Law
No. (14) of 2011
Amending
Law No. (9) of 2004
Concerning
the Dubai International Financial Centre[1]
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We,
Mohammed bin Rashid Al
Maktoum, Ruler of Dubai,
After perusal of:
Federal
Law No. (8) of 2004 Concerning Financial Free Zones;
Federal
Decree No. (35) of 2004 Establishing a Financial Free Zone in the Emirate of
Dubai; and
Law
No. (9) of 2004 Concerning the Dubai International Financial Centre and its
amendments (the “Original Law”),
Do
hereby issue this Law.
Articles
(3) and (5)bis of the Original Law are hereby superseded by the
following:
Article (3)
1. The
financial free zone established in the Emirate of Dubai and named the Dubai
International Financial Centre (the “DIFC”) will have financial and
administrative autonomy, and will be affiliated to the Government.
2. The
DIFC will have a President appointed pursuant to a decree of the Ruler.
3. The
following bodies are hereby established within the DIFC:
a. the
Dubai International
Financial Centre Authority (the "DIFCA");
b. the Dubai Financial Services Authority (the
"DFSA"); and
c. the Dubai International Financial Centre
Courts.
4. The
DIFC will maintain registers for registering companies, real property
transactions, commercial transactions, and any other transactions. These
include, without limitation, a register of real property, a register of
security interest, and a register of companies. These registers will be created
and regulated in accordance with the DIFC Laws.
5. The
DIFC will have a Higher Board chaired by the President and comprised of members
experienced and qualified, locally and internationally, in financial services,
banking, insurance, and securities markets. These members will be appointed
pursuant to a decree of the Ruler, and will include the Governor and the
chairmen of the boards of directors of the bodies referred to in paragraph (3)
of this Article.
6. The
President will supervise and coordinate among the bodies mentioned in this
Article. This will include forming boards of directors and advisory committees
without prejudice to the autonomy of the DIFC Bodies.
7. The
Higher Board will convene at the invitation of its chairman at least four (4)
times a year or where necessary. The President will determine the duties and
terms of reference of this board.
8. The
Higher Board may invite any person it deems appropriate to attend its meetings,
and may seek assistance and the opinion of any qualified and experienced entity
or person.
Article (5)bis
1. The
Governor will be appointed and his services will be terminated pursuant to a
decree of the Ruler upon the recommendation of the President.
2. The
President will determine the employment conditions, entitlements, and financial
rights of the Governor.
3. Without
prejudice to the autonomy of the DIFC Bodies stipulated in the DIFC Laws and DIFC
Regulations, the Governor will have the duties and powers to:
a. propose the strategies, policies, and
objectives of the DIFC, and submit these to the Higher Board for approval and
implementation follow-up;
b. establish specialised committees and work teams
that will provide the consultation required for achievement of the objectives
of the DIFC;
c. in consultation with the DIFC Bodies, enter into agreements, contracts, and
memoranda of understanding with third parties, whether inside or outside of the
UAE, with a view to achieving the objectives of the DIFC and regulating its
operations;
d. under the conditions he deems appropriate,
appoint experts and specialists to provide support and consultation; and
e. exercise any other duties or powers assigned to
him by the President, except for the duties and powers vested in the President.
4. The
Governor may not hold any job or conduct any activity in addition to his post
where such job or activity conflicts with the objectives and policies of the
DIFC. This prohibition will not apply to performing the duties of any post or
job assigned to him by the Ruler or the President.
Any
provision in any other legislation will be repealed to the extent that it
contradicts the provisions of this Law.
This
Law comes into force on the day on which it is issued, and will be published in
the Official Gazette.
Mohammed bin Rashid Al Maktoum
Ruler of Dubai
Issued in Dubai on 1 August 2011
Corresponding
to 1 Ramadan 1432 A.H.
©2019 The Supreme Legislation Committee in the Emirate of
Dubai
[1]Every effort has been made to produce an
accurate and complete English version of this legislation. However, for the
purpose of its interpretation and application, reference must be made to the
original Arabic text. In case of conflict, the Arabic text will prevail.