DFSA Issues Trust Law for Public Comment
The Dubai Financial Services Authority (“DFSA”) today released a consultation draft Trust Law for adoption within the Dubai International Financial Centre (“DIFC”).
Chief Executive of the DFSA, Mr David Knott, said:
“The adoption of a legal framework for the creation of Trusts will add an important new business dimension to the DIFC.”
“Clarity and certainty of Trust Law will be welcomed by the financial and professional services sectors and will provide them with additional flexibility in Client service delivery.”
The Trust Law provides a fundamental framework for the creation of trusts in the Centre and the powers and duties of trustees. It comprises 10 major parts, General, Choice of governing law place of administration, Judicial and non judicial proceedings, Creation, validity and modification of a DIFC trust, Beneficiaries of a trust, Protective Trusts, Office of trustee, Duties and powers of trustees, Liability of Trustees and The Protector.
The draft Trust Law is being published together with a Consultation Paper No.17 on the DFSA website at www.dfsa.ae for public comment until 14 September 2005