DIFC legal framework takes shape

02 August 2002

Legislation that will pave the way for a federal decree governing the Dubai International Financial Centre (DIFC)will be in place by October, Anis al-Jallaf, chairman of DIFC, told MEED on 27 July.

Drafts of the law, which sets out the market's regulatory boundaries, are being prepared with the assistance of international law firm Clifford Chance. The law will be followed by a federal decree that will act as the basis for a memorandum of understanding (MoU) to be drafted between the DIFC's regulatory agency and the Central Bank of the UAE. The MoU will define clearly the issue of jurisdiction over financial institutions that take out licences to operate in the DIFC.

The agency is headed by Phillip Thorpe, who has previously worked as chief commissioner of the London-based Financial Services Authority. Its responsibilities are to ensure the market upholds the highest standards of financial practice and transparency (MEED 14:6:02).

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications