Dubai International Financial Centre (DIFC) Authority Announces Enactment of DIFC Laws Amendment Law 2013

Dubai International Financial Centre (DIFC) Authority Announces Enactment of DIFC Laws Amendment Law 2013

On 15 December 2013 His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has enacted the DIFC Laws Amendment Law, DIFC Law No. 1 of 2013 available on the DIFC Authority website www.difc.ae.

The amendments to the Companies Law 2009, General Partnership Law 2004, Limited Partnership Law 2006 and Limited Liability Partnership Law 2004 have been made in order to ensure that DIFC complies with the requirements set out by the OECD Global Forum on Transparency and the Exchange of Information for Tax Purposes (“OECD Global Forum”). The amendments include provisions pertaining to the availability, access and exchange of information.

The amendments to the Arbitration Law 2008 have been made to ensure alignment of DIFC to the New York Convention, which require a court of a member state to have the obligation to dismiss or stay an action, upon request of a party, in a matter which is the subject of a valid arbitration agreement.

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