Dubai International Financial Centre, the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, has issued a consultation paper proposing to amend the Real Property Law, DIFC Law No. 10 of 2018.
The proposed amendments will facilitate the administration and enforcement of the DIFC Real Property Law and enhance the regulatory framework within DIFC, in line with current common law practice.
The proposed amendments are in Part 9 of the Real Property Law, relating to default remedies for Mortgagees. The key aspects of the changes to the Real Property Law include the removal of the Mortgagee’s right of foreclosure in its entirety; clarifying the Mortgagee’s rights and obligations with regards to the exercise of its statutory power of sale in the event of a default by a Mortgagor; and the removal of the reference to the wording, "under the principles of English common law and equity" in Article 29 (b) of the Real Property Law.
The consultation paper and legislative proposal can be accessed by visiting the Consultation Papers page on the DIFC website. The deadline for providing comments is 29th March 2022.
The proposed amendments reflect the Centre’s commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practices.
News Source: Emirates News Agency