DIFC releases updates on Companies Law

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.