Local Business

New laws to expand DIFC's reach

Staff Report/Dubai
Filed on March 21, 2018
New laws to expand DIFCs reach

(Supplied photo)

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has enacted two new laws that aim to improve and expand the DIFC's already successful private wealth management and succession planning platforms.

Both the Trust Law and Foundations Law are in line with the previous recommendations of the DIFC's Wealth Management Working Group and are the product of global benchmarking and extensive consultation with industry professionals and family business networks both regionally and globally. The new laws have been welcomed by academics and practitioners alike in setting a new global standard. In addition to serving families in their wealth and succession planning, the laws will be equally adept at serving the financial services community in structured financing transactions in creating insolvency remote and orphan structures.

Essa Kazim, governor of DIFC, said: "Providing a world-class legal and regulatory environment has always been a key priority for us at DIFC. We constantly explore new ways to shape the financial landscape in the region. Insights from our clients, industry and Wealth Management Working Group have been reflected in the laws which have been enacted to ensure the DIFC community can continue to explore new ways to grow."

The new Trust Law No. 4 of 2018 is a self-contained enhancement of the DIFC Trust Law in line with international best practice. The new law provides an appropriate environment for the operation of trusts in DIFC, taking into account the requirements of local families, particularly in the context of succession planning. It contains significant enhancements and refinements to promote better trust administration and provides greater certainty and flexibility for settlors, trustees and beneficiaries, as well as certain technical amendments.
- business@khaleejtimes.com

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