Entire Section

  • GEN 2.3.7 GEN 2.3.7

    (1) A Person does not carry on an activity specified in paragraphs (aa) or (bb) of GEN Rule 2.2.2 by way of business to the extent that the Person operates or acts as the administrator of a Non-DIFC Scheme to which (2) or (3) applies.
    (2) This sub-rule applies to a Non-DIFC Scheme if:
    (a) a DIFC employer is participating in the Scheme as a result of a statutory duty in another country to provide an end-of-service benefit in respect of an employee; and
    (b) an Exemption Certificate is in force in respect of the Scheme under the Employment Regulations.
    (3) This sub-rule applies to a Non-DIFC Scheme if:
    (a) it is available exclusively to some or all of the employees of a Group to which a DIFC employer belongs;
    (b) it is available to employees of the Group in at least one other country (in addition to the UAE);
    (c) it requires contributions for employees that exceed the Core Benefits required to be paid by the DIFC Employer under the Employment Law; and
    (d) an Exemption Certificate is in force in respect of the Scheme under the Employment Regulations.
    (4) In this Rule, “Exemption Certificate” has the meaning given in the Employment Regulations.
    Derived from DFSA RMI301/2021 (Made 30th June 2021). [VER52/09-21]

    • GEN 2.3.7 Guidance

      1. The exclusions under GEN Rule 2.3.7 apply in respect of certain types of Non-DIFC Schemes that are the subject of exemptions issued by the DIFCA Board under the Employment Regulations.
      2. A Non-DIFC Scheme is defined in GLO as an Employee Money Purchase Scheme or any similar scheme or arrangement that is established outside the DIFC.
      3. The effect of the above exclusions is that foreign fiduciary service providers, insurers and superannuation scheme operators, who are supervised and regulated in their home jurisdictions for their activities, can be enabled to accept contributions from DIFC employers in respect of their employees under the DIFC Employment Law.
      Derived from DFSA RMI301/2021 (Made 30th June 2021). [VER52/09-21]