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Consultation Paper No. 6 Personal Property Law

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January 2003

This draft law is published for consultation purposes only. The regulatory authority reserves the right to amend this draft at its sole discretion. The enactment of this draft law is conditional upon the official publication of a federal decree, the amendment of Dubai Decree No. 3 of 2002, and the issuance of the law by the chairman of the DIFC.

PERSONAL Property LAW OF THE DUBAI INTERNATIONAL FINANCIAL CENTRE

Primary Purposes

1. To provide rules relating to the formalities required for and timing of transfer of title in personal Property including abandoned Property and gifts.
2. To provide rules relating to the validity of transfers by persons without good title and of transfers of unascertained and future Property.
3. To provide rules relating to the rights of an unpaid transferor including the right to a lien over Property, the right to withhold delivery and the possibility of obtaining specific performance.
4. To define Securities and financial assets and provide rules governing the acquisition and transfer of Securities and financial assets and interests therein including the validity of third party interests, of transfer by endorsement, instruction or entitlement order and of issuer-imposed restrictions on transfer.
5. To create a Property interest for Security entitlement holders in assets held for them by custodians and to establish the priority order of Security entitlement holders and creditors of a custodian and any transferee of the Securities.
6. To provide the Council with power to make further rules about the nature, creation and transfer of Securities the obligations of an Issuer of Securities and about implied warranties in Securities transactions.

Summary

Part 1: General, Part 2: Application

Establish the title authority, application, enactment, commencement, interpretation and application of the Personal Property Law

Part 3: Transfers of Property

Provides rules relating to the formalities required for and timing of transfer of title in personal Property including abandoned Property and gifts; provides rules relating to the validity of transfers by persons without good title and of transfers of unascertained and future Property.

Part 4: Rights of Parties

Provides rules relating to the rights of an unpaid transferor including the right to a lien over Property, the right to withhold delivery and the possibility of obtaining specific performance.

Part 5: Securities Transactions - General, Part 6: Transfer of Securities, Part 7: Transfer of Certificated and Uncertificated Securities, Part 8: Security Entitlements

Define Securities and financial assets, and define transfer authority and control in relation to securities; provide rules governing the acquisition and transfer of Securities and financial assets and interests therein including the validity of third party interests, of transfer by endorsement, instruction or entitlement order and of issuer-imposed restrictions on transfer. Create a Property interest for Security entitlement holders in assets held for them by custodians and to establish the priority order of Security entitlement holders and creditors of a custodian and any transferee of the Securities. Provide the Council with power to make further rules about the nature, creation and transfer of Securities, the obligations of an Issuer of Securities and about implied warranties in Securities transactions.

Submission of Comments

Please note, that although each draft is in near final form, it is still 'work in progress' and may therefore undergo further amendments prior to enactment. However, it is anticipated that any amendments would be technical in nature rather than substantive and therefore the Regulatory Authority believes it is a sensible time to engage in consultation.

Any persons wishing to submit comments should, where applicable, provide details of the organizations they represent. In addition, persons suggesting alternative approaches are encouraged to submit the proposed text of possible amendments that would be necessary to incorporate their suggestions.

Please note that the names of the commentators and the content of their submissions may be published on the Regulatory Authority website and in other documents to be published by the Regulatory Authority. If you wish your name to be withheld from publication by the Regulatory Authority, please indicate this when you make your submission.

Any comments should be addressed to Ms. Roberta Calarese, Legislative Counsel, Regulatory Authority, P.O. Box 74777, Dubai, u.a.e. All comments should be provided in writing no later than 28 February 2003.