Dubai Financial Services Authority Approves Legislative Amendments

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Dubai Financial Services Authority Approves Legislative Amendments

Dubai’s Ruler has approved the DIFC Regulatory Law Amendment Law, DIFC Law No. 1/2022  approving amendments to the Authority’s legislative framework.

They will come into force on the 28th business day after the Law was issued, i.e. 7 April 2022.

Among other amendments, a new Article 68A of DIFC Law No. 1/2004 has been added. It relates to protections for whistleblowers. Article 67 of DIFC Law No. 1/2004 has also been amended to ensure employees are not sacked for ensuring legal obligations are complied with.

Article 104 of DIFC Law No. 1/2004 has been amended with the same aim.

The definition of money laundering has also been repealed and replaced and a new definition of Regulated Entity inserted in Section 3 of the Law on Defined Terms.

In addition, the Authority has approved four Rulemaking Instruments which will come into force on 7 April 2022.

General Module (GEN) Rule-Making Instrument No. 318/2021 will repeal and replace the General Module of the Rulebook.

Auditor Module (AUD) Instrument No. 319/2021 will repeal and replace the Auditor Module of the Rulebook.

Authorised Market Institutions Module (AMI) Instrument No. 320/2021 will repeal and replace the Authorised Market Institutions module of the Rulebook.

Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) Instrument No. 321/2021 will repeal and replace the Anti-Money Laundering, Counter-Terrorist Financing and Sanctions module of the Rulebook.

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