The Dubai International Financial Center (DIFC) Regulatory Authority announced the appointment of three international legal firms to help produce legislation to establish the DIFC's legal environment.
Clifford Chance has been appointed to draft the key legislation, which will establish the Regulatory Authority, describe its powers and provide the core regulatory framework for the day-to-day operation of the Authority.
Allen & Overy has been appointed to draft a companion suite of commercial laws, covering companies' legislation, insolvency, securities and collateral laws. Simmons & Simmons has been appointed to draft laws on Islamic Financial Institutions, and devise the legal framework for the resolution of disputes.
These assignments follow on from work recently completed by Clifford Chance, who had produced a legal blueprint for the DIFC, describing the framework for the development of detailed laws and regulations that will govern the operations of institutions licensed by the DIFC.
The laws will draw on the experiences and best practices of the world's major financial jurisdictions and dispute resolution centers and will provide the DIFC with a fully integrated financial services regulator, supervising banking, securities, insurance, reinsurance and other investment activities. Phillip Thorpe, the Chief Commissioner for the new Regulatory Authority, noted.
“With the commencement of these drafting assignments, the Regulatory Authority is now heading towards an important milestone in its establishment, namely the creation of a comprehensive set of world-class legislative and regulatory provisions that will bring certainty for any institution or individual dealing with DIFC and create confidence in the standards and quality of regulatory operations that we intend to provide. We are delighted that we have been able to engage some of the leading practitioners in the regulatory and corporate world to assist with this project.”
The Regulatory Authority expects to have these laws in place by January 2003. Information papers on the legislation and drafts of the specific laws are expected to be available later in 2002.
Allen & Overy is an international law firm with over 4,700 staff, including 420 partners, working in 26 major centers worldwide. Simmons & Simmons is law firm with offices in 16 locations with over 1,750 staff worldwide including 202 partners. Clifford Chance LLP is the world's largest integrated firm with over 3,600 lawyers working from 28 offices, covering all the world's major financial centers. The firm has a substantial presence in the Middle East and has had an office in Dubai since 1975. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
