DIFC has been working closely with experts in the field of digital assets and banking and finance to create a first in kind Digital Assets Law and new Security Law regime. The new Digital Assets Law has required updates to key pieces of legislation in the DIFC, such as the Contracts Law, Law of Damages and Remedies, Law of Obligations, the Personal Property Law and others. Importantly, the Digital Assets Law has precipitated the enactment of a brand new Law of Security.
Enactment of the Laws is imminent. This workshop will provide lawyers with practical insight and understanding of the new laws and legislative changes.
Digital Assets
The Digital Assets Law will have significant implications for the digital assets industry in the UAE and globally. The primary focus in many jurisdictions has been to regulate and impose enforcement related sanctions on some of the practical applications of this asset class from a regulated financial services perspective. However, the fundamental benefits brought about by blockchain technology, the digital assets that can be created thereby, and their application across a wide spectrum of use cases will grow and become of increasing importance in a much wider context.
Following extensive review of the legal approaches taken to digital assets in multiple jurisdictions, the new DIFC Digital Assets Law sets out the legal characteristics of a digital asset, its proprietary nature, and how it may be controlled, transferred, and dealt with by interested parties. As such, the new law constitutes a ground-breaking development.
Law of Security
A great deal of innovation has taken place in secured transactions regimes internationally since the previous Law of Security was enacted in 2005.
The new DIFC Law of Security repeals and replaces the DIFC Law of Security 2005 and provides a significantly enhanced regime for security, based on international best practice. In addition, the Financial Collateral Regulations are repealed and replaced by an amended chapter in the new Law of Security.
The new DIFC Law of Security has significant implications for banks and financial institutions, investment companies and fund managers, entities involved in hedging and other financial market sales and trading transactions. Lawyers involved in secured transactions are encouraged to attend this session.
Members of Outer Temple Chambers were instructed by the DIFC Authority to develop and draft the new Laws and are therefore in a unique position to be able to provide valuable insights.
SPEAKERS
Nicolas Stallworthy KC
Barrister – Outer Temple Chambers
Nicolas Stallworthy KC’s practice involves the interaction of commercial trusts, contract law, insolvency and professional negligence at very high levels of complexity and value.
He undertakes cases concerning the interpretation of trusts, contracts, financial instruments & legislation; and the application of trust principles in the broader commercial context. His professional negligence practice focuses on solicitors, insurance companies, benefits consultants, professional trustees, actuaries & investment advisers.
Justina Stewart
Barrister – Outer Temple Chambers
Justina Stewart’s practice encompasses the full range of commercial litigation, with a particular emphasis on banking and financial services, civil fraud, fintech and digital assets, insolvency and international arbitration.
She is ranked in the key legal directories as a Leading Junior in several areas: Commercial Litigation/Commercial Dispute Resolution, Banking and Finance, Fintech and digital assets, Financial Services Regulation; and Insolvency.
Justina is ranked as a Leading Junior in Chambers UK Bar, Chambers Global, Legal 500 and Legal 500 Middle East.
For further information or to request for an assistance, please contact [email protected]
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