Dubai Financial Services Authority (DFSA)
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DIFC Laws Amendment Law DIFC Law No. 2 of 2005
DIFC LAWS AMENDMENT LAW
DIFC LAW NO.2 of 2005The Enactment Notice
In respect of the DIFC Laws Amendment Law
DIFC Law No. 2 of 2005We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai hereby enact
on this 19th day of April 2005:DIFC Laws Amendment Law
DIFC Law No. 2 of 2005in the form now attached.
This Law shall come into force on the 19th day of April 2005.
Mohammed bin Rashid Al Maktoum
Ruler of DubaiPart 1 General
1. Title
This Law may be cited as the "DIFC Laws Amendment Law 2005".
2. Legislative Authority
This Law is made by the Ruler of Dubai.
3. Date of enactment
This Law is enacted on the date specified in the Enactment Notice in respect of this Law.
4. Commencement
This Law comes into force on the date specified in the Enactment Notice in respect of this Law.
Part 2 Amendments
5. Financial Services Authority
(1) In this Article "Financial Services Authority" refers to the body created under Article 7 of the Dubai Law No.(9) of 2004 and known as the Dubai Financial Services Authority (DFSA).(2) In this Article "DIFC Law" is law made by the Ruler of Dubai (including by way of example, this Law), as applicable in the Dubai International Financial Centre (DIFC).(3) The term "DIFC Financial Services Authority", used in DIFC Laws to refer to the Financial Services Authority, is deleted and replaced in each place where it occurs in every DIFC Law by "Dubai Financial Services Authority".(4) The term "Council of the DFSA" or "Council", used in DIFC Laws to refer to the Board of Directors of the Financial Services Authority, is deleted and replaced in each place where it occurs in every DIFC Law by "DFSA Board of Directors" and the term "Council Member" is deleted and replaced in each place where it occurs in every DIFC Law by "Board Member".(5) The changes specified in Articles (3) and (4) shall not affect:(a) anything duly done by the Financial Services Authority; or(b) any right, privilege, obligation or liability acquired, accrued or incurred by the Financial Services Authority immediately prior to the coming into force of this Law.(6) A reference, in any contract, notice or other document in effect immediately before the date of the coming into operation of this Law, to DIFC Financial Services Authority, Regulatory Council, Council or Council of the DFSA shall be read, deemed and taken to refer to the Dubai Financial Services Authority or DFSA Board of Directors as the case may be.
