Reflects its commitment to providing a transparent and reliable legal and regulatory framework

Dubai International Financial: proposed amendments to employment, data and insolvency laws

Dubai International Financial publishes amendment proposals for a period of 30 days for public advice.

From the source

The Dubai International Financial Center announced a proposal to adopt new amendments to some legislations and laws related to the Employment Law, the Data Protection Law, and the Financial Insolvency Law, as part of efforts to strengthen the legislative system in the financial center, in line with international best practices.

Employment law

The center stated in a statement yesterday that it intends to make amendments to Law No. (2) of 2019 (current) regarding employment and issuance of new regulations, to enhance clarity regarding the system of the job rehabilitation plan, in line with the money purchase plan for employees of the Authority Dubai Financial Services, so that one law applies to these systems.

These amendments also aim to clarify how to file legal claims and disputes under the Employment Law.

The amendments also include annual leave entitlements for employees, the duration of aptitude test for fixed and short-term contracts, and some specific terminology used in the law.

The proposed amendments will include the basic health and safety requirements in the workplace under the Employment Act, and the requirements for working from home, which are becoming more and more common today.

Data protection

The center revealed that it will amend the Data Protection Law No. (5) of 2020 (current) to clarify the judicial legislation process on individuals, in line with international best practices and European legislation on data rights.

The amendments also specify better conditions for legal accountability for observers and data processors, in which the privacy of individuals may be affected by repeated attempts and requests to access their data.

The amendments will improve the powers of the data commissioner in relation to the information available when issuing a directive or decision to violate the data protection law, to be in line with the DIFC Courts Law regarding the imposition and payment of court costs by the authorities of the DIFC.

Financial insolvency

As for the last proposal, the Dubai International Financial Center stated that it intends to introduce amendments to the insolvency law No. (1) of 2019 and the financial insolvency regulations for the year 2020, to provide greater flexibility regarding the requirements for obtaining a bond under the insolvency law and regulations.

These amendments will also ensure the unification of the binding reports of the insolvent, for all the different cases of financial insolvency available under the insolvency law, and ensure that the procedures for seizing property belonging to the financially insolvent company are applied to all companies in the DIFC under the Employment Law of 2018.

According to Dubai International Financial, proposals for amendments will be published for a period of 30 days for public consultations, with the deadline for submitting comments on these amendments being March 28, 2021. The center affirmed that the proposed amendments reflect its commitment to providing a transparent and reliable legal and regulatory framework, including It is in line with global best practices.

Follow our latest local and sports news, and the latest political and economic developments via Google news