DIFC Authority Announces Enactment of DIFC Laws Amendment Law 2013Press Release15 Dec 2013 09:49 am
Dubai International Financial Centre (DIFC) Authority announced today that His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has enacted the DIFC Laws Amendment Law, DIFC Law No. 1 of 2013.
The enactment of the DIFC Laws Amendment Law, DIFC Law No. 1 of 2013, will facilitate amendments to the Companies Law of 2009, General Partnership Law of 2004, Limited Partnership Law of 2006, Limited Liability Partnership Law of 2004, Arbitration Law of 2008, and Non-Incorporated Organisations Law of 2012.
The amendments to the Companies Law 2009, General Partnership Law 2004, Limited Partnership Law 2006, Limited Liability Partnership Law 2004, have been made in order to ensure that DIFC complies with the requirements set out by the OECD Global Forum on Transparency and the Exchange of Information for Tax Purposes (“OECD Global Forum”). The amendments include provisions pertaining to the availability, access and exchange of information.
The amendments to the Arbitration Law 2008 have been made to ensure alignment of DIFC to the New York Convention, which require a court of a member state to have the obligation to dismiss or stay an action, upon request of a party, in a matter which is the subject of a valid arbitration agreement.
The Non-Profit Incorporated Organisations Law, DIFC Law No.6 of 2012 (“Non-Profit Incorporated Organisations Law”) has been amended to allow existing non-profit Limited Liability Companies to convert to Non-Profit Incorporated Organisations without having to dissolve and re-incorporate.
The DIFC Laws Amendment Law also makes consequential amendments to give effect to changes made to relevant Articles and Schedules of the laws that the DIFC Laws Amendment Law seeks to amend.
The Board of Directors of the DIFC Authority made regulations under the General Partnership Law and the Limited Partnership Law. These Regulations shall come into force on 15 December 2013 and are available on the DIFC Authority website www.difc.ae.