DIFC Announces Enactment of Financial Collateral and Security RegulationsNews 15 Oct 2019 03:04 pm
Dubai, UAE – 15 October, 2019: Dubai International Financial Centre (DIFC), today announced that the Board of Directors of the DIFC Authority has issued the Financial Collateral Regulations and Security Regulations which came into force on 1 November 2019.
The Financial Collateral Regulations and the Security Regulations are issued under the Law of Security, DIFC Law No. 8 of 2005 and repeal and replace the former Security Regulations. The Financial Collateral Regulations deal with matters relating to Financial Collateral, while matters relating to the filing of forms with the Registrar of Securities are provided for in the Security Regulations.
The Financial Collateral Regulations create a creditor-friendly legal regime for financial collateral, which is in line with international best practice. The Financial Collateral Regulations clarify the scope, operation and enforcement of security over financial collateral under the Law of Security.
The new Security Regulations provides certainty and facilitates ease of doing business in the DIFC, by enhancing and streamlining the financing statements under the Regulations and introducing a simplified, flat fee structure for the filing of the financing statements with the Registrar of Securities.
You can find the new Regulations on the Legal Database page.