Versions

 

Schedule 1: Interpretation

1. Rules of interpretation

(1) In the Law, a reference to:
(a) a statutory provision includes a reference to the statutory provision as amended or re-enacted from time to time;
(b) a Person includes a reference to a government, State, State agency, corporation, Body Corporate, association or partnership; and
(c) a calendar year shall mean a year of the Gregorian calendar.
(2) The headings in the Law shall not affect its interpretation.

2. Defined terms

In the Law, unless the context indicates otherwise, the defined terms listed below shall have the corresponding meanings:

Term Definition
Bank a Person who in the ordinary course of business receives Deposits or other repayable sums from the public
Commodity account means an account maintained by a commodity broker in which a commodity contract is carried for a commodity customer
Commodity broker a Person who in the course of his business transacts commodity contracts or provides clearance or settlement services relating to commodity contracts
Commodity contract a commodity Futures contract, an option on a commodity Futures contract, or a commodity option
Commodity customer a Person for which a commodity broker carries a commodity contract on its books
DIFC the Dubai International Financial Centre, established under Article 3(l) of Dubai Law No. 3 of 2002
Entitlement holder a Person identified in the records of a Securities intermediary as the Person having a Security entitlement against the Securities intermediary
Financial asset has the meaning set out in the Personal Property Law
Intangible a thing other than a tangible thing
Jurisdiction includes the jurisdiction of the DIFC
Law the Law Relating to Application of DIFC Laws No. I of 2003
Licensee any Person or organisation which is licensed by the DIFC to carry on business
Personal property any Property other than real property
Personal Property Law Personal Property Law No. 1 of 2003
Purchaser a Person who has acquired or is in the process of acquiring title (whether contingent or absolute) to any Property other than as a recipient of a gift or other voluntary transfer
Real property any right or interest in land
Schedule means a schedule to the Law
Securities account an account to which a financial asset is or may be credited in accordance with an agreement under which the Person maintaining the account undertakes to treat the Person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset
Securities intermediary a Person who in the ordinary course of his business transacts Securities or other financial assets
Security an obligation of or interest in an Issuer or in Property which is represented by a Security Certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer
Security certificate a Certificate representing a Security, the delivery of which is capable of transferring title to that security
Security entitlement the rights of an entitlement holder with respect to a financial asset
Security interest an interest in personal Property which secures payment or performance of an obligation
Share a Security which represents any interest in the capital of any enterprise which is characterised by the law of the place of incorporation or establishment of that enterprise as a share
Trust the legal relationship created by a settler which assets are placed under the control of a trustee for the benefit of a beneficiary or for a specific purpose
Uncertificated security a Security that is not represented by a Security certificate

3. Location

(1) For the purpose of Part 5 of the Law, the location of Property shall be determined in accordance with this paragraph 3.
(2) Subject to paragraphs 3(3), (4) and (5), location means:
(a) in relation to a tangible thing, the jurisdiction in which the tangible thing is; and
(b) in relation to an intangible, the jurisdiction in which the right to the intangible can be enforced or recovered.
(3) The location of a merchant ship or aircraft is the jurisdiction in which it is registered.
(4) The location of a debt held in a Bank is:
(a) the jurisdiction in which the Deposit account is expressed in the agreement to be maintained, if any;
(b) if paragraph (a) does not apply, the jurisdiction in which the office identified in an account statement as the office serving the customer's account is situated; failing which
(c) the jurisdiction in which the head office of the Bank is situated.
(5) The location of a commodity account is:
(a) the jurisdiction in which the commodity account is expressed to be maintained in the agreement governing the relationship between the commodity broker and the commodity customer, if any;
(b) if paragraph (a) does not apply, the jurisdiction in which the office identified in an account statement as the office serving the commodity customer's account is situated; failing which
the jurisdiction in which the head office of the commodity broker is situated.