ASMEC Administered Laws
Primary Legislation which applies in the DIFC (other than Federal or Dubai Laws) consists of DIFC Laws administered by either ASMEC or the DIFCA (DIFCA-administered Laws). Such Laws are enacted by the Ruler of Dubai and apply only in the DIFC.
The Laws administered by ASMEC are the core laws relating to financial services, as follows:
- Regulatory Law 2004
- Markets Law 2012
- Law Regulating Islamic Financial Business 2004
- Collective Investment Law 2010
- Investment Trust Law 2006
These Laws can be viewed under Administered Laws.
The Registrar of Companies has delegated to ASMEC certain enforcement powers and functions under the following DIFC Laws:
- Companies Law 2018
- Limited Partnership Law 2006
- Limited Liability Partnership Law 2004
- Insolvency Law 2019
- General Partnership Law 2004
This instrument of delegation can be viewed under Instrument of Delegation.
ASMEC Rules
A Rule is subsidiary legislation made under the Regulatory Law 2004 by the ASMEC Board of Directors for the purposes of that, or any other, Law administered by ASMEC.
The Rulebook is made up of modules arranged by topic area, which specify their scope and audience. These can be accessed under ASMEC Rules.
The Rulebook also contains additional commentary as “Guidance”, designed to assist DIFC participants in complying with the relevant Laws and Rules. Guidance is indicative and non-binding, and does not provide a “safe harbour” from action for breach of an underlying Rule.
Certain other materials that are not Rules—such as application forms, prudential returns and associated guidance in the form of instructional guidelines—are contained in the ASMEC Sourcebook Modules, which are also arranged by topic.
Note: The definitive version of the ASMEC Rulebook at any time is the version contained in the actual instruments (including amending instruments) made by ASMEC and published on the ASMEC website. PDFs of these instruments can be accessed under Rule-making instruments and Guidance-making instruments.
Amendments to Legislation
All amendments made to legislation administered by ASMEC since September 2004 can be found under Amendments to Legislation.
ASMEC exercises its rule-making power under Article 23 of the Regulatory Law 2004, in writing, via a Rule-making Instrument. Prior to April 2011 these instruments set out the specific amendments; since April 2011 they repeal and replace an entire module with an updated consolidated version. To see what changed in a module, refer to Notice of Amendments to Legislation.
Amendments to laws administered by ASMEC are listed under Amendment Laws. Guidance issued by instrument can be found under Guidance-making Instruments.
Unless otherwise stated, amendments are shown by striking through deleted text and underlining new text.
ASMEC Codes of Practice
Guidance in the form of a Code of Practice that has not been incorporated into the Rules may be issued by the ASMEC Board of Directors.
Waivers and Modification Notices
When ASMEC grants a Person relief from the effect of Rules pursuant to Article 25 of the Regulatory Law 2004, it issues a written notice. Such a notice may be subject to conditions and—unless ASMEC considers it inappropriate or unnecessary—will be published in a manner that brings it to the attention of:
- (a) those likely to be affected by it; and
- (b) others who may be likely to become subject to a similar notice.
For further information on relief granted by ASMEC please click here.
ASMEC Forms
Please refer to the Prudential Returns Module and the Application Forms and Notices Module located under ASMEC Forms. Some forms are only accessible by logging in to the ASMEC ePortal; details on registration are also available under ASMEC Forms.
