DIFC Authority publishes new Limited Partnership Law and Regulations for consultation

The DIFC Authority jointly with the DFSA published today for consultation the Limited Partnership Law, DIFC Law No. 1 of 2006 and the Limited Partnership Regulations made under the Law. This legislation, aimed primarily at establishing a purpose-built vehicle for the formation and operation of fund management activities, will provide the fundamental framework for the creation and registration of limited partnerships in the DIFC and will define the powers and duties of the partners.

The Limited Partnership Law, deals with matters such as formation and registration of a limited partnership, rights and obligations of general and limited partners, dissolution of the limited partnership and migration of limited partnerships to and from the DIFC.  The regulations provide the details of the process for registration and operating a limited partnership in the DIFC.

The Limited Partnership Law follows the enactment in 2004 of the Companies Law, the General Partnership Law and the Limited Liability Partnership Law to further extend the range of the company formation offering of the DIFC in accordance with international best practices.  Once the consultation period is over and all comments have been incorporated in the new law, it law will be enacted by the Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum. This law will be applied exclusively in the jurisdiction of Dubai International Financial Centre.