DFSA Administered Laws
Primary Legislation, other than Federal or Dubai Laws, consists of DIFC Laws administered by either the DFSA or the DIFCA. (DIFCA administered Laws). Such Laws are enacted by the Ruler of Dubai and apply only in the DIFC.
The Laws administered by the DFSA are the core financial services related laws, which are as follows:
• Regulatory Law 2004
• Markets Law 2004
• Law Regulating Islamic Financial Business 2004
• Trust Law 2005
• Collective Investment Law 2006
• Investment Trust law 2006
These Laws can be viewed under Administered Laws.
DFSA Rules
A Rule is subsidiary legislation made under the Regulatory Law 2004 by the Board of Directors of the DFSA for the purposes of that, or any other, Law administered by the DFSA.
The Rulebook is made up of topic-area modules which specify their scope and the audience to whom they apply. These can be accessed under DFSA Rules.
The Rulebook also contains additional commentary as ‘guidance’ which is designed to assist DIFC participants in complying with the relevant Laws and Rules. Guidance is indicative and non-binding, and does not provide a ‘safe-harbour’ to protect those who comply with it from action for breach of an underlying Rule.
Certain other matters that are not Rules, such as application forms, prudential returns and associated guidance in the form of instructional guidelines are contained in the DFSA Sourcebook Modules, which are also made up of topic-area modules.
Rulemaking Instruments
The DFSA exercises its rule-making power under Article 23 of the Regulatory Law 2004, in writing, in a document called a "Rule-making Instrument”.
Guidance may also be issued separately by instrument and can be accessed under guidance making instruments. These documents show changes in module versions and clearly indicate all the amendments to existing Rules or the creation of new Rules, by way of striking through text to be deleted and underlining new text.
DFSA Codes of Practice
Guidance in the form of a code of practice which has not been incorporated into the Rules may be issued by the DFSA Board of Directors.
Waivers and Modification Notices
When the DFSA grants a Person relief from the effect of Rules pursuant to Article 25 of the Regulatory Law 2004, it issues a notice. Such a notice may be issued subject to conditions and unless the DFSA is satisfied that it is inappropriate or unnecessary to do so, the DFSA will publish the notice in such a way as it considers appropriate for bringing the notice to the attention of:
(a) those likely to be effected by it; and
(b) others who may be likely to become subject to a similar notice.
For further information on relief granted by the DFSA please click here.
DFSA Forms
Please refer to the DFSA Prudential Returns Module and the Application Forms and Notices Module which are located under DFSA Forms.