The proposed legal regimes look to benefit the wealth management and succession planning industry.

Dubai International Financial Centre (DIFC), the international financial hub in the Middle East, Africa and South Asia (MEASA) region, has proposed a new trust law regime and a new foundation law regime, which could benefit wealth management and succession planning industry.

The new proposed laws are designed to enhance the operating environment for private wealth management and succession planning platforms on both a conventional and Sharia compliant basis, the firm said in a statement. 

The recommendations also include the establishment of DIFC’s Family Business Centre, which will support and service regional and international family offices looking to relocate their private wealth and succession planning structures to the Centre.

“The proposed new trust law and foundations law will significantly enhance DIFC’s wealth management proposition by ensuring that lifetime and succession planning for families at the Centre will have a robust legal status,” said Essa Kazim, governor of DIFC and chairman of the DIFC authority board of directors. “We have earned our place among the world’s top ten financial centres by having a legal and regulatory ecosystem that is progressive and draws on the considerable expertise of the global leaders in financial services operating from DIFC.  We will continue to work closely with the financial community to maintain the evolution of our business environment, in line with DIFC’s 2024 Strategy.” 

The proposed DIFC trust law regime and foundation law regime have been posted for a 30-day public consultation period with the deadline for providing comments ending on 8 November.