Notice of Amendments to Legislation 23 December 2012

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20 Dec 2012, 12:12 pm

Notice of Amendments to Legislation 23 December 2012

Following the ending of the consultation period on a number of proposed legislative changes, that were set out in Consultation Papers No. 79, 80, 81, 84 and 85 the DFSA Board after due consideration of consultees comments, recommended to His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, the President of the DIFC that amendments be made to the Regulatory Law 2004, the Law Regulating Islamic Financial Business 2004 and the Collective Investment Law 2010. The DFSA Board also 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 papers. TAKE NOTICE THAT: His Highness Sheikh Mohammed Bin Rashid Al Maktoum, in his capacity as Ruler of Dubai on 16 December 2012 enacted the DIFC Laws Amendment (No.2) Law of 2012 to come into force on 23 December 2012. To view the changes made to the Regulatory Law 2004, the Law Regulating Islamic Financial Business 2004 and the Collective Investment Law 2010 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 (23 December 2012) • GENERAL MODULE (GEN) INSTRUMENT (NO. 105) 2012, which repeals and replaces the General (GEN) module of the DFSA Rulebook with an updated version (see appendix 1 attached hereto for the detailed amendments). • ISLAMIC FINANCE RULES MODULE (IFR) INSTRUMENT (NO. 106) 2012, which repeals and replaces the Islamic Finance Rules (IFR) module of the DFSA Rulebook with an updated version (see appendix 2 attached hereto for the detailed amendments); and • COLLECTIVE INVESTMENT RULES MODULE (CIR) INSTRUMENT (NO. 107) 2012, which repeals and replaces the Collective Investment Rules (CIR) module of the DFSA Rulebook with an updated version (see appendix 3 attached hereto for the detailed amendments); • AUTHORISED MARKET INSTITUTIONS MODULE (AMI) INSTRUMENT (NO. 108) 2012, which repeals and replaces the Authorised Market Institutions (AMI) module of the DFSA Rulebook with an updated version (see appendix 4 attached hereto for the detailed amendments); • MARKETS MODULE (MKT) INSTRUMENT (NO. 109) 2012, which repeals and replaces the Markets (MKT) module of the DFSA Rulebook with an updated version (see appendix 5 attached hereto for the detailed amendments); • GLOSSARY MODULE (GLO) INSTRUMENT (NO. 110) 2012, which repeals and replaces the Glossary (GLO) module of the DFSA Rulebook with an updated version (see appendix 6 attached hereto for the detailed amendments); • ENFORCEMENT MODULE (ENF) INSTRUMENT (NO. 116) 2012 which repeals the Enforcement module of the DFSA Rulebook. Please note this module of the DFSA Rulebook will no longer be in effect from 23rd December 2012. All provisions in this module have been moved either into the Regulatory Law or Chapters 4 - 6 of the RPP Sourcebook. (See
Consultation Paper No. 81 for further details) 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 of the Rulebook 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. The amendments made to the above legislation are as a result of the following consultation papers: • Shari’a Governance and Accounting and Auditing Standards for Islamic Firms and Securities (See Consultation Paper No. 79 for more details). • Proposals Relating to Controllers and Legal Forms of Authorised Persons (See Consultation Paper No. 80 for more details). • The Exercise of Regulatory Powers, Enhancements to the Regulatory Law 2004 and RPP Sourcebook (See Consultation Paper No. 81 for more details). • Proposed Enhancements to the DFSA Rulebook to Meet International Best Practice Standards (See Consultation Paper No. 84 for more details). • Notice of Proposed Amendment to Legislation (See Consultation Paper No. 85 for more details). FURTHER TAKE NOTICE THAT: The Chief Executive of the DFSA has issued an updated RPP module. The updated Sourcebook module is effective on 23 December 2012. • RPP (Regulatory Policy and Process Module) December 2012 Edition; replaces the current Regulatory Policy and Process Module (RPP) of the DFSA Sourcebook (See the “December Notice of Updates” for the detailed amendments) Issued 19 December 2012

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