Consultation on New DIFC Trust Law and Foundation Law
The Dubai International Financial Centre (DIFC) has proposed a new Trust Law regime and a new Foundation Law regime and invited public comment on the new proposals. The deadline for providing comments ends on 8th November 2017. The proposed new laws are designed to make it easier for private wealth management and succession planning structures operating on both a conventional and Shari’a compliant basis.
The proposed new laws arise from recommendations made by the DIFC’s Wealth Management Working Group. Chair of the Group David Russell AM QC of Outer Temple Chambers, DIFC, said, “The development of these proposed new laws follows a thorough review by the Wealth Management Working Group of the needs of the regional and international wealth management industry. We set out not to merely copy what other jurisdictions are doing in the field of trusts and foundations but rather to design a regime that is a global best practice example to others. While we are confident that the proposed laws will be warmly received, we are looking forward to engaging with the wider community during the public consultation phase, something that is critical in ensuring legislative reform has the desired effect.”
The Wealth Management Working Group consists of senior lawyers, barristers and accountants, as well as executives from the DIFC Authority, the Dubai Financial Services Authority and the DIFC Governor’s Office. It has contributed significantly to shaping the Centre’s strategy for the future growth of Wealth Management at DIFC, including the proposed statutory reforms as well as focusing on the cost and ease of doing business in the Centre.
To read the full press release click here.
Barristers: David Russell QC