Regulatory Alerts2007-07-30
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Cabinet Resolution No 28 of 2007 on the Implementing Regulations of Federal Law No. 8 of 2004 Concerning Financial Free Zones
The UAE Ministerial Council issued Cabinet Resolution No. 28 of 2007 to establish the implementing regulations for Federal Law No. 8 of 2004 concerning Financial Free Zones. The resolution defines key terms, mandates that zones operate under federal criminal and anti-terrorism laws while exempting civil and commercial statutes, and sets strict licensing standards for banking and insurance activities. It further requires semi-annual reporting to the Cabinet, mandates coordination with federal authorities, and restricts licensed entities to operating within the zone boundaries unless specific exceptions apply.
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