Business | Banking
DIFC releases updates on Companies Law
The Dubai International Financial Centre (DIFC) on Wednesday released its proposed updates on the DIFC Companies Law and the DIFC Insolvency Law for public consultation.
- Staff Report
- Published: 23:42 November 12, 2008
Dubai: The Dubai International Financial Centre (DIFC) on Wednesday released its proposed updates on the DIFC Companies Law and the DIFC Insolvency Law for public consultation.
The Companies Law has been updated to include the registration requirements laid down by the DIFC Registrar of Companies while the Insolvency Law has been reorganised to include changes in applications and procedures for winding up Protected Cell Company (PCC) structures used by insurers.
Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) said: "The updates to the Companies Law and the Insolvency Law are part of DIFC's effort to upgrade our regulations in response to the industry's needs and concerns. DIFC's regulatory framework, created by incorporating best practices from jurisdictions across the world, has been constantly evolving since its establishment to offer a high degree of security, protection and ease of operations for financial services companies."
The new propositions will be presented for enactment in accordance with Dubai Law No 9.
Share this article
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
New law to protect investor rights
Dubai land department is studying legislation to protect property purchasers
-
Global Village
Revamped layout featuring four cultures to greet visitors this season
-
Cloud computing is here to stay
Managing security effectively is critical when sharing data over the internet
