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The Dubai Financial Services Authority (DFSA) announces that His Highness Sheikh Mohammed Bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has enacted two Dubai International Financial Centre (DIFC) Laws. These Laws are the Markets Law 2012 and the Regulatory Law Amendment Law 2012, which are both administered by the DFSA.
The new Markets Law 2012, which replaces the current Markets Law 2004, brings about a number of significant changes including changes to prospectus disclosure, what activities constitute an offer, market misconduct provisions and corporate governance. The prospectus disclosure changes include the requirement for a prospectus to be formally approved by the DFSA before it can be used to make an offer of securities to the public, or to have the securities referred to in the prospectus admitted to the Official List of Securities maintained by the DFSA. The new Laws are designed to promote investor protection in a manner that better aligns the DIFC to international standards, particularly European Union (EU) requirements and the Organisation for Economic Co-operation and Development.