The Dubai International Financial Centre Authority (DIFCA) on Thursday released for public comment two draft laws relating to securities investment, personal property and insolvency matters within the DIFC.
According to the DIFCA, which is responsible for the development and administration of these laws as they relate to general and commercial matters, the new proposals are for a Personal Property Law, and a Law Relating to the Application of DIFC Laws (amended and restated).
The DIFCA is seeking comment from the international financial and legal community prior to the submission of the proposed laws to the DIFCA Board of Directors. 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 laws will be submitted to HH Sheikh Mohammed bin Rashid Al Maktoum, the President of DIFC, for recommendation to the Ruler for enactment, in accordance with Dubai Law No. 9 of 2004.
The draft legislation is the next stage in completing the legal framework that will govern the operations of the DIFC. It follows the enactment by HH Sheikh Maktoum bin Rashid Al Maktoum, the Ruler of Dubai, of four financial regulation laws on 16 September 2004, fourteen general/commercial laws also on that date and on 21 June 2005, and the DIFC Court Law on 29 December 2004.
Commenting on the proposed new laws, Dr. Omar Bin Sulaiman, Director General of the DIFCA explained that:
"Addressing the operational needs of DIFC companies and prospective investors is of the utmost importance in the fulfillment of the DIFC’s overall mission and the realization of its strategic objectives. This latest instalment of largely investment-focused legislation represents an essential step in that process."
"Over the course of the past year, the DIFC has sought input and advice from leading regulators, lawyers and advisors on its advancement of a purpose-built, general legal framework designed to world-class standards."
"That effort is on-going and will see further positive developments in the coming months. This latest set of legislation will give the global investment community the assurance that the highest degree of care and consideration has gone into making the operations of the DIFC legally coherent and operationally practical.”
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