DIFC Announces Proposed Amendments to the DIFC Prescribed Company Regulations for Consultation
Dubai, UAE; 5 April 2022: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, has issued a consultation paper proposing to amend the DIFC Prescribed Company Regulations. The Proposed amendments will enhance the regulatory framework within DIFC and provide further structuring options for businesses operating in or from the Centre.
The key amendments under the Proposed Regulations include consolidating and expanding the definition of Qualifying Applicant; consolidating and expanding the definition of Qualifying Purpose; disapplying certain provisions of the Companies Law, DIFC Law No. 5 of 2018 in respect of private companies for Prescribed Companies whose Qualifying Purpose is a Structured Financing or a Crowdfunding Structure; and other miscellaneous amendments.
The consultation paper and legislative proposal can be accessed by visiting Consultation Papers, Dubai International Financial Centre.
The proposed regulations have been posted for a 30-day public consultation period with the deadline for providing comments ending on 4 May 2022.
The Proposed amendments reflect the Centre’s commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practice.