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DIFC Reflects On Markets Law Changes

by Lorys Charalambous,, Cyprus

21 September 2012

The Dubai International Financial Centre (DIFC) has held an event to discuss a number of legislative changes following the entry into force of the new Markets Law 2012 in July.

In her opening remarks to the third Knowledge Series event, Roberta Calarese, the DIFC Authority's Chief Legal Officer, said: “As DIFC continues to strengthen its position as [a] global financial hub, we have an obligation to keep pace with how international markets are evolving. The new Markets Law is designed to further align this market with other international markets, particularly in Europe, and more broadly to give investors a greater degree of protection.”

During a panel discussion, experts discussed a number of significant changes brought in by the new Markets Law 2012, including changes to prospectus disclosure, what activities constitute an offer, market misconduct provisions, corporate governance and oversight of auditors.

Other pertinent changes as a result of the Markets Law included adding the oversight of auditors of publicly-listed companies to the supervisory roles undertaken by the Dubai Financial Services Authority (DFSA) to enable the centre to fulfil new European Union requirements. The move will allow auditors based in the centre to continue providing auditing services to EU companies that are publicly listed on stock exchanges. Under the change, auditors of publicly-listed companies will now need to be registered with the DFSA to enable the centre to satisfy European conditions that auditing entities must be overseen by an equivalent, high-quality regulator.

The Knowledge Series is an initiative by the DIFC intended to create dialogue between industry experts and DIFC members about new finance topics. The sessions are held regularly by the Centre to raise awareness about developments in market practices and regulation, and discuss ways for the DIFC’s clients to maximize the advantages of being based in the centre, one of Dubai's most successful tax-free zones.

TAGS: tax | investment | business | law | banking | investment funds | international financial centres (IFC) | audit | offshore | corporate governance | legislation | stock exchanges | regulation | Dubai

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