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Sat 19 Sep 2009 11:29 PM

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Dubai ruler enacts revisions to DIFC legal framework

Aim is to stimulate growth of new sectors, boost local financial services industry.

HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has enacted updates to the Dubai International Financial Centre's (DIFC) Companies Law and Insolvency Law.

The updates in the Companies Law cover certain registration requirements specified by the DIFC Registrar of Companies while the updates to the Insolvency Law incorporate changes in applications and procedures for winding up Protected Cell Companies (PCCs), WAM reported on Saturday.

PCCs are self-insurance structures that provide a simple and cost-effective solution to companies wishing to establish a captive insurance company.

Updates to the Companies Law include removing the need for the DIFC Registrar of Companies to approve a company’s Articles of Association, as well as the requirement for recognised companies to file an annual return.

It also offers clarification on the right of shareholders and directors to participate in shareholder or directors meetings, the agency noted.

The Insolvency Law meanwhile has been updated to include minor amendments arising from the introduction of the proposed updates to the Companies Law and the amended Insolvency Regulations of 2009. 

HE Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre, said: "The updates to the two laws form part of DIFC's efforts to constantly update its legal framework to meet the changing needs of the industry and to stimulate the growth of new sectors and niche areas in the financial services industry.''

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