12 December 2022: The Dubai International Financial Centre (DIFC) has launched a consultation seeking views on its proposed new Family Arrangements Regulations, which, alongside the recently launched Family Wealth Centre, aim to provide a regulatory framework and hub for global and regional family-owned businesses, ultra-high net worth individuals and private wealth.
The key aspects of the proposed regulations are: comprehensive provision for the engagement of family businesses with the DIFC; repeal of the Single-Family Office Regulations and the DIFC’s Single Family Office regime and their replacement by a new Family Office regime that can provide services to a family or more than one family in certain circumstances; the establishment of certification and accreditation regimes for family businesses and their advisors in the DIFC.
The DIFC has also proposed amendments to the Leasing Regulations in a separate consultation paper.
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