Part 1: Part 1: General
1. Title and Repeal(1) This Markets Law 2012 repeals and replaces the Markets Law 2004 ("the Previous Law") and may be cited as the "Markets Law 2012" ("this Law").(2) Except where otherwise provided in this Law or the
Rules, anything done or omitted to be done pursuant to or for the purposes of the Previous Law is deemed to be done or omitted to be done pursuant to or for the purposes of this Law.(3) Without limiting the generality of Article 1(2), and subject only to Article 1(4), such repeal shall not affect:(a) any right, privilege, remedy, obligation or liability accrued to or incurred by any person; or(b) any investigation or legal or administrative proceeding commenced or to be commenced in respect of any right, remedy, privilege, obligation or liability,under the Previous Law and any such investigation or legal or administrative proceeding may be instituted, continued or enforced, including any penalty, fine or forfeiture, under this Law.(4) Where there is no equivalent provision in this Law to a provision in the Previous Law, the relevant provision in the Previous Law is deemed to survive the repeal under this Article until such time as necessary for the purposes of any investigation or proceeding specified in Article 1(3)(b).
2. Legislative Authority
This Law is made by the Ruler of Dubai.
3. Application of the Law
This Law applies in the jurisdiction of the Dubai International Financial Centre.
4. 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.
The Schedule contains interpretative provisions and a list of defined terms used in this Law.
7. Administration of the Law
This Law, and the Rules made for the purposes of this Law, are administered by the DFSA.
8. The DFSA powers to make Rules(1) The DFSA may make Rules for the purposes of this Law pursuant to the power conferred upon it under Article 23 of the Regulatory Law 2004.(2) Without limiting the generality of Article 23 of the Regulatory Law 2004, the DFSA shall make the following Rules:(a) in relation to the offer of Securities in or from the DIFC;(b) in relation to the licensing and supervision of Authorised Market Institutions, including requirements and procedures in the event of default by members of an Authorised Market Institution;(c) in relation to the maintenance of Official Lists of Securities;(d) in relation to the governance of Reporting Entities including corporate governance and related party transactions;(e) in relation to takeovers, mergers and acquisitions of Reporting Entities;(f) for the prevention of market abuse, including any code of market conduct; and(g) in relation to recognised persons.(3) Where any legislation made for the purposes of this Law purports to be made in the exercise of a particular power, it shall be taken also to be made in the exercise of all powers under which it may be made.(4) The DFSA shall publish draft Rules in the manner prescribed in Article 24 of the Regulatory Law 2004.
9. The DFSA powers to waive or modify the Law(1) The DFSA may where it considers it appropriate or desirable in the interests of the DIFC to do so:(a) on the application of a person; or(b) with the consent of a person;by means of a written notice provide that one or more provisions of this Law either:(c) shall not apply in relation to such person; or(d) shall apply to such person with such modifications as are set out in the written notice.(2) A written notice may be given subject to conditions.(3) A person to whom a condition specified in a written notice applies shall comply with the condition.(4) The DFSA shall take such steps as necessary to bring the notice referred to in Article 9(1) to the attention of:(a) those likely to be affected by it; and(b) others who may be likely to become subject to a similar notice.(5) The DFSA may:(a) on its own initiative or on the application of the person to whom it applies, withdraw a written notice issued pursuant to Article 9(1); or(b) on the application of, or with the consent of, the person to whom that notice applies, vary such a written notice.(6) The DFSA maymake Rules in connection with the provision of a written notice under this Article, including Rules prescribing procedures for the making of applications and providing of consents.