The Dubai Financial Services Authority (DFSA) licensed its 300th regulated firm in the Dubai International Financial Centre (DIFC) today. The regulated entities comprise 235 Authorised Firms, 49 Ancillary Service Providers and 16 Registered Auditors.
Authorised Firms are granted a licence to conduct financial services in or from the DIFC; services include for example, Banking and Brokerage, Asset Management, Insurance and Islamic Finance.
Ancillary Service Providers are granted a registration to carry out ancillary services in or from the DIFC; they provide legal and accountancy services.
Registered Auditors are granted a registration to carry out audits of DIFC incorporated regulated entities.
David Knott, DFSA Chief Executive, stated: "Over the past 19 months the number of Firms regulated by the DFSA has doubled, reflecting the momentum that the DIFC has established as the region’s leading financial centre.
The DFSA’s commitment to international standards of regulation underpins the credibility of regulated Firms as reliable financial counterparties, both regionally and beyond. The DFSA is proud to be contributing to the success of the DIFC, especially in these times, and to its growing reputation as a centre of excellence.” said Mr. Knott.
The regulated financial services sector within the DIFC works alongside many other registered enterprises which, taken together, constitute the DIFC community.
There are now more than 750 licensed and registered Firms within the DIFC, including 300 regulated by the DFSA.
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial and ancillary services conducted through the Dubai International Financial Centre (DIFC), a purpose-built financial free-zone in Dubai. The DFSA’s regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.
David Knott was appointed Chief Executive of the DFSA on 1 June, 2005. He is a former Chairman of the Australian Securities and Investments Commission (ASIC) and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO). Other positions previously held by him include COO of the Australian Prudential Regulation Authority; CEO of Commonwealth Funds Management; CEO of the Australian Financial Institutions Commission; and Director of the Australian Crime Commission.
