Skip to main content
Entire section Custom print Text Only Rich Text Print

4.4 Merger, Amalgamation and Joint Venture Arrangements [Article 9.1 (d) of the Regulations]

N 35/2018 STA
  1. 4.4.1A Letter of No Objection from the Banking Supervision Department must be obtained in order for the Licensed Person to merge, amalgamate or enter into a joint venture with any other person, whether natural or juridical;
  2. 4.4.2The Licensed Person is not permitted to enter into any agreement to manage or to be managed by any other person, whether natural or juridical, without obtaining the Letter of No Objection from the Banking Supervision Department. All such management agreements must be in line with the UAE Laws and all applicable Regulations; and
  3. 4.4.3The Licensed Person is not permitted to transfer, rent/lease out the license for a remuneration or otherwise to any other party, whether it is a natural or juridical person.