DIFC law opens for public comment.Dubai: The proposed Electronic Transactions Law that has opened for public comment is aimed at creating a secure legal environment for companies in the Dubai International Financial Centre The Dubai International Financial Centre (DIFC) is a near-shore financial hub for the MENA containing a capital market designated as a financial free zone in Dubai. It is established to create an environment for growth, progress and economic development in the UAE and the wider (DIFC DIFC Dubai International Financial Centre ) to undertake electronic transactions.
The law sets clear rules, regulations, and standards for authenticating electronic messages, records and signatures.
Dr Omar Bin Sulaiman Omar Bin Sulayman (full name: Omar Mohammed Ahamad Bin Sulayman) is the Governor of the Dubai International Financial Centre (DIFC) in Dubai. He has a doctorate in leadership from the United States. , Governor (DIFC) and Vice Chairman of the UAE Central Bank, said: "In furtherance of DIFC's efforts to be a catalyst for the growth of financial and capital markets, the new law helps to ensure a strong and supportive legal framework for electronic transactions undertaken from within DIFC.
"The Electronic Transactions Law reinforces DIFC's strong emphasis on integrity, transparency and efficiency."
The law provides the certainty needed for financial transactions.
The proposed Electronic Transactions Law (ETL) is based on the Uniform Electronic Transactions Act The Uniform Electronic Transactions Act (UETA) is one of the several United States Uniform Acts proposed by the National Conference of Commissioners on Uniform State Laws (NCCUSL). Since then 46 States, the District of Columbia, and the U.S. 1999 (UETA) drafted by a committee of the National Conference of Commissioners on Uniform State Laws The National Conference of Commissioners on Uniform State Laws (NCCUSL) is a non-profit, unincorporated association in the United States that consists of commissioners appointed by each state and territory. in the US and adopted by most states in the US. The UETA contains provisions derived from, among others, the UNCITRAL UNCITRAL United Nations Commission On International Trade Law Model Law on Electronic Signatures and Canadian law.
The ETL is not a general contracting statute. The substantive rules of contracts remain unaffected by the ETL. The ETL does not apply to all writings and signatures, but only to electronic records and signatures relating to commercial transactions.
Following the consultation process, the Electronic Transactions Law will be presented to the Ruler of Dubai for enactment in accordance with Dubai Law No 9. The Law is expected to be made official by January 2009.
The Electronic Transactions Law Law, posted on the DIFC website will be open for public comment until January 2.
The proposed Electronic Transactions Law is a move towards creating a favourable and secure legal environment for companies within DIFC to undertake electronic transactions.
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