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  • DIFC Laws Amendment Law, DIFC Law No. 2 of 2007

    • The Enactment Notice

      In respect of the DIFC Laws Amendment Law
      DIFC Law No. 2 of 2007

      We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai hereby enact
      on this 8th day of February 2007:

      DIFC Laws Amendment Law
      DIFC Law No. 2 of 2007

      in the form now attached.

      This Law shall come into force on the 8th day of February 2007.

      Mohammed bin Rashid Al Maktoum

      Ruler of Dubai

    • Part 1 Part 1 General

      • 1. Title

        This Law may be cited as the "DIFC Laws Amendment Law 2007".

      • 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.

      • 4. Commencement

        This Law comes into force on the date specified in the Enactment Notice in respect of this Law.

    • Part 2 Part 2 Amendments

      • 5. Regulatory Law 2004

        (1) Insert in Article 84(2) on the second line the word "business" after the number "3".
        (2) In Schedule 1 replace Article 1(1)(d) to read as follows: "unless stated otherwise, a day means a calendar day. If an obligation falls on a calendar day which is either a Friday or Saturday or an official state holiday in the DIFC, the obligation shall take place on the next calendar day which is a business day."

      • 6. Markets Law 2004

        (1) Insert in Article 24(3)(d) on the first line the word "business" after the number "5".
        (2) Insert in Article 25(1) on the third line the word "business" after the number "5".
        (3) Insert in Article 25(2) on the second line the word "business" after the number "5".
        (4) Insert in Article 26(1) on the second line the word "business" after the number "5".
        (5) Replace in Article 30 on the first line the number "10" with the number "14".
        (6) In the Schedule replace Article 1(1)(d) to read as follows: "unless stated otherwise, a day means a calendar day. If an obligation falls on a calendar day which is either a Friday or Saturday or an official state holiday in the DIFC, the obligation shall take place on the next calendar day which is a business day.

      • 7. Law Regulating Islamic Financial Business 2004

        In Schedule 1 replace Article 1(1)(d) to read as follows: "unless stated otherwise, a day means a calendar day. If an obligation falls on a calendar day which is either a Friday or Saturday or an official state holiday in the DIFC, the obligation shall take place on the next calendar day which is a business day.

      • 8. Trust Law 2005

        In Schedule 1 replace Article 1(1)(d) to read as follows: "unless stated otherwise, a day means a calendar day. If an obligation falls on a calendar day which is either a Friday or Saturday or an official state holiday in the DIFC, the obligation shall take place on the next calendar day which is a business day."

      • 9. Collective Investment Law 2006

        (1) Replace in Article 56(1) on the first line the number "10" with the number "14".
        (2) Replace in Article 64(2)(c) on the third line the number "20" with the number "28".
        (3) Replace in Article 70(5)(a) on the second line the number "10" with the number "14".
        (4) In Schedule 1 replace Article 1(1)(d) to read as follows: "unless stated otherwise, a day means a calendar day. If an obligation falls on a calendar day which is either a Friday or Saturday or an official state holiday in the DIFC, the obligation shall take place on the next calendar day which is a business day."

      • 10. Investment Trust Law 2006

        In Schedule 1 replace Article 1(1)(c) to read as follows: "unless stated otherwise, a day means a calendar day. If an obligation falls on a calendar day which is either a Friday or Saturday or an official state holiday in the DIFC, the obligation shall take place on the next calendar day which is a business day."