Consultation on draft Laws
Under Article 7(8)(a) of the DIFC Law, No 9 of 2004 the DFSA may propose to the President for enactment draft Laws related to the regulation of financial services and related activities and also any other matters over which the DFSA has jurisdiction. The Law requires the DFSA to undertake a process of public consultation before proposing a Law to the President for enactment by the Ruler.
This involves publishing a consultation paper containing the draft of the proposed Law accompanied by explanatory text including a summary of the draft Law and a statement of the substance and purpose of the material provisions of the draft Law.
Consultation on draft Rules
The DFSA Board of Directors may make Rules in respect of any matter related to the objectives, powers or functions of the DFSA or which facilitate the administration of, or further the purpose of, any Law administered by the DFSA.
Article 24 of the Regulatory Law requires the DFSA to give prior notice of draft rules and to conduct consultation of at least 30 days, unless any delay in making the rules is prejudicial to the interests of the DIFC. This involves publishing a consultation paper containing the draft of the proposed Rules accompanied by explanatory text including a summary of the draft Rules and a statement of the substance and purpose of the material provisions of the draft Rules.
Publication of Consultation Papers
The DFSA will publish all consultation papers issued under this section. Any previous consultation papers can be viewed under past papers.
The DFSA values all comments received on draft legislation and will endeavor to take into account all comments received when issuing legislation.