This issue is filled with great insights and expert commentary on areas that are relevant to the legal landscape and highlight how the business community is embracing technology, media and telecommunications. There are various topics covered, from new ways of working and digital transformation in the finance sector to data protection regulatory updates and guidance. We also have a series of articles that focus on e-commerce across a number of jurisdictions.
You will also find insights from our lawyers around real estate analytics, tech trends, and data centres.
We hope this edition of Law Update provides some useful food for thought – enjoy the read!Take a read of the edition
The enactment of the new Companies Law (DIFC Law No. 5 of 2018), Operating Law (DIFC Law No. 7 of 2018), Companies Regulations and Operating Regulations (“New DIFC Regime”) has imposed an obligation upon your DIFC business to comply with numerous requirements, one of which is the alignment of your DIFC company articles with the New DIFC Regime.
Based on our discussion with the DIFC, each DIFC company should revise its articles to align them with the New DIFC Regime.
Until such time the new articles are adopted, the existing articles of your company will continue to be valid to the extent that they do not conflict with the New DIFC Regime.
The following areas require particular attention when the articles re aligned with the New DIFC Regime:
Under the New DIFC Regime, your DIFC company can:
Although under the New DIFC Regime companies have until 12 November 2019 to revise the articles, the completion of the New Articles takes at least a month, on average.
In addition to Ramadan, summer time, the time required to prepare the documents and secure signatures, the DIFC have been busy accepting numerous submissions under the New DIFC Regime, which has caused some delays in their processing the New Articles submissions.
It is important to start the New Articles implementation process as soon as possible as failing to adopt the New Articles may result in the DIFC imposing a penalty of USD 15,000.
Our team of experts will be delighted to assist you by:
If you require any assistance in this regard, please let us know and we will be happy to provide our support.