Dubai International Financial Centre Amends Real Property Regulations
The Dubai International Financial Centre Authority has enacted amendments to the 2018 Real Property Regulations which came into force on 12 November 2018. This was when the Real Property Law, DIFC Law No. 10/2018 was enacted. The amendments come into force today and mean the enforcement and compliance regimes under DIFC Law No. 10/2018 and the Real Property Regulations are brought into line with the DIFC Operating Regulations which came into force on 12 November 2018. This has been done by explicitly categorising all Real Property Law contraventions as offences, providing a mechanism for fines to be enforced and the Decision Making Procedures applied. The Regulations also now identify a separate form of notification for Indirect Interest transfers and provide the Registrar with the power to make default assessments of the Transfer Fee with the onus of evidence reversed.