Legislation Details
- Full Title: Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument
- Law Type: Cabinet Resolution
- Law Number: No. (137) of 2023
- Issued Date: 29 Dec 2023
- Effective Date: 16 Jan 2024
- Official Gazette: No. 767
- Sector: Finance and Banking
- Status: Active
- Number of Articles: 30
- Chapters/Parts: 0
- Amendments: 0
Summary
This Cabinet Resolution establishes the requirements and procedures for the accreditation and registration of trust instruments in the United Arab Emirates. It outlines the obligations of the Competent Authority in each Emirate, the accreditation and registration processes, and the contents of the trust register. The resolution aims to provide a regulatory framework for the trust instrument, which was introduced through Federal Decree-Law No. (31) of 2023 Concerning Trust. This legislation is important for businesses and individuals in the UAE who wish to establish or manage trusts, as it provides clarity on the legal requirements and administrative procedures. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023)
What is the scope and purpose of this law?
The purpose of this Cabinet Resolution is to determine the requirements and procedures for the accreditation and registration of trust instruments that must be applied by the Competent Authority in each Emirate of the UAE. It aims to provide a regulatory framework for the implementation of Federal Decree-Law No. (31) of 2023 Concerning Trust. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 2)
What are the key definitions under this law?
The key definitions provided in this resolution are:
- Decree-Law: Federal Decree-Law No. (31) of 2023 Concerning Trust
- Applicant: The Settlor or his authorised representative, based on an official power of attorney
- Registration: Registration of the Trust Instrument or subsequent amendments thereto, in accordance with Article (44) of the Law by Decree
- Registration Application: The application form issued by the Competent Authority for registration purposes
- Accreditation: Accreditation of the Trust Instrument draft or subsequent amendments thereto, in accordance with the provisions of Article (42) of the Law by Decree
- Accreditation Application: The application form issued by the Competent Authority for accreditation purposes
(Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 1)
What are the main obligations and requirements?
The main obligations and requirements under this resolution are: 1. The Competent Authority must prepare and issue forms, notices, and guides related to the accreditation and registration of trusts. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 3(1)) 2. The Competent Authority must provide the necessary competent and experienced human resources to perform tasks related to accreditation and registration. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 3(2)) 3. The Competent Authority must maintain the Register in accordance with the rules stipulated in this resolution. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 3(3)) 4. The Competent Authority must provide or disclose information contained in the Register upon request, according to the limits stipulated in the Trust Instrument and the Law by Decree. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 3(4))
What licensing, registration, or approval requirements exist?
This resolution outlines the following licensing, registration, and approval requirements: 1. Accreditation: The Competent Authority in each Emirate must accredit the Trust Instrument or any amendments to it, in accordance with Article (42) of the Law by Decree. The applicant must submit various supporting documents, and the Competent Authority must review and decide on the accreditation application within 10 working days. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 4) 2. Registration: The Competent Authority in each Emirate must register the Trust Instrument or any amendments to it, in accordance with Article (44) of the Law by Decree. The applicant must submit various supporting documents, and the Competent Authority must review and decide on the registration application within 10 working days. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 6)
What rights and protections does this law provide?
The legislation does not specify any explicit rights or protections provided under this Cabinet Resolution. The resolution focuses on the administrative procedures for accreditation and registration of trust instruments, without detailing any specific rights or protections.
Which authorities or bodies are responsible for enforcement?
The Competent Authority in each Emirate of the UAE is responsible for the enforcement of this Cabinet Resolution. The key responsibilities of the Competent Authority include: 1. Preparing and issuing forms, notices, and guides related to accreditation and registration of trusts. 2. Providing the necessary competent and experienced human resources to perform tasks related to accreditation and registration. 3. Maintaining the Register of trusts. 4. Providing or disclosing information contained in the Register upon request. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 3)
What are the penalties for non-compliance?
The legislation does not specify any penalties for non-compliance with this Cabinet Resolution.
What fees, charges, or financial provisions are specified?
The resolution states that the accreditation fees and registration fees shall be determined by the Competent Authority in the Concerned Emirate. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 4(3), Art. 6(3))
What exemptions or exceptions apply?
The legislation does not specify any exemptions or exceptions under this Cabinet Resolution.
How are disputes resolved under this law?
The resolution states that the applicant has the right to object to the rejection of their accreditation or registration application, in accordance with the procedures in force in the Concerned Emirate. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 4(6)(b), Art. 6(6)(b))
What are the key deadlines and time limits?
The key deadlines and time limits specified in this resolution are: 1. The Competent Authority must complete the review of the accreditation application within 10 working days of receiving the application and supporting documents. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 4(5)) 2. The Competent Authority must complete the review of the registration application within 10 working days of receiving the application and supporting documents. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Art. 6(5))
How does this law interact with other UAE legislation?
This Cabinet Resolution is issued in relation to and for the implementation of Federal Decree-Law No. (31) of 2023 Concerning Trust. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023, Preamble)
When did this law come into effect?
This Cabinet Resolution came into effect on 16 January 2024, as per the Effective Date stated in the legislation details. (Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument, 2023)
Source Documents
This article analyses Cabinet Resolution Concerning the Accreditation and Registration of the Trust Instrument for legal research and educational purposes. For the purpose of interpretation and application, reference must be made to the original Arabic text. In case of conflict, the Arabic text prevails. This does not constitute legal advice.