Common Reporting Standard Law DIFC Law No. 2 of 2018

PART 1: GENERAL..................................................................................................................................... 1

1. Title ................................................................................................................................................. 1

2. Legislative Authority........................................................................................................................ 1

3. Purpose of the Law.......................................................................................................................... 1

4. Application of the Law..................................................................................................................... 1

5. Date of enactment........................................................................................................................... 1

6. Commencement............................................................................................................................... 1

7. Interpretation .................................................................................................................................. 1

8. Administration of the Law................................................................................................................ 2

9. The power of DIFCA to make Regulations and impose fines and penalties..................................... 2

PART 2: APPOINTMENTAND ROLE OF THE RELEVANT AUTHORITY .............................................................. 3

10. Appointment of the Relevant Authority ........................................................................................ 3

11. Objectives, functions and powers of the Relevant Authority........................................................ 3

PART 3: REPORTING, RECORDS, INVESTIGATIONS AND INSPECTIONS......................................................... 5

12. Collecting, reporting and keeping records of information............................................................ 5

13. Investigations and inspections..................................................................................................... 5

14. Appointment of Inspectors............................................................................................................ 6

15. Powers of Inspectors to obtain information and documents......................................................... 6

16. Use and effect of information and documents obtained for investigations.................................. 7

17. Obstruction of Inspectors .............................................................................................................. 8

18. Powers of the Relevant Authority to apply to Court ...................................................................... 8

PART 4: PENALTIES, ENFORCEMENT AND APPEALS .................................................................................. 9

19. Contraventions............................................................................................................................... 9

20. Enforcement and appeals............................................................................................................... 9

SCHEDULE 1............................................................................................................................................. 11

SCHEDULE 2............................................................................................................................................. 14