The Dubai International Financial Centre Authority (DIFCA) said the Vice-President and Prime Minister of the UAE, and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, has signed into DIFC law a new statute that provides for the effectiveness under DIFC law of the netting of obligations under contracts such as derivatives master agreements.
 
Clifford Chance acted as counsel to the DIFCA in the preparation of the law, and Habib Motani, a partner in Clifford Chance, worked in conjunction with Dr Peter Werner, director of Policy at ISDA (the International Swaps and Derivatives Association) on the preparation of the DIFC's netting law, which is based on ISDA's model netting law.
 
"Clifford Chance is delighted to have assisted the DIFC in taking such an important step forward so soon after marking its tenth anniversary,” said Motani.
 
Dubai International Financial Centre (DIFC) is the first Middle East legal regime to enact a netting law, he added. - TradeArabia News Service