regulations to control the severity of competition in an industry, sector or economy. The main purpose of the regulatory competition is to curb the monopoly of single user in a market. Recent trend of globalization has also attracted the attention of policy makers or regulators to ensure certain SOPs for dealing with this issue of regulatory competition (King & Spalding, 2013, Pp.1-6).

However, in UAE regulators are more mainly focus on implementing the revised legal provisions of competition. The full affect of these underlying regulations can be seen from the date of its execution. The new competition law is providing various exemptions to certain sectors in order to ensure their growth and development. Whereas sectors like banking and financial service are mainly faces the repercussion soft this new setting of law.

All stakeholders will receive regulatory requirements from the concern regulators (1 head and 6 committee members). And the underlying entity is supposed to follow all the requirements with in the time period of 23rd February, 2013, any discrepancy in meeting the deadline will result penalties and fines. Regulating competition requires the discouraging of cartels and price discrimination that are intended to pose negative results on the consumers or other competitors.

Protecting Consumers

Consumers are the end users or the common people of UAE, and policy makers of United Arab Emirates are very much concern about the utility maximization of individuals and community as well. The stake of consumer is very closer to the policy makers and it can be seen in the policy making of the authorities (Ministry ...