DFSA Welcomes Announcement of New DIFC Laws
The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), today welcomed the enactment of a further tranche of DIFC laws and regulations. The new laws, which will be administered by the DIFCA, deal with employment, legal rights, obligations and remedies, Security interests and companies regulations.
Commenting on this significant step Dr. Habib Al Mulla, DFSA Chairman said “these laws are a critical component of the centre’s legal infrastructure and complement the laws which have already been passed to regulate the DIFC. The enactment of these laws is clear evidence that the DIFC project is well on its way to building its legal and regulatory framework to become the leading financial centre in the region.
“The legislation provides legal certainty and commercial flexibility in several key areas. Creating such a modern and efficient legal infrastructure, which complements the world-class regulatory regime of the DFSA, fosters confidence in the DIFC as an internationally respected financial centre. This is a key objective of the Centre and one which the DFSA continually strives to meet.”