Regulatory Alerts2022-03-16
Notice of Amendments to Legislation March 2022
The Dubai Financial Services Authority Board has issued four rulemaking instruments to update core regulatory frameworks following the Ruler of Dubai's enactment of DIFC Law No. 1 of 2022. These instruments repeal and replace the General, Auditor, Authorised Market Institutions, and Anti-Money Laundering modules of the DFSA Rulebook with revised versions effective April 7, 2022. Incorporating consultees' feedback from Consultation Paper No. 141, the finalized amendments and detailed appendices are now published on the DFSA website.
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16 Mar 2022, 02:23 pm
Notice of Amendments to Legislation March 2022
Following the ending of the consultation period on a number of proposed legislative changes that were set out in Consultation Papers No. 141 the DFSA Board, after due consideration of consultees’ comments, made amendments to the DFSA Rulebook as described below. Please bear in mind that changes may have been made to the legislation originally proposed in the relevant consultation paper.
TAKE NOTICE THAT:
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, in his capacity as Ruler of Dubai on 28 February 2022 enacted the Regulatory Law Amendment Law, DIFC Law No. 1 of 2022 to come into force on the 28 th business day after the date of enactment.
To view the changes made to the Regulatory Law 2004, please consult the amendment law which is published on the “ Amendments to Legislation ” section of the DFSA website.
AND
The DFSA Board made the following Rulemaking Instruments to come into force on the date the Law comes into force ( April 7, 2022 )
GENERAL MODULE (GEN) RULE-MAKING INSTRUMENT (No. 318) 2021 , which repeals and replaces the General Module (GEN) of the DFSA Rulebook with an updated version (see appendix 1 for the detailed amendments);
AUDITOR MODULE (AUD) INSTRUMENT (No. 319) 2021 , which repeals and replaces the Auditor Module (AUD) of the DFSA Rulebook with an updated version (see appendix 2 for the detailed amendments);
AUTHORISED MARKET INSTITUTIONS MODULE (AMI) INSTRUMENT (No. 320) 2021 , which repeals and replaces the Authorised Market Institutions (AMI) module of the DFSA Rulebook with an updated version (see appendix 3 for the detailed amendments);
ANTI-MONEY LAUNDERING, COUNTER-TERRORIST FINANCING AND SANCTIONS MODULE (AML) INSTRUMENT (No. 321) 2021 , which repeals and replaces the Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) of the DFSA Rulebook with an updated version (see appendix 4 for the detailed amendments);
The rule-making instruments mentioned above and the appendices to this notice can be viewed under the “ Amendments to Legislation ” section of the DFSA website and the relevant modules will be replaced on the DFSA website on the date of their coming into force as described above. Earlier versions of the relevant modules are to be found in the archive.
Issued
16 March 2022
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