Press Releases

  • 28 May 2017

DIFC Announces Enactment of DIFC Laws Amendment Law 2017

Dubai, UAE – 28 May 2017: Dubai International Financial Centre Authority (DIFC Authority) announced 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 2017 (Law).

The enactment of the Law will facilitate amendments to the Companies Law of 2009, General Partnership Law of 2004, Limited Partnership Law of 2006 and Limited Liability Partnership Law of 2004, to ensure that DIFC fully complies with the requirements set out by the OECD Global Forum on Transparency and the Exchange of Information for Tax Purposes. 

The Law introduces a new definition of “Accounting Records” into the Companies Law and the various Partnership Laws, which clarifies the type of underlying documentation to be retained by companies and partnerships in the DIFC.

This definition is prescribed by the International Standard on Auditing and is consistent with the definition used by the Dubai Financial Services Authority, to ensure that the obligation to keep underlying documentation applies evenly to all relevant entities in the DIFC.

The Registrar also proposes to make amendments to the Schedule of Fines in the Companies Law and the various Partnership Laws, in order to clarify contraventions and correct mistaken references to articles of the law creating contraventions.

Downloads

Press Release - Dubai International Financial Centre Announces Enactment of DIFC Laws Amendment Law 2017
Download
Press Centre

Register now to get exclusive access to under embargo documents, press releases, reports & more. The DIFC Press Centre is a password-protected site for working journalists.

Sign Up
Join Our Mailing List
Subscribe

For media enquiries

Hajar Al Ketbi
Vice President - Corporate Communications & Public Relations
Tel: +971 4 362 2440
Email: Hajar.AlKetbi@difc.ae

MORE DIFC NEWS

New EIU Report Commissioned by DIFC Explores how MEASA will be Instrumental in Driving the Future of Finance
17

Oct

2017
news
New EIU Report Commissioned by DIFC Explores how MEASA will be Instrumental in Driving the Future of Finance
Read More
DIFC Issues New Trust Law and Foundations Law for Public Consultation
10

Oct

2017
news
DIFC Issues New Trust Law and Foundations Law for Public Consultation
Read More
DIFC Promotes Innovation and Smart Finance at GITEX 2017
09

Oct

2017
news
DIFC Promotes Innovation and Smart Finance at GITEX 2017
Read More