DIFC enacts new Family Arrangements Regulations
The new DIFC Family Arrangements Regulations replace the previous Single Family Office regime with a new Family Office regime that can be in the service of one or more families eliminating the requirement to register as a Designated Non-Financial Business or Profession (DNFP) with the Dubai Financial Services Authority (DFSA).
However, Multifamily offices will require authorisation and licensing by the DFSA if they come up with financial services to multiple families relating to business.
The guidelines also contain certification and accreditation regimes for family businesses and their advisors in DIFC. The main purpose of the certification and accreditation programs is to comply with the principles of good conduct and governance and to ensure that advisors adhere to superior quality and skill when giving advises to families.