General UAE Legal Questions LawCabinet Resolution No. (70) of 2021 Regulating the Trust Register

Article (1) Definitions For the purpose of applying the provisions of the present Resolution, the following words and expressions shall have the meanings assigned thereto respectively, unless the context requires otherwise: State : The United Arab Emirates. Minister : The Minister of Finance. Decree-Law : Federal Decree-Law No. (19) of 2020 Concerning Trust. Trust : The process of allocating property under a trust instrument for the beneficiary to achieve an interest or for achieving a charitable or personal objective, pursuant to the provisions defined by the Decree-Law. The Trust is among the principal rights in rem. Trust Property : Any movable or immovable property and objects related th…

Article (2) Manager of the Register The Emirates Integrated Registries Company (EIRC) shall be charged with managing the affairs of the Register created under Article (47) of the Decree-Law, as well as supervising the same and bearing all expenses arising from its management and all matters related to the provision of its services effectively, in coordination with the Ministry of Finance.

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Article (3) Services of the Register The Register shall provide the following services: 1. Recording the Trust in the Register, pursuant to the provisions of the Decree-Law and the present Resolution. 2. Maintaining and classifying the registration in the Database of the Register. 3. Issuing a soft or hard copy certificate on data recorded in the Register. 4. Issuing a soft or hard copy certificate certifying the registration of the Trust Instrument in the Register and a list of moveable and immovable property included in the Trust. 5. Providing access to the Database of the Register, in so far as provided by the Decree-Law and the present Resolution.

Article (4) Responsibility for Data 1. The Register's role shall be limited to verifying the fulfillment of the procedures required to register the Trust Instrument, as per the registration Data, and shall not examine the content of the Trust Instrument or the application submitted for searching on the Database of the Register. 2. The Register shall not be responsible for the validity or accuracy of Data set out in the Trust Instrument or Data entered in the Database of the Register.

Article (5) Keeping Search Records Search reports authenticated in the Register, time, and date of conducting the same and criteria used for search shall all be kept.

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Article (6) Procedures of Registration in the Register 1. Any person desiring to have the Trust Instrument recorded in the Register shall create a Client's Account on the Register's website, as per the procedures determined by the Register for such purpose. 2. Upon the fulfillment of the conditions, entering the Data set out in the Decree-Law and in the present Resolution and the issuance of the registration confirmation according to clause (3) below, the Trust Instrument shall be deemed registered in the Register. 3. The Register shall issue an electronic confirmation to the client when the Trust Instrument is registered, including the Trust Instrument registration date and time, Registrati…

Article (7) Search Report 1. The Trust Creator, Trust Holder and Trust custodian, as the case may be, may each submit an application to the Register to obtain an authenticated certificate of Data recorded in the Register set out in the registered Trust Instrument, as recorded in the Register, in hard or soft coy format, authenticated by the Register. Such application shall be issued pursuant to Article (50) of the Decree-Law. 2. The application for obtaining an authenticated certificate shall be submitted via the Register's website by filling forms designated for such purpose.

Article (8) Rejection of the Trust Instrument or Search Request Registration 1. The Register shall reject the Trust Instrument registration in the Register if the Data specified in one of the obligatory fields required in the registration data is missing, or if the Data entered in a particular obligatory field are illegible.

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Cabinet Resolution of 2021 Regulating the Trust Register 6 2. The Register may reject the application for an authenticated certificate if the data are not entered in a field designated to enter the search indicator, or if the Data entered in a field designated to enter the search indicator are illegible. 3. Notwithstanding the cases indicated in clauses (…

Article (9) hereunder. Trust Creator : A person who creates the Trust and provides its property under the provisions of the Decree-Law. Trust Holder : A person appointed under the provisions of the Decree-Law and in whom the authorities and powers defined in both the trust instrument and the provisions of the Decree-Law are vested, in order to realize the beneficiary's interest or the Trust objective. Such person includes a professional Trust Holder and a professional legal person. Beneficiary : A person for whom a personal right is created under the Trust Instrument, including a person stipulated by the Trust Instrument to be covered or potentially covered to receive benefits or the Trust P…

Article (9) Data Required for Registration in the Register In order to have the Trust Instrument recorded in the Register, it shall include the following Data: 1. Data of the Trust Creator, as follows: a. Name of the Trust Creator in case the same is a natural person. b. Personal ID card number in case of a natural person bearing the citizenship of the State or residing therein. c. Passport Number in case of a natural person who does not bear the citizenship of the State or not residing therein. d. Registration Number or registration license number in case of a legal person registered in the State. e. Citizenship and Registration Number in case of a legal person registered outside the State.…

Article (10) Registration Language The language of the Trust Instrument and the search report shall be either Arabic or English.

Article (11) Effective Date of Registration 1. The registration of the Trust Instrument or any adjustment thereto shall be effective from the date and time of entering Data to the Database of the Register against an electronic confirmation when the registration therein is completed. 2. A material or partial error in Data related to a certain Beneficiary, the Trust purpose or any condition of the Trust conditions may not lead to the ineffectiveness of the registration in the Register and may not constitute a reason for the ineffectiveness of the registration itself with regard to Beneficiaries correctly identified.

Article (12) Registration of Adjustment in the Register 1. Upon the registration in the Register, persons entitled to request an adjustment to the registration in the Register shall be identified, as per the registration forms available on the electronic communication channels of the Register. The adjustment may also be made upon a decision of the competent court according to the powers set out in the Decree- Law.

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Cabinet Resolution of 2021 Regulating the Trust Register 8 2. The registration shall be effective from the date and time of being appeared in search results of the Register data. 3. The same number of registration shall remain for the Trust Instrument registration a…

Article (13) Procedures of Search in the Database of the Register 1. The Trust Creator, Trust Holder and Trust custodian, as the case may be, may each have access to the Database of the Register to make a search to access to data registered in the Register related to such Trust. Any of the above may apply for an authenticated certificate on data registered in the Register by entering any of the following search indicators: a. Registration number. b. Name the Trust is known for pursuant to the Decree-Law. 2. The Beneficiary may request to access to the Database of the Register to access to Data registered therein, within the limits of his share of the Trust revenue, unless otherwise specified…

Article (14) Fees 1. In consideration for services provided by the Register listed in the Schedule attached thereto, the fees indicated next to each one shall be charged.

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Cabinet Resolution of 2021 Regulating the Trust Register 9 2. The Cabinet shall be authorized to introduce any modifications to the fees set out in the Schedule attached thereto, whether by addition, deletion, or modification.

Article (15) Executive Resolutions The Minister shall issue resolutions necessary for implementing the provisions of this Resolution.

Article (16) Repeals Any provision contradicting or repugnant to the provisions of this Resolution shall hereby be repealed.

Article (17) Publication and Entry into Force This Resolution shall be published in the Official Gazette and shall enter into force of the day following the date of its publication. Mohammed bin Rashid Al Maktoum Prime Minister Issued by us Dated: 21 Dhu al-Qa'dah 1442 A.H. Corresponding to: 01 July 2021 AD

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Cabinet Resolution of 2021 Regulating the Trust Register 10 Schedule of Fees of Services Provided by the Register Annexed to Cabinet Resolution No. (70) of 2021 Regulating the Trust Register SN Service Description Fee in Dirhams 1 Creating a customer account to register the trust instrument in the Register 1000 2 Issuing an electronic or paper certificate confirming the re…