The Dubai Financial Services Authority (“DFSA”) has released five Consultation Papers seeking public comment on a package of proposals in relation to the following matters:
Ancillary Service Providers
Licensed Representatives
Sponsorship of Reporting Entities
Branches of DIFC Firms
Capital adequacy requirements for matched principals
Included in the package of proposals for public comment are the draft amended Rules.
Chief Executive of the DFSA, Mr David Knott, said:
“Consistently with the DFSA’s risk-based approach to regulation, we are continually seeking opportunities to reduce regulatory and compliance burdens that involve unwarranted processes or are otherwise inefficient. This package of reforms will reduce industry’s compliance costs without diminishing the high standards of our regulation.”
The DFSA has successfully established a comprehensive framework of regulation within the DIFC over the past two years. However, we are committed to reviewing any aspect of our regime where additional efficiencies can be achieved without creating unacceptable risks. This approach is consistent with the DIFC’s standing as an innovative, vibrant and well regulated financial centre.”
The Consultation Papers No. 28,29,30,31 and 32 and are being published on the DFSA website at www.dfsa.ae and they are open for public comment until 2nd June 2006.
The Dubai Financial Services Authority (DFSA) is a central component of the Dubai International Financial Centre (DIFC), a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
The DFSA is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Centre, including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modeled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
Mr. David Knott was appointed Chief Executive of the DFSA on May 21, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
