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Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, has proposed the enactment of legislation to enhance the regulatory framework in the DIFC, bringing it in line with international best practice. In doing so, DIFC Authority has taken into account specific factors relating to the DIFC and the need to provide an appropriate regulatory environment for businesses to operate in or from the Centre.
The Consultation Papers seek public comments on various legislative proposals:
- The new Prescribed Company Regulations is the subject of Consultation Paper No. 4 of 2019; and
- The new Family Office Regulations is the subject of Consultation Paper No. 5 of 2019.
An overview of the key features of each legislative proposal is summarised below:
Consultation Paper No. 4 of 2019 – Prescribed Company Regulations
- Expanding the types of persons that are eligible to establish Prescribed Companies;
- Expanding the potential role of Corporate Service Providers in the establishment and annual reporting disclosures of Prescribed Companies;
- Providing for specific reporting and disclosure requirements of Prescribed Companies;
- Providing more flexibility for the registered office requirements of a Prescribed Company; and
- Applying consistent (and in some cases reduced) fees for the establishment of Prescribed Companies.
The DIFC intends to introduce new Regulations to consolidate, replace and expand the existing Special Purpose Company and Intermediate Special Purpose Vehicle regime.
The key aspects of the legislative proposal include:
Consultation Paper No. 5 of 2019 - new Family Office Regulations
The new Family Office Regulations propose to replace the current Single Family Office Regulations enacted in 2008 to take into account enhanced regulatory arrangements in the DIFC and the recommendations of the DIFC Wealth Management Review.
The key aspects of the proposal include:
The above legislative proposals have been posted for a 30-day public consultation period with the deadline for providing comments ending on 7 July 2019.
The consultation papers and legislative proposals can be accessed by visiting: www.difc.ae/laws-regulations/consultation-papers
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