Dubai International Financial Centre (DIFC) has proposed amendments for providing an appropriate regulatory environment for businesses to operate in or from the Centre. Various legislative proposals seek public comments, such as
Amendments to the Employment Law
- Amendments to provide clarity on Qualifying Scheme regime;
- Amendments to the basic workplace health and safety requirements to include working from home arrangements.
- Clarity on the application of limitations periods to claims (including claims for deductions to an Employee’s Remuneration); and
- Clarity on accrual of vacation leaves and the duration of the probationary period for short term fixed-term contracts.
Amendments to the Data Protection Law
- Clarity on judicial redress which enables individuals to align well with international best practice.
- Proposing better accountability requirements for Controllers and Processors where individuals’ rights may be impacted.
- The Commissioner’s power should be fine-tuned with regards to available information when rendering a direction or determination of contravention; and
- Align to the DIFC Court’s Law regarding costs.
Amendments to the Insolvency Law
- Provide greater flexibility to obtain a bond under the Insolvency Law and Regulations.
- Consistency in liquidator’s reporting obligations to be ensured.
- Ensuring that the vesting of property in a dissolved entity is consistent for all DIFC entities; and
- Other minor amendments including the removal of faulty references to the DFSA in Regulation 7 of the Insolvency Regulations.
The legislative proposals listed above are posted for public consultation for a 30-day period with end date on March 28, 2021. The comments can be submitted either by post or email.
Related Services:DIFC Practices, General Corporate and Commercial Advisory, Insolvency and Aml Compliance
To read more kindly visit https://www.difc.ae/newsroom/news/dubai-international-financial-centre-announced-proposed-amendments-employment-law-data-protection-law-and-insolvency-law-public/
