Dubai International Financial Centre Authority (DIFC Authority) announced today that its Board of Directors has issued the Investment Cell Company (ICC) Regulations, which came into force on 1 May 2019.
Insurers and Fund Managers will be able to use an Incorporated Cell Company (ICC) formed under the new ICC Regulations for conducting their respective fund business or insurance business (e.g. by captive insurers).
However, initially Fund Managers will not be able to establish ICCs for their fund businesses until amendments are made to the Collective Investment Law (DIFC Law No. 2 of 2010).
The new ICC and each cell of the ICC have the status of a separate company or ‘legal entity’. In contrast, segregation of assets and liabilities within a cell of a PCC is achieved through procedural rules and each cell is not a separate company with its own legal entity status.