The Dubai International Financial Centre has launched a consultation on proposed amendments to the DIFC Prescribed Company Regulations. It ends on 4 May 2022.

The key amendments include consolidating and expanding the definition of Qualifying Applicant, consolidating and expanding the definition of Qualifying Purpose, disapplying certain provisions of the Companies Law, DIFC Law No. 5/2018 in respect of private companies for Prescribed Companies whose Qualifying Purpose is a Structured Financing or a Crowdfunding Structure.

There are also miscellaneous amendments.

The amendments are aimed at improving the DIFC’s regulatory framework and providing further structuring options for businesses operating in or from the Centre.

Also reported in Al Bayan on 5 April 2022. For full story see https://www.albayan.ae/economy/uae/2022-04-05-1.4408733.

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