DIFC Authority introduces new Non Profit Incorporated Organisations Law and amendments to the Employment Law, Data Protection Law and Real Property LawPress Release20 Dec 2012 09:17 am
The DIFC Authority announces today that His Highness Sheikh Mohammed Bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has enacted four Dubai International Financial Centre (DIFC) Laws. These Laws are the Employment Law Amendment Law (DIFC Law No. 3 of 2012), Real Property Law Amendment Law (DIFC Law No. 4 of 2012), Data Protection Law Amendment Law (DIFC Law No. 5 of 2012), and Non-Profit Incorporated Organisation Law (DIFC Law No. 6 of 2012).
The Non Profit Incorporated Organisations Law introduces a new regime for non-profit organisations whose purpose is to support the growth and development of the financial services sector in the DIFC. Such types of institutions are essential to the DIFC in fulfilling its vision of becoming a global financial centre as they set best practice standards and act as a forum for discussion. Non-profit organisations wanting to establish in the DIFC will have to incorporate as body corporates, its founding members have to be residents of the UAE and they may only carry on authorised purposes as defined in the Non Profit Incorporated Organisations Law.
The amendments to the Employment Law, Real Property Law and Data Protection Law seek to provide greater legal certainty by addressing a number of deficiencies and practicalities which have been identified since the establishment of the DIFC in 2004. The rational for the proposed amendments was fully presented in the respective consultation papers which are available on the DIFC website www.difc.ae
Consultation Paper No. 3 of 2011 on the Data Protection Law
Consultation Paper No. 4 of 2011 on the Employment Law
Consultation Paper No. 5 of 2011 on Non Profit Incorporated Organisations
Consultation Paper No. 6 of the Real Property Law
The new Non Profit Incorporated Organisations Law 2012, the Employment Law Amendment Law 2012, the Real Property Law Amendment Law 2012, and the Data Protection Amendment Law 2012 were enacted and will come into force on Sunday 23rd December 2012 and are available on the DIFC Authority website www.difc.ae
The Board of Directors of the DIFC Authority also made regulations under the Non Profit Incorporated Organisations Law and the Data Protection Law. These Regulations shall come into force on 23rd December 2012 and are available on the DIFC Authority website www.difc.ae
For further inquiries on the DIFC laws, please contact:
Dubai International Financial Centre
Tel: +971 4 362 2594