AIFC Legal Advisory Council

The AIFC Legal Advisory Council (the LAC) was established in 2017 with the objective of ensuring the introduction of the best global practice and the transposition of the relevant law of England and Wales. Representatives of global leading law firms and barristers’ chambers such as Baker McKenzie, Herbert Smith Freehills, Hogan Lovells, Michelmores, Norton Rose Fulbright, White & Case, and 3 Verulam Buildings Barristers are members of the LAC. It has given preliminary approval to AIFC General Legal Framework Acts which were further adopted by relevant AIFC bodies.

OBJECTIVES

The LAC ensures implementation of the legal and regulatory framework of the AIFC to be compliant with best international practices and standards through:

determining the highest international standards for drafting the AIFC laws, rules and regulations, the scope and content of the AIFC law, the methodology of drafting, and strategic development of the applicable law of the AIFC; and
approval of drafts of the AIFC Acts prior to their final adoption by the relevant AIFC bodies if requested by the AIFC bodies; and
other relevant activities that are considered by LAC to be relevant.

The Statute of the LAC could be downloaded from here.