DIFC seeks public opinion on draft laws

dubai — The Dubai International Financial Centre (DIFC) on Tuesday proposed a new Trust Law regime and new Foundation Law regime.

The DIFC Authority’s legislative committee has invited public comment on the new proposed laws, which are primarily designed to enhance the operating environment for private wealth management and succession planning platforms on both a conventional and Shariahcompliant basis.

Essa Kazim, governor of DIFC and chairman of the DIFC Authority board of directors, said the proposed new Trust Law and Foundations Law will significantly enhance DIFC’s wealth management proposition by ensuring that lifetime and succession planning for families at the centre will have a robust legal status.

The proposed new laws form part of the DIFC’s implementation plan relating to the 56 recommendations made by the DIFC’s wealth management working group to the governor’s strategy and policy committee and approved by the DIFC higher board in December 2016.

The recommendations also include the establishment of DIFC’s Family Business Centre, which will support and service regional and international family offices looking to relocate their private wealth and succession planning structures to the centre.