In a recent landmark judgment dated 21 February 2016 the Dubai Court of First Instance decided in favour of a foreign shareholder, against a local Emirati, in a winding up petition. This is contrary to the long established protectionist trend employed by Courts in the United Arab Emirates. What is even more surprising is that the Court, in reaching its decision, has adopted a purposive approach, rather than simply applying the black letter of the law, as has traditionally been the case.

Case Details

On November 13, 2015, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter 51-2015 (FIL-51-2015), FDIC Seeking Comment on Frequently Asked Questions Regarding Identifying, Accepting and Reporting Brokered Deposits. FIL-51-2015 seeks comments on the proposed updates to the existing FAQ document on brokered deposits, which was initially released in January of 2015 in FIL-2-2015, after additional comments and questions have been received by the FDIC since the initial issuance.