Regulatory Law Amendment Law DIFC Law No. 8 of 2006
The Enactment Notice
In respect of the Regulatory Law Amendment Law
DIFC Law No. 8 of 2006
We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai hereby enact
on this 29th day of November 2006:
Regulatory Law Amendment Law
DIFC Law No. 8 of 2006
in the form now attached.
This Law shall come into force on the 29th day of November 2006.
Mohammed bin Rashid Al Maktoum
Ruler of Dubai
Part 1 Part 1 General
This Law may be cited as the "Regulatory Law Amendment Law 2006".
2. Legislative Authority
This Law is made by the Ruler of Dubai.
3. Date of enactment
This Law is enacted on the date specified in the Enactment Notice in respect of this Law.
This Law comes into force on the date specified in the Enactment Notice in respect of this Law.
Part 2 Part 2 Amendments
The Regulatory Law 2004 shall be amended as prescribed in this Law.
Article 62 (5) is amended as follows:"(5) The DFSA shall publish and maintain a register of current and past registrations, suspensions and withdrawals of registrations of auditors in such manner as may be prescribed in the Rules."
Article 73 (2) is amended as follows:"(2) The DFSA may enter the premises of any Authorised Firm, Authorised Market Institution, Ancillary Service Provider, Fund or Auditor during normal business hours or at any other time as may be agreed for the purpose of inspecting and copying information or documents stored in any form on such premises, as it considers necessary or desirable to meet the objectives of the DFSA."
Article 98 (3) is amended as follows:"(3) The DFSA may withdraw the registration of an Auditor on such grounds and manner as prescribed in the Rules."
Article 99 (5) and (8) are amended as follows:"(5) The Authorised Firm or an Authorised Market Institution shall not appoint an Auditor under this Article unless:(a) the auditor has, prior to the appointment, consented in writing to the Authorised Firm or the Authorised Market Institution to hold such office; and(8) The DFSA may order the removal of an Auditor of an Authorised Firm or Authorised Market Institution on such grounds and in such manner as prescribed in the Rules."
Article 105 is amended by replacing it with the following:"(1) The DFSA may in its absolute discretion suspend the registration of an auditor.(2) The DFSA may make Rules setting out the grounds and manner in which registration may be suspended by the DFSA."
11. Additional change to Article 44 in relation to ASPs
Article 44 (5) is amended as follows:"(5) A person may carry on an Ancillary Service in or from the DIFC if such person is registered as an Ancillary Service Provider or an Authorised Firm."