By: Suraya Turk
His Highness Sheikh Mohammed bin Rashid Al Maktoum has, earlier this month, enacted changes to the Dubai International Financial Centre (DIFC) Authority’s legal and regulatory framework. These amendments, which are particularly focused on the companies and property regimes, are designed to provide a balance between offering flexibility for entities working within the DIFC’s jurisdiction, while providing oversight for complex corporate arrangements, including mergers and debt restructurings.
Notable amendments to the Companies and New Operating laws introduce new classifications of public and private companies, and provide enhancements to the licensing regime, enabling entities to conduct more business within the DIFC, while also ensuring whistle-blower protection provisions are in place.
Meanwhile, significant changes to the DIFC Real Property and Strata Title Law Amendment laws will ensure that that purchasers get full disclosure on developments and units they buy, and will expand the powers and functions of the Registrar of Real Property (RORP) to govern parties that are in breach of their obligations.
These changes are taking place within a comprehensive overhaul of the DIFC’s companies and operating regulations to facilitate ease of doing business, enhance transparency and adhere to international best practice.