DIFC posts major draft Laws and Regulations for public comment

The Dubai International Financial Centre Authority (DIFCA) today released for public comment seven draft laws and one set of draft regulations relating to contractual, employment, company and property matters within the DIFC. The DIFCA is responsible for the development and administration of these laws and regulations as they relate to general and commercial matters.

The eight documents are available from the DIFC website. Click here to view now.

• Employment Law
• Real Property Law
• Personal Property Law
• Law of Security
• Law of Obligations
• Law of Implied Contractual Terms and Law of Unfair Terms
• Law of Damages and Remedies
• Companies Regulations

The DIFCA seeks comments from the international financial and legal community prior to the submission of the proposed laws and regulations to the DIFCA Board of Directors for review. The DIFCA will also consult with the Dubai Financial Services Authority (DFSA) on the proposed legislation. Following the completion of the public comment and DFSA consultation periods, the final draft legislation will be submitted to HH Sheikh Mohammed bin Rashid Al Maktoum, the President of DIFC, for recommendation to the Ruler for enactment in accordance with Dubai Law No. 9 of 2004.

The draft legislation is the next stage in completing the legal and regulatory framework that will govern the operations of the DIFC. It follows the enactment of four financial regulation laws and eight general/commercial laws on 16 September 2004, by HH Sheikh Maktoum bin Rashid Al Maktoum, the Ruler of Dubai. All enacted legislation is available on the website of the DFSA (www.dfsa.ae) and the DIFC (www.difc.ae).

‘From inception, the DIFC has sought input and advice from leading regulators, lawyers and advisors. The world will come to do business at the DIFC and it is essential that experts from the world’s established jurisdictions contribute to the creation of our legal framework,’ said Dr Omar Bin Sulaiman, Director General of DIFC.

Copies of the proposed laws and regulations can be downloaded from the DIFC web site by clicking here. All comments must be received by 23 December 2004.