We initiate policy proposals from sources such as feedback from DIFC firms, the European Union or international standard setters such as IOSCO, FATF, IAIS and the Basel Committee on Banking Supervision. We are required by law to consult the public for at least 30 days on any proposed legislation, unless any delay would be prejudicial to the interests of the DIFC.
We publish our Consultation Papers on our website and invite comments from the public. A Consultation Paper includes a summary of the draft legislation and the purpose for making these legislations. After evaluating the public’s comments and consulting with the Dubai Government (the Supreme Legislation Committee) and DIFCA, the DFSA Board of Directors approves the legislation.
When the legislation is a law, the DFSA Board of Directors may recommend the approved draft to H.H. the DIFC President so that he may submit it to H.H. the Ruler for his consideration and, if approved, enactment.
When the legislation is a Rule or a Code, the DFSA Board of Directors has the power to make and issue these.
We publish all past and current Consultation Papers on our website.
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