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The Dubai Financial Services Authority (DFSA), the regulator for the Dubai International Financial Centre (DIFC), has been awarded ‘Best Government Initiative of the Year’ by the Society of Trust & Estate Practitioners (STEP). The award was presented by George Tasker, STEP Founder and President, at the society’s first Private Client Awards for the trust and estates community in London last night.
The award was given for the DFSA’s Trust Law, which provides a legal foundation for trusts to operate throughout the region, using the DIFC as their platform. The Law has been specifically built to fit the needs and requirements of trust operators and is based on international best practice.
His Excellency Dr. Omar Bin Sulaiman, Governor of the DIFC, said:
“This award reflects the hard work done by the DFSA and is testament to the DIFC’s commitment to ensuring authorised firms operate in a world-class legal and regulatory environment. The Trust Law provides an internationally-recognised legal platform for trust operators to operate throughout the Middle East and North Africa region”.
The STEP awards highlight excellence among private client solicitors, accountants, barristers, bankers and trust managers. Those who service the industry, like publishers and investment managers, are also recognised for their contribution to the profession.
Assem O. Kabesh, Chief Business Development Officer and Board Member at the DIFC Authority, said: “The DIFC is a unique domicile, providing trust operators with zero tax, state-of-the-art infrastructure and a fully transparent, internationally-recognised legal and regulatory environment”.
The DFSA is the independent integrated regulator for all financial services activity within the DIFC and is committed to implementing and following international best practices. The DFSA is an associate member of the International Organisation of Securities Commissions and signatory to the IOSCO Multilateral Memorandum of Understanding. The DIFC is the world’s fastest-growing financial centre and the hub for business activity in the MENA region.
