The most important legal news in local newspapers
We in Ben Arafa Law Group Consulting & Legal Legitimacy L.L.C likes to provide you of the most important legal news in the local newspapers for this week, which related to your business and commercial, labor and procedural activities, and accordingly we provide you with the most important news as follows:
Commercial Activity and Business Environment Development
Recent indicators issued from the Saudi ministry of commerce indicate to the continuous development of commercial sector, that is through the increased number of new commercial registers recently, that reflects the economic activity extending and the improvement of investment environment in the KSA.
That development is a result of the development of commercial regulations and facilitating procedures of founding and registration, which raises the level of compliance to applicable commercial laws.
Legal consequences:
Reinforcing commercial regulation effectiveness in the market.
Raising the level of compliance to commercial laws.
Supporting investment environment stability.
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Digital Transformation in Commercial Services
Saudi ministry of commerce continues developing its digital system which is related to the services of commercial register and articles of association, according to the governmental digital transformation that aims at improving the competence of services and relieving traditional procedures. That development aims at facilitating commercial treatments, and reinforcing dependence on electronic solutions of documentation and the regulatory actions.
Legal consequences:
Facilitating regulatory actions and decreasing operational intervals.
Raising competence of electronicdocumentation and verification.
Reinforcing authentication of commercial treatments.
Technical Development in the Legal Field
Recently, there is an extension of employing modern techniques, including artificial intelligence, for supporting legal research and studies, and analyzing complex regulatory issues, that reinforces the competence of legal analysis tools. That direction reflects a transformation for the inclusion of technology in the legal field, that contributes in developing methods of inference and improving quality of legal outcomes.
Legal consequences:
Supporting digital transformation in the legal field.
Developing tools of legal analysis and inference.
Raising competence of legal research.
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Reinforcement of Data Protection and Organizational Compliance
The regulatory authorities in the KSA, including the Saudi Information Authority continue their efforts for reinforcing compliance to (SDAIA) and artificial intelligence for personal data. That is through raising the levels of control and application on varied sectors, especially digital and commercial ones. That is made to reinforce protecting privacy and organizing data treatment, to achieve balance between technical development and regulatory compliance.
Legal consequences:
Reinforcing personal data protection.
Raising levels of regulatory compliance of establishments.
Supporting organizational framework of digital environment.
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Reinforcing Compliance in the Companies Law and Governance of Commercial Identities
The regulatory authorities in the KSA, including Saudi Ministry of Commerce and Saudi Capital Market Authority, continue their efforts for reinforcing compliance to companies’ law and developing governance environment at commercial identities that is through establishing strict requirements for financial and administrative disclosure raising the level of transparency in companies. That direction comes in the framework of developing legislative environment for the commercial sector, that ensures protection of shareholder and businessmen rights, and raises market credibility, especially with the extension of investment activities and the emergence of new instruments. Also, that development shall raise regulatory compliance, and shall relieve risks which are related to non-compliance to related laws and regulations.
Legal consequences:
Reinforcing compliance to companies’ law and governance.
Raising the level of transparency and financial disclosure.
Protecting the rights of shareholders and investors.
Relieving the regulatory risks which the commercial identities are exposed.
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