DIFC enhances data protection regime to protect personal information
Centre also appoints Data Protection Commissioner
The Dubai International Financial Centre (DIFC) announced today that it has issued an enhanced Data Protection Law and appointed a Data Protection Commissioner to oversee the administration by the DIFC Authority. Both of these moves are pioneering in the region, and will serve to consolidate the international best practices already being adhered to by the DIFC.
The Data Protection Law, which has been amended following a period of public consultation, ensures the protection of all personal information, including any sensitive personal data, and is compliant with the provisions of the laws and directives of the European Union and the guidelines of the Organisation for Economic Co-operation and Development (OECD), including the transfer of data.
Since 2004, the DIFC has had in place an established data protection regime, based on international best practices, to protect personal information, which had been administered by the Dubai Financial Services Authority (DFSA). The issuance of the new law and appointment of a Data Protection Commissioner serve to formalize and develop the data protection regime of the DIFC, to be administered hereafter by the DIFC Authority.
Data protection is an especially important issue for international banking and financial services firms, which increasingly process and exchange personal information electronically. The recently approved law will safeguard such information without hindering the flow of data. Most important, the law will ensure respect of the individual's right to privacy.
His Excellency Dr. Omar Bin Sulaiman, Governor of the DIFC, said: "With the passage of the new Data Protection Law and appointment of a Data Protection Commissioner, the Dubai International Financial Centre has again proved its commitment to international best practices - this time in the critical area of data protection. Especially in our era of globalisation, when information has never been more readily available and transmittable, it is crucial to establish effective data protection regimes and enforce legal safeguards against the misuse of personal data. At the DIFC, we are committed to upholding and continuously improving upon the highest standards in this regard."
For further information on this law, kindly visit http://dp.difc.ae/ where you can view the law and a guide on the law and an FAQ on this specific law.
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About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just under two years, over 319 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC 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.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org) .
Media enquiries:
Amira Abdulla
Dubai International Financial Centre
Tel: +971 4 362 2433
E-mail: amira.abdulla@difc.ae
Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971 4 362 2432
E-mail: shaima.alzarouni@difc.ae
© Press Release 2007
