Legislation Details
- Full Title: Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information
- Law Type: Federal Law
- Law Number: Cabinet Resolution No. (115) of 2021
- Issued Date: 30 Dec 2021
- Effective Date: 16 Feb 2022
- Official Gazette: No. 721
- Sector: Finance and Banking
- Status: Active
- Number of Articles: 39
- Chapters/Parts: 0
- Amendments: 2
Summary
This Cabinet Resolution establishes the executive regulations for Federal Law No. (6) of 2010 Concerning Credit Information. It defines the roles, obligations, and rights of the Al Etihad Credit Bureau (AECB), information providers, and receivers of credit information reports. The Resolution regulates the collection, storage, analysis, and distribution of credit information in the UAE, aiming to enhance transparency and protect consumer rights. It is an important law for businesses and individuals who need to access or provide credit information. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 1-19)
What is the scope and purpose of this law?
The provisions of this Resolution apply to the AECB, information providers, receivers of credit information reports, and any person involved in the collection, storage, analysis, classification, use, circulation, and protection of credit information and related products. The purpose is to regulate the activities of the AECB and the various parties involved in the credit information ecosystem in the UAE. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 2)
What are the key definitions under this law?
The key definitions provided in this Resolution are:
- Company: Al Etihad Credit Bureau (AECB)
- Law: Federal Law No. (6) of 2010 Concerning Credit Information, as amended
(Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 1)
What are the main obligations and requirements?
The main obligations under this Resolution include: 1. The AECB must establish a database of information providers, report receivers, and credit information, and take measures to protect the security and confidentiality of this information. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 7) 2. Information providers must verify the accuracy of credit information before providing it to the AECB and maintain the confidentiality of the information. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 9) 3. Credit information report receivers must maintain the confidentiality of the information and use it only for the specified purposes. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 10)
What licensing, registration, or approval requirements exist?
The Resolution does not specify any licensing, registration, or approval requirements. It focuses on the obligations and rights of the various parties involved in the credit information ecosystem.
What rights and protections does this law provide?
The key rights and protections provided under this Resolution include: 1. The inquired person has the right to obtain their prior approval before their credit information report is issued, unless the law requires otherwise. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 12) 2. The inquired person has the right to request the correction of errors in their credit information report. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 12) 3. The inquired person has the right to recourse against any party that publishes or exchanges their credit information without their prior consent or in violation of the law. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 12)
Which authorities or bodies are responsible for enforcement?
The Resolution does not specify any particular authorities or bodies responsible for enforcement. However, it states that the AECB must comply with the controls issued by the Central Bank of the UAE regarding the request, collection, storage, analysis, classification, use, circulation, and protection of credit information. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 7, 9)
What are the penalties for non-compliance?
The Resolution does not specify any penalties for non-compliance. It focuses on the obligations and rights of the various parties involved in the credit information ecosystem.
What fees, charges, or financial provisions are specified?
The Resolution states that the AECB shall collect the financial consideration shown in the table attached to the Resolution in return for the credit information products it provides. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 4)
What exemptions or exceptions apply?
The Resolution does not specify any exemptions or exceptions.
How are disputes resolved under this law?
The Resolution outlines a mechanism for submitting and examining complaints related to credit information. The information report receiver or the inquired person can submit a complaint to the AECB about errors in the credit information report, and the AECB must decide on the complaint in accordance with the controls, procedures, and time periods determined by the Central Bank. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 13)
What are the key deadlines and time limits?
The Resolution specifies the following key deadlines and time limits: 1. The AECB must keep requests for obtaining credit information reports, credit index, and related products for at least 5 years from the date of submission. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 7) 2. The AECB must keep credit information in its credit record for at least 10 years. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 7)
How does this law interact with other UAE legislation?
This Resolution is issued in relation to Federal Law No. (6) of 2010 Concerning Credit Information, as amended. It repeals the previous Cabinet Resolution No. (16) of 2014 Concerning the Executive Regulations of Federal Law No. (6) of 2010 Concerning Credit Information. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 18)
When did this law come into effect?
This Resolution came into effect on the day following the date of its publication in the Official Gazette, which was 16 February 2022, except for Article 17 regarding the application of the financial consideration table, which came into effect on 1 January 2022. (Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information, 2021, Art. 19)
Source Documents
This article analyses Cabinet Resolution Concerning the Executive Regulations of Federal Law Concerning Credit Information for legal research and educational purposes. For the purpose of interpretation and application, reference must be made to the original Arabic text. In case of conflict, the Arabic text prevails. This does not constitute legal advice.