Key legislation to establish DIFC issued
General Shaikh Mohammad has issued the first laws that formally establish and govern the Dubai International Financial Centre and its independent regulatory authority, Financial Services Authority.
General Shaikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, UAE Defence Minister and President of the DIFC, has issued the first laws that formally establish and govern the Dubai International Financial Centre (DIFC) and its independent regulatory authority, the DIFC Financial Services Authority (DFSA).
Dr Habib Al Mulla, chairman of the DFSA Regulatory Council, said: "This is magnificent news for the DFSA and the DIFC the DIFC is now open for business.
"It is the first time in the region that an entire legal system has been created from scratch, tailor-made for a new financial centre.
"Our laws are an innovative creation and cover the full range of commercial and civil activities for the DIFC."
"We have built the DIFC using the best practices of financial centres across the globe and we have ensured that international standards will now be applied to the specific market in Dubai and the Middle East region," said David King, DFSA chief executive.
The issuing of the laws follows the recent approval of a federal decree to establish the DIFC and the enactment on September 16 by His Highness Shaikh Maktoum Bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, of the Dubai law which defines the functions to be performed by the DIFC.
Includes powerful regulatory law
The 12 laws issued are:
- Regulatory Law
- Companies Law
- Law on the Application of Civil and Commercial Laws
- Law relating to the Application of DIFC Laws
- Limited Liability Partnership Law
- Contract Law
- Insolvency Law
- Arbitration Law
- Data Protection Law
- General Partnership Law
- Markets Law
- Law Regulating Islamic Financial Business
