A number of significant changes to the securities and capital markets regime in the Dubai International Financial Centre (DIFC) came into force on 5 July 2012. The changes represent the policy of the DIFC’s regulator, the Dubai Financial Services Authority (DFSA) to more closely align the DIFC with leading benchmark jurisdictions and the requirements of the EU Prospectus Directive (the PD).

The changes include a new DIFC Markets Law (DIFC Law No. 1 of 2012) and an all-new Markets Rules

NASDAQ Dubai recently consulted on its new proposed Admission and Disclosure Standards (the “ADSs”).

Reform of the DIFC’s Listing Regime

The proposed ADSs, issued on 6 February 2012, are part of significant ongoing reform of the regulatory architecture governing NASDAQ Dubai and other securities exchanges in the Dubai International Financial Centre (the DIFC). The reforms date back to early October 2011, when responsibility for Official List and listing authority functions in the DIFC was transferred from NASDAQ Dubai