DIFCA Consults On Draft Legislation
The Dubai International Financial Centre Authority (DIFCA) on Thursday released
seven draft laws and one set of draft regulations for public comment. The eight pieces of draft legislation relate to employment law, real property
law, personal property law, law of security, law of obligations, law of implied
contractual terms and law of unfair terms, law of damages and remedies, and
companies regulations. In addition to seeking comments from the international financial and legal
community prior to the submission of the proposed laws and regulations to the
DIFCA Board of Directors for review, the DIFCA will also consult with the Dubai
Financial Services Authority (DFSA) on the proposed legislation. Following the completion of the public comment and DFSA consultation periods,
the final draft legislation will be submitted to HH Sheikh Mohammed bin Rashid
Al Maktoum, the President of DIFC, for recommendation to the Ruler for enactment. Public comment is invited until December 23. A comprehensive report describing the regulatory regime in most key offshore jurisdictions, with an emphasis on the survival of banking secrecy is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
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