New laws for DIFC seek to boost investor confidence
The Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, yesterday passed two new laws designed to further improve the emirate's financial regulation.
Sheikh Mohammed passed the Markets Law 2012 and the Regulatory Law Amendment Law 2012, which will apply to the Dubai International Financial Centre (DIFC).
The new legislation involves a number of significant changes to existing rules, particularly those governing market misconduct and corporate governance.
The new laws are designed to better protect investors by aligning the DIFC to international standards, particularly those of the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD).
The two new laws come into force on July 5 and are available on the website of the Dubai Financial Services Authority.
Meanwhile, the DIFC Courts the English language common-law judicial system based in Dubai, have issued a white paper providing details on enforcing its judgments outside the DIFC in Dubai, the UAE and across the world.
The document clarifies where and how DIFC Courts’ judgments are enforceable, and follows extensive consultation with leading regional and international legal firms currently based at the high-profile hub.
“This extremely significant development is a notable step for the UAE judicial system,” said Adrian Chadwick, partner at Hadef & Partners.
“Recognition of DIFC judgments outside the country brings a large level of certainty to the legal community,” he said.
“It enables us, as lawyers, to reassure our clients that the pursuit of justice need not end at the UAE’s borders.”