DIFC Family Arrangements Regulationschapter by chapter

Regulation 1.1.4-1.1.51.1 Title, repeal and transitional arrangements

A Single Family Office established under the repealed Previous Regulations automatically becomes a Family Office on the Commencement Date and has 1 year from that date to comply with these Regulations (including the Minimum Net Asset Requirement) and withdraw its DFSA DNFBP registration under AML Module Rule 15.2.1, failing which the Registrar may revoke its Family Office status; a Family Entity/Family Office whose principals appear on the Public Register on the Commencement Date may also apply,

Regulation 3.1.13.1 Family Businesses

A UAE Family Business, or one or more DIFC Registered Persons controlled by a Family, must apply in the appropriate form and pay the Appendix 2 fee for entry in the Family Business Register, satisfying the Regulation 3.2 registration requirements.

Regulation 4.1.24.1 Family Offices

To be Licenced as a Family Office, an applicant must apply in the Registrar's prescribed form with the Appendix 2 fee, accompanied by the Regulation 4.2 information/confirmations/documents, and the Family concerned must meet the Minimum Net Asset Requirement (USD 50,000,000 aggregate net asset value).

Regulation 4.2.14.2 Applications

The Family Office Licence application must be accompanied by either a detailed applicant statement (common ancestor and Family Member identities/proof, Source of Wealth explanation, Source of Funds due diligence, control details, UBO details, PEP details, Family Office Services to be provided, confirmation of Regulation 4.3 compliance, and Minimum Net Asset Requirement proof) or an equivalent Corporate Service Provider confirmation letter covering the same matters.

Regulation 4.3.24.3 Provision of Family Office Services

A Family Office wishing to provide Family Office Services to more than one Family must obtain Registrar approval (satisfying the Registrar of the shared arrangements and reasons), meet Regulations 4.2 and 7.5.1(c) in respect of each Family, and, where providing Restricted Services to more than one Family by way of business, be authorised and licensed by the DFSA for those Restricted Services.

Regulation 4.44.4 Status

A Family Office must only provide Family Office Services in its own right or as a trustee of a DIFC Trust.

Regulation 5.1.25.1 Certification

A Family Business, Family Entity or Family Structure wanting a Registrar-designated certification or rating must apply on the prescribed form and pay the Appendix 2 fee.

Regulation 6.1.26.1 Accreditation

A person seeking Accredited Adviser recognition in one or more Registrar-designated categories must apply and pay the required Appendix 2 fee.

Regulation 7.1.17.1 Maintenance of records

A Family Office (or a Corporate Service Provider acting on its behalf) must keep records sufficient to show and explain the due diligence conducted to verify the Source of Wealth/Source of Funds of persons served and funding the Family Office, and the Source of Funds for transactions/services under Regulation 4.3, preserving such records for at least 6 years from the date collected.

Regulation 7.2.1-7.2.27.2 Private Register

A Family Entity or Family Office may apply, with the prescribed Appendix 2 fee, to have shareholder/interest holder/director/officer details kept on a non-public Private Register instead of the Public Register, and may apply, with the prescribed fee, for the Registrar to produce an extract of the Private Register information.

Regulation 7.4.1-7.4.27.4 Single Families with a substantial presence in the UAE

A Family Entity or Family Office relying on the Article 13(3) Operating Law registered-office exemption must satisfy the Registrar, at application and with each Confirmation Statement, that it (or the owning Family) has a substantial presence in the UAE, and must appoint a Corporate Service Provider as its DIFC registered agent, whose DIFC office then serves as its registered office.

Regulation 7.5.17.5 Filings

In addition to standard Confirmation Statement requirements: a Family Business Registered Person must annually confirm it continues to satisfy Family Business registration requirements; a Family Entity Registered Person must annually confirm it continues to satisfy Family Entity recognition requirements; and a Family Office must annually confirm single/approved-multi-Family service scope, total Family Members served and their identification details, Family Office Services provided, continued Min

Regulation 7.1.1-retRecord Retention — Source of Wealth/Source of Funds due diligence records for persons served and fu

Family Office records of source of wealth and source of funds due diligence on persons served and funding must be retained for six years from the date collected, covering related transactions and services.