DIFC Laws Amendment Law announced for Public Consultation



The DIFC Authority has posted a proposed DIFC Laws Amendment Law, DIFC Law No. 1 of 2013 for public consultation.
DIFC Authority has proposed to amend a number of DIFC laws and regulations through the DIFC Laws Amendment Law, DIFC Law No. 1 of 2013 (“DIFC Laws Amendment Law”), in order to comply with the requirements set out by the OECD Global Forum on Transparency and the Exchange of Information for Tax Purposes (“OECD Global Forum”), and aligning the Arbitration Law, DIFC Law No.1 of 2008 (“Arbitration Law”) to the New York Convention.
DIFC Authority is also proposing to include transitional provisions in the Non-Profit Incorporated Organisations Law, DIFC Law No.6 of 2012 (“Non Profit Incorporated Organisations Law”) to allow existing non profit organisations to become Non-Profit Incorporated Organisations without having to dissolve and re-incorporate.
The draft DIFC Laws Amendment Law has been posted for a period of 30 days for public comment ending 16 May 2013.
Click here for a copy of the consultation paper and legislative proposal.

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