The 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 aim to enhance the regulatory framework within the DIFC, and provide further structuring options for businesses operating in or from the centre, according to the state-run news agency, Wam.
The key amendments under the proposed regulations include consolidating and expanding the definition of the qualifying applicant; consolidating and expanding the definition of the qualifying purpose; reconsidering certain provisions of the Companies Law, DIFC Law No. 5 of 2018, with respect to prescribed companies whose qualifying purpose is a structured financing or a crowdfunding structure; among others.
The consultation paper and legislative proposal can be accessed by visiting consultation papers section on the 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.
DIFC’s focus on transparency and a robust regulatory framework
The proposed amendments reflect the centre’s commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practice.
In March 2022, (DIFC) issued a consultation paper proposing to amend the Real Property Law, DIFC Law No. 10 of 2018.
The proposed amendments aim to facilitate the administration and enforcement of the DIFC Real Property Law and aims to enhance the regulatory framework within DIFC in line with current common law practice, according to the state-run news agency, Wam.
The proposed amendments are in Part 9 of the Real Property Law, relating to default remedies for mortgagees.
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