These include data protection, “insolvency” and trust funds

"Dubai International Finance" amends its laws to comply with international centers

Yesterday, the Dubai International Financial Center announced that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of the Emirate of Dubai, has approved Law No. (2) of 2022 regarding the Dubai International Financial Center, to incorporate the amendments that ensure the compatibility of its framework. Regulatory with international best practices approved.

make adjustments

The new law allows for amendments to be made to the Data Protection Law of 2020, the Insolvency Law of 2019 (and related regulations), the Electronic Transactions Law of 2017, the Trust Funds Law of 2018, the Strata Joint Ownership Law of 2007, and the Common Reporting Standard Law of 2018, in addition to the rules of interpretation of the various laws of the Dubai International Financial Center.

DIFC confirmed that the amendments to the Data Protection Law of 2020 and the Insolvency Law of 2019 (and related regulations) were subject to a number of rounds of public consultations, and the opinions and proposals received from various stakeholders played a valuable role in drafting these amendments.

Data Protection Law

According to the center, the amendments to the data protection law reflect DIFC's commitment to establishing itself at the forefront of privacy legislation in the region.

The issued amendments include clarifying the process of judicial legislation for individuals, so that it is more in line with international best practices, especially in light of recent and unprecedented rulings in Europe, regarding the rights of data subjects.

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

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

insolvency law

For its part, the amendments to the “Insolvency Law” contribute to achieving harmony between the requirements for obtaining bonds and current practices in the UAE, and they also ensure the unification of reports binding on the insolvent for all the different cases of financial insolvency available under the insolvency law.

electronic transactions

Dubai International Financial explained that the scope of the Electronic Transactions Law has been expanded, by canceling exceptions related to records, contracts and electronic signatures used in the activities of selling, buying or long-term leasing (for a period of more than 10 years) of real property.

He stressed that this change is also in line with the Center's commitment to the "Dubai Paperless Strategy".

Trust Funds Law

The definition of "real beneficiary" was also amended under the "Trust Funds Law", in a step that responds to the recommendation made by the "Financial Action Group" regarding clarification of the definition.

Strata Law of Common Ownership

According to the Dubai International Financial, the “Strata Joint Ownership Law” introduces minor amendments to harmonize certain definitions within the law, with the relevant definitions in the Real Estate Ownership Law of 2018, in addition to correcting typographical errors.

Reporting Standard Law

As for the amendments to the "Reporting Standard Law", it ensures the consistency of the Common Reporting Standard of the Dubai International Financial Center with the Federal Law on Corporate Social Responsibility, which was recently updated by Cabinet Resolution No. (93) of 2021, with the aim of meeting the relevant standards issued by Organization for Economic Cooperation and Development.

The list of major amendments includes changes to the sanctions framework, including the enforcement process, the right to appeal, the addition of new sanctions, and various improvements.

Interpretation rules

DIFC stated that a number of updates were made with the aim of clarifying the definition of “day” and “working day” within the various laws of the center, following the government’s decision to harmonize the working week and weekend in the country with global markets.

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