UNITED ARAB EMIRATES
THE CABINET
CABINET RESOLUTION NO (58) OF 2019
DETERMINING THE REGULATORY AUTHORITIES CONCERNED WITH
THE BUSINESS MENTIONED IN CABINET RESOLUTION NO (31) OF 2019
CONCERNING ECONOMIC SUBSTANCE REGULATIONS
The Council of Ministers:
After perusal of the Constitution;
Federal Law no (1) of 1972, concerning the competencies of the Ministries and
authorities of the Ministers, as amended;
Federal Law no (18) of 1981, concerning the Regulation of Commercial
Agencies, as amended;
Federal Law no (4) of 2000, concerning the Emirates Securities and Commodities
Authority and Market, as amended;
Federal Law no (7) of 2002, concerning Copyrights and Neighbouring Rights, as
amended;
Federal Law no (17) of 2002, concerning the Organization and Protection of
Industrial Property Rights for Patents and Industrial Designs, as amended;
Federal Law no (8) of2004, concerning Financial Free Zones, as amended;
Federal Law no (6) of 2007, on the Establishment of the Insurance Authority and
Regulation of Insurance Business , as amended;
Federal Law no (2) of2015, concerning Commercial Companies, as amended;
Federal Law no (19) of 2016, concerning the Combating ofCommercial Fraud;
Federal Decree-Law no (14) of 2018, concerning the Central Bank and
Organization of Financial Institutions and Business;
Federal Law no (8) of2018, concerning Lease Finance;
Cabinet Decision no (31) of 2019 concerning Economic Substance Regulations;
and
Pursuant to the proposal ofthe Minister of Finance and approval of the Cabinet;
__
DECIDES:
Article (1)
The words and express10ns used in this resolution shall have the same meaning
assigned thereto in Article (1) of the abovementioned Cabinet Resolution no (31) for
the year 2019.
Article (2)
The Regulatory Authorities concerned with the following business and described in
the abovementioned Cabinet Resolution no (31) for the year 2019, are as follows:
S.N. Activity Concerned Regulatory Authority
Banking Business 1. UAE Central Bank for banking business
regulated by the said Bank
2. The competent authority in the Financial Free
Zone for banking business carried out therein
2 Insurance Business 1. Insurance Authority for insurance business
regulated by the said authority
2. The competent authority in the Free Zone for
insurance business carried out therein
3. The competent authority in the Financial Free
Zone for insurance business carried out
therein
3 Investment Fund 1. Securities and Commodities Authority for
Management Business investment fund management business
regulated by the said authority
2. The competent authority in the Free Zone for
fund management business carried out therein
3. The competent authority in the Financial Fr,,,..,.._
2
4
5
6
7
Lease Finance Business
Headquarters Business
Shipping Business
Holding Company
Business
Zone for fund management business carried
out therein
1. UAE Central Bank for lease finance business
regulated by the Central Bank
2. The competent authority in the Free Zone for
lease finance business carried out therein
3. The competent authority in the Financial Free
Zone for lease finance business carried out
therein
1. Ministry of Economy for headquarter business
regulated by the said Ministry
2. The competent authority in the Free Zone for
headquarter business carried out therein
3. The competent authority in the Financial Free
Zone for headquarter business carried out
therein
1. Ministry of Economy for shipping business
regulated by the said Ministry
2. The competent authority in the Free Zone for
shipping business carried out therein
3. The competent authority in the Financial Free
Zone for shipping business carried out therein
1. Ministry of Economy for holding company
business regulated by the said Ministry
2. The competent authority in the Free Zone for
holding company business carried out therein
3. The competent authority in the Financial Free
Zone for holding company business carried- -c_;;¼, L _ _l_________ ___l_________::____:________----,,:J. ,.:),~,,_,~~..,~-
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out therein
8 Intellectual Property
Business
1. Ministry of Economy for intellectual property
business regulated by the said Ministry
2. The competent authority in the Free Zone for
intellectual property business carried out
therein
3. The competent authority in the Financial Free
Zone for intellectual property business
carried out therein
9 Distribution and Service
Centres Business
1. Ministry of Economy for distribution and
service centre business regulated by the said
Ministry
2. The competent authority in the Free Zone for
distribution and service centre business
carried out therein
3. The competent authority in the Financial Free
Zone for distribution and service centre
business carried out therein
Article (3)
This Decision shall be published in the Official Gazette and shall take effect from date
of issuance.
Mohamed Bin Rashid Al Maktoum
Prime Minister
Issued on: Muharram 05, 1441 AH
Corresponding to: September 04, 2019 AD
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