Monday, 11 July 2016 8.34 AM / News
Dubai International Financial Centre Authority (DIFC Authority) Has Announced For Public Consultation A Proposed New Electronic Transactions Law, DIFC Law No. 2 Of 2016 (“Electronic Transactions Law”)
DIFC Authority wishes to enact legislation to clarify, for all purposes in the DIFC, that electronic signatures are enforceable, that electronic records have equivalent effect to hard copies and that references to “writing” include electronic means.
DIFC Authority’s intention in creating the law is to provide legislation that:
· establishes beyond doubt as a matter of DIFC statutory law that an agreement made electronically is as valid as a contract signed with wet ink signatures; and
· empowers Centre Bodies to prescribe the terms on which they are prepared to accept electronic submissions in place of hard copies and to treat them as having been signed by the person submitting.
The proposed Electronic Transactions Law has been posted for a 30 day public consultation period with the deadline for providing comments ending on 10 August 2016.
You can download a copy of the consultation paper and legislative proposal:
Legislative Proposal - DIFC Electronic Transactions Law
Consultation Paper No. 2, July 2016