The UAE has enacted Economic Substance Regulations (“ESR”) that applies in all UAE jurisdictions, including financial free zones such as the DIFC. In the DIFC, the ESR will be administered by the Registrar of Companies (“Registrar”) for all DIFC entities, including entities that are regulated by the DFSA. In this webinar speakers from DIFC Authority’s legal affairs department will explain the following details:
- Background to the regulation
- Who is subject to the regulation
- Meeting economic substance requirements
- DIFC Licensees requirements
- Consequences of non-compliance
- Overview of notifications and reviews and returns
Chief Legal Officer
DIFC Authority- Legal Affairs
Jacques Visser heads the Legal Affairs division of the DIFC Authority. In addition, he holds the position of Secretary to the DIFC Higher Board and the Boards of the DIFC Authority and DIFC Investments LLC. Mr. Visser also currently serves as DIFC’s Security Registrar and Commissioner of Data Protection.
With over 20 years of experience as a financial services lawyer, Mr. Visser’s expertise lie in multi-jurisdictional investment structures, funds, asset management and regulatory matters in emerging markets, as well as investment strategies and related M&A transactions. During his expansive career, he has established a number of landmark funds and investment structures relevant to the MENA region.
In his previous role, Mr. Visser worked as National Partner at Dechert LLP in Dubai. During his tenure at Dechert LLP, The Legal 500, an international guide to top-tier legal firms and practitioners, listed him as one of the top three most notable lawyers in the UAE investment funds industry, while MENA Fund Manager recognised him as one of the 50 most influential individuals in the industry in the Middle East and North Africa region.
Mr. Visser holds a Master’s degree in Banking and Capital Markets Law (LLM) from the University of Johannesburg, and a Postgraduate Diploma in Competition Law from the University of the Witwatersrand in South Africa. In addition, he holds a Bachelor of Arts and Bachelor of Law (LLB) degree from the same university.
Senior Vice President- Legal
DIFC Authority- Legal Affairs
Tanuja joined DIFC Authority in March 2012 as Senior Legal Counsel. In her current role as Senior Vice President she is responsible for providing legal advice to a number of business units (including the Registrar of Companies, the Human Resources Department, Finance Department and Strategy Department), as well as amending and updating existing DIFC Laws and drafting new DIFC laws such as the Companies Law, Operating Law, Prescribed Company Regulations, Ultimate Beneficial Ownership Regulations and the Netting Law. Tanuja also provides legal advice to DIFC Investments LLC (“DIFCI”), DIFC Authority’s subsidiary and investment arm.
In addition to her role as Senior Vice President - Legal, Tanuja fulfils the function of Group Board Secretary to the DIFC Authority, DIFCI and Art Dubai FZ LLC Boards. Tanuja also provides corporate governance advice to the Board and Senior Management of DIFC Authority, DIFCI and its numerous subsidiaries.
Tanuja has over 19 years of experience as a corporate commercial lawyer and over 15 years’ experience in strategic policy development and regulation. During her time at the DIFC Authority, Tanuja was closely involved in DIFCI’s USD 700 million Sukuk Issuance in November 2014 and the refinancing of DIFCI’s US$1.25 billion Sukuk which matured in June 2012.
Tanuja’s legal and policy experience includes time spent with Tecom Investments in Dubai as well as the Queensland Government and private law firms in Australia.
Tanuja holds Bachelor of Laws (Hon) and Bachelor of Science degrees from the University of Sydney, Australia. Tanuja is admitted to practice in the High Court and Federal Court of Australia, as well as the New South Wales and Queensland Supreme Courts of Australia.
For further information or to request for an assistance, please contact ACADEMY@difc.ae Select