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May 2 2010 onwards

Part 2: Amendments to Regulatory Law 2004



5. The Regulatory Law 2004 is amended as prescribed in this Part.
6. In Article 24(4):
(a) after the words "concludes that" insert a colon and a subparagraph (a); and
(b) after the words "the interests of the DIFC" insert a semicolon, the word "or" and a new subparagraph (b) as follows: "the draft Rules are amendments to correct anomalies or typographical errors in the legislation or are merely consequential in nature and in all cases do not alter the policy set forth in the relevant legislation.".
7. In Article 36(c):
(a) insert the word "and" after the semicolon in subparagraph (i);
(b) delete the word "and" after the semicolon in subparagraph (ii);
(c) delete subparagraph (iii); and
(d) after the words "statutory functions" insert ", and submit such drafts to the DFSA Board of Directors".
8. In Article 36(d):
(a) delete the words "submit such draft Rules, draft standards, and draft codes of practice to the DFSA Board of Directors" and replace with "make and issue Guidance which does not constitute a standard or code of practice, and which is reasonably required to enable the DFSA to perform its statutory functions,"; and
(b) after the words "and advise" delete "it" and replace with "the DFSA Board of Directors".
9. In Article 36(e) after the words "modifications to the" insert "application of".
10. In Article 36 insert a new (f) as follows: "exercise any power to grant waivers or modifications to the application of other legislation applying in the DIFC where such a power is conferred on the DFSA by that legislation, and advise the DFSA Board of Directors of any such exercise of power;".
11. Articles 36(f) to (h) are renumbered to Articles 36(g) to (i).
12. In Article 111(1):
(a) delete the reference to "Article 112(4)" and replace with "Article 111(4)"; and
(b) delete the word "must" after "in respect of a scheme" and replace with "shall".
13. In Article 111(7):
(a) after the words "direct that" delete "written"; and
(b) after the words "notice as prescribed in" delete "Article 112(6) and (7)" and replace with "Articles 111(5) and (6)".
14. In Article 111(8) delete the reference to "Article 112" and replace with "Article 111".
15. In Schedule 1 paragraph 2 subparagraph (f) delete the words "under the Law" after "Chief Executive" and replace with "as notations to the Rules".