The Dubai International Financial Centre (DIFC) has marked yet another milestone in its development as the region's pre-eminent financial services hub as His Highness Sheikh Maktoum Bin Rashid Al Maktoum, Ruler of Dubai, enacted the DIFC Trust Law 2005, which provides a comprehensive framework for the creation of trusts in the DIFC.
Consisting of ten major sections, the new legal framework encompasses matters such as choice of governing law, place of administration, creation, validity and modification of a DIFC trust, office of trustee, and duties and powers of trustees, according to AME Info.
David Knott, CEO, Dubai Financial Services Authority, observed that:
"This proposal was exposed for public comment in August and the new Trust Law reflects positive comments received from the financial and professional services sectors. Those sectors can now develop their trust services with additional certainty and flexibility within the DIFC."
The Trust Law, DIFC Law No. 11 of 2005 follows closely the enactment in September of the Personal Property Law No. 9 of 2005, which defines the rights and obligations of parties in relation to property other than real estate (land and buildings) located in the DIFC, and the Law Relating to the Application of DIFC Laws (Amended and Restated) No. 10 of 2005.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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