Cabinet Decision No. 141/2023 On the Licensing Requirements of Professional Corporate Persons and Professional Trustees

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The Cabinet,

After perusal of the Constitution;

Federal Law No. 1/1972 on the Competencies of Ministries and the Powers of Ministers, and its amendments;

Federal Decree-Law No. 31/2023 on Trust;

Based on the proposal of the Minister of Finance, and the approval of the Cabinet,

Has decided:

Article 1 - Definitions

In implementation of the provisions of this Decision, the terms and expressions mentioned in Federal Law No. 31/2023 shall be applicable, and the following terms and expressions shall have the meanings assigned thereto unless the context requires otherwise:

  • Decree-Law: Federal Decree-Law No. 31/2023 on Trust.

  • Licence: Licence of the professional corporate person and/or licence of the professional trustee, depending on the context.

  • Licensing Authority: The competent authority appointed by each Emirate in the State to issue licences to professional corporate persons and professional trustees in accordance with the provisions of the Decree-Law and this Decision.

  • Senior Management Positions: General Manager, Executive Board Member or the like, as per these positions.