Dubai International Financial Centre (DIFC) has proposed a new Trust Law regime and a new Foundation Law regime.
DIFC Authority’s Legislative Committee said it has invited public comment on the new proposed laws, which are primarily designed to enhance the operating environment for private wealth management and succession planning platforms on both a conventional and Sharia compliant basis.
The recommendations also include the establishment of DIFC’s Family Business Centre, which will support and service regional and international family offices looking to relocate their private wealth and succession planning structures.
The working group, which has put forward the proposals, consisted of more than 20 senior lawyers, barristers and accountants, as well as executives from DIFC Authority, Dubai Financial Services Authority and the DIFC Governor’s Office.
DIFC said its wealth management sector, comprising around 200 asset management companies and specialist advisors, stand to "benefit significantly" from the proposals.
Essa Kazim, governor of DIFC and chairman of the DIFC Authority Board of Directors, said: “The proposed new Trust Law and Foundations Law will significantly enhance DIFC’s wealth management proposition by ensuring that lifetime and succession planning for families at the centre will have a robust legal status.”
The proposed DIFC Trust Law regime and Foundation Law regime have been posted for a 30-day public consultation period with the deadline for providing comments ending on November 8.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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