Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC)

The proposed Electronic Transactions Law is a move towards creating a favourable and secure legal environment for companies within DIFCDIFC to undertake electronic transactions. The Law creates clear rules, regulations, and standards for authenticating electronic messages, records and signatures.

HE Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC) and Vice Chairman of the UAE Central Bank said: "In Furtherance of DIFCDIFC's efforts to be a catalyst for the growth of financial and capital markets, the new Law helps to ensure a strong and supportive legal framework for electronic transactions undertaken from within DIFCDIFC. The new Law forms part of DIFCDIFC's efforts to provide a modern, world-class regulatory framework that offers the certainty necessary for financial services companies to carry out a range of transactions at the level of DIFCDIFC's Global Counterparts. The Electronic Transactions Law reinforces DIFCDIFC's strong emphasis on integrity, transparency and efficiency."

The proposed Electronic Transactions Law (ETL) is based on the Uniform Electronic Transactions Act (1999) (UETA) drafted by a committee of the National Conference of Commissioners on Uniform State Laws in the U.S. and adopted by most states in the US. The UETA contains provisions derived from, among others, the UNCITRAL Model Law on Electronic Signatures and Canadian law.

The ETL is not a general contracting statute. The substantive rules of contracts remain unaffected by the ETL. The ETL does not apply to all writings and signatures, but only to electronic records and signatures relating to commercial transactions.

Following the consultation process, the Electronic Transactions Law will be presented to the Ruler of Dubai for enactment in accordance with Dubai Law No. 9. The Law is expected to be made official by January 2009.

The Electronic Transactions Law Law, posted on the DIFCDIFC website (www.difc.ae) will be open for public comment until 2 January, 2009. Comments can be sent to Dean Ferris, Chief Legal Officer of the DIFCDIFC Authority,dean.ferris@difc.ae on dean.ferris@difc.ae.

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About the DIFCDIFC:
The Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. In just four years, over 750 firms have registered at the DIFCDIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFCDIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards. (www.difc.ae)

For more information, please contact:
Amira Abdulla
Director- Regional Public Relations
Dubai International Financial Centre
Tel: +971 4 362 2433
E-mail: amira.abdulla@difc.ae

Iman Ahmad
Regional Media Relations Manager
Dubai International Financial Centre
Tel: +971 50 2058021
E-mail: iman.ahmad@difc.ae

© Press Release 2008 from Dubai International Financial Centre

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