The Rules

1.In summary, the contents of the draft Special Rule are as follows:

2.    Part 1: (General): which include:

1.1. Name

1.2. Commencement

1.3. Legislative Authorit

1.4. Application of these Rules

1.5. Definitions, etc.

3.    Part 2: (AIFC REGULATIONS AND RULES SUBJECT TO SECTION 9 OF THE AIFC FINANCIAL SERVICES FRAMEWORK REGULATIONS): which include:

2.1. The provisions of AIFC Regulations and Rules and AIFC Regulations and Rules specified in Schedule 1 are hereby subject to Section 9 (AFSA power to modify, waive or grant a relief) of the AIFC Financial Services Framework Regulations.

2.2.Where a waiver, modification or no-action letteris granted pursuantto Section 9 of the AIFC Financial Services Framework Regulations, any other provisions referencing such relevant provision shall be read with the necessary changes being made in order to give effect to such waiver, modification or no-action letter.

2.2.1. Includes an example of applicability of the Special Rule.

4.    Schedule 1: Provides the list of Regulations which are subject to Section 9 (AFSA power to modify, waive or grant a relief) of FSFR. Which include:

1. AIFC Trust Regulations

2. AIFC Personal Property Regulations

3. AIFC Payment System Settlement Finality Regulations

4. AIFC Netting Regulations