Aug 25 2011 |
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DIFC laws amended as new higher board appointed
Thursday, Aug 25, 2011
Gulf News
Dubai: A series of amendments to laws relating to the Dubai International Financial Centre ( DIFC ) were announced yesterday as a new Higher Board was appointed.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, yesterday issued a law amending some bylaws of DIFC Law No 9 of 2004.
The law states that DIFC will have a higher board that will be chaired by the DIFC President and include members with proven local and global expertise, capabilities in the field of financial services, banking, insurance and securities exchange.
Chairman appointed
The decree comes into effect from the date of its issuance and is to be published in the official gazette.
Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum in his capacity as President of the DIFC will have the responsibility of supervising the authorities mentioned in this law, as well as coordinating among them.
This includes the appointment of the board of directors and consultative committees without affecting the independence of the Centre’s authorities.
The amended law states that the Higher Board will meet upon an invitation from the President. The board must meet at least four times a year, and will hold meetings when necessary.
The President will also have the power to specify the board’s duties and operating mechanism.
The Higher Board also has the power to invite people who they might deem suitable to attend.
Staff Report
© Gulf News 2011. All rights reserved.
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