The Rules will provide a basic civil procedural code sufficient to deal with the substantial majority of claims likely to be brought before the Court of First Instance and Court of Appeal. The public consultation period will run for 30 days and the Rules are available for public viewing on the DIFC Courts website www.difccourts.ae
His Excellency Dr Omar Bin Sulaiman, Governor of the DIFC said: "The publication of the Rules marks a crucial stage in the development of the DIFC Courts. Furthermore, this action highlights the transparency and integrity of the DIFC and enables the wider community to participate in the evolution of the DIFC's legal system, establishing itself as a jurisdiction with the highest international standards and best legal practices."
Sir Anthony Evans, Chief Justice of the DIFC Courts commented: "With the draft Rules of Court, we have endeavoured to balance ease of use with practical guidance for the practitioners in the DIFC Courts who come from diverse legal backgrounds. We believe these Rules contain provisions that will be familiar to local and global practitioners and their clients, and will represent international best practice across the board. I would warmly encourage all interested parties to consider the draft Rules of Court and provide input as they see necessary."
The draft Rules of Court are modelled on the English Civil Procedure Rules ("CPR") as at October 2006 and the English Admiralty and Commercial Court Guide, 6th Edition. The CPR were a product of wide consultation and an examination of international best practice. The Guide aims to provide practical guidance for users of a court that has been serving the international business community for over 110 years.
The draft Rules have been modified where necessary, for example with provisions derived from the IBA Rules, which are widely recognised as representing an acceptable compromise between Civil Law and Common Law. In the event that the draft Rules do not cover a particular situation, the procedure will be undertaken in accordance with the Rules of DIFC Court (Interim Arrangements) Order No 1 of 2005.
The DIFC Courts, an independent judicial system dealing with matters arising from and within the DIFC, were established under the laws enacted by the Ruler of Dubai in December 2004. The DIFC Courts are led by Chief Justice, Sir Anthony Evans, and Deputy Chief Justice, Mr. Michael Hwang SC.
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DIFC Courts release draft Rules of court for public consultation
- United Arab Emirates: Monday, December 11 - 2006 at 14:44
- PRESS RELEASE
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The DIFC Judicial Authority has published the draft Rules of Court ("Rules") under Article 31 of the DIFC Court Law 2004 and invited interested persons to make representations with respect to these draft Rules by 11th January 2006.
His Excellency Dr Omar Bin Sulaiman, Governor of the DIFC
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Posted by Lara Lynn Golden, News EditorMonday, December 11 - 2006 at 14:44 UAE local time (GMT+4)
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Notes and Media Contacts »
Media enquiries:
Amira Abdulla
Dubai International Financial Centre
Tel: +971.4.362.2433
Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971.4.362.2432
About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just under two years, over 305 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org).
Amira Abdulla
Dubai International Financial Centre
Tel: +971.4.362.2433
Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971.4.362.2432
About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just under two years, over 305 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org).
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