DFSA Announces Publication Of New Laws

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

14 January 2004

The Dubai Financial Services Authority (DFSA) announced on Monday that 12 new laws relating to operations within the Dubai International Finance Centre (DIFC) can now be accessed via its website.

Speaking following the release of the new legislation (which was published in parallel with details of 13 new DFSA Rulebook modules), chief executive officer of the DFSA, Philip Thorpe explained that:

"The 12 new laws have been drafted by the DFSA to world-class standards, using the best examples of legislation from around the globe. They are clear and concise, and will provide certainty as to the rights and obligations of the financial institutions and other companies who will operate in or from the DIFC."

He continued:

"These laws will require the institutions that become part of the DIFC to operate to the highest standards, and will allow for the DFSA to regulate to those same standards."

The laws to which the DFSA has provided access on its website are:

• Regulatory Law;
• Companies Law;
• Law on the Application of Civil and Commercial Laws in the DIFC;
• Law Relating to the application of DIFC Laws;
• Limited Liability Partnership Law;
• Contract Law;
• Insolvency Law;
• Arbitration Law;
• Data Protection Law;
• Commercial Court Law;
• General Partnership Law; and
• Markets Law.

The DFSA has invited comment on the documents from applicants and interested parties before February 12, but has urged those moved to do so to comment promptly, warning that the consultation period may be closed at an earlier date in the event of the overriding laws being enacted prior to that date and the rules and regulations then being passed.

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