THE INDEPENDENT REGULATOR OF FINANCIAL SERVICES CONDUCTED IN OR FROM THE DIFC, A PURPOSE-BUILT FINANCIAL FREE ZONE IN DUBAI, UAE. The DFSA supervises and regulates 594 entities, 457 Authorised Firms, 119 DNFBPs, 16 Registered Auditors and 2 Authorised Market Institutions. A community initiative by DFSA Bawabaty is a Financial Services Awareness Initiative investment banking promotion timeline by the DFSA to improve work readiness in the UAE.
10 year anniversary of TRL Programme The DFSA marked the 10 year anniversary of the Tomorrow’s Regulatory Programme. As the UAE celebrated 40 years of nationhood, the DFSA signed an MoU with the UAE Insurance Authority, completing MoU arrangements with all three UAE federal financial regulators. By 2009, the Enforcement Division, led by Stephen Glynn, had a team of six and during that year received and assessed some 83 allegations of misconduct. A review conducted in 2009 found a robust Enforcement Framework with some minor recommendations to enhance its effectiveness.
The findings of this report should be considered by all Firms in reviewing and implementing their on-going AML programs. In November 2007, the DFSA licensed its 200th Regulated Firm within the DIFC. It also reached 100 employees for the first time. The DFSA issued its Hedge Fund Code of Practice, the first of its kind to be issued by a regulator and a landmark code in the regulation of the international Hedge Fund industry.
In November 2008, the DFSA licensed its 300th Regulated Firm within the DIFC. On 11 December 2008, Paul Koster assumed duties as Chief Executive succeeding David Knott. The DFSA established a Market Practitioner Panel to review its Collective Investment Funds regime. In October 2006, the DFSA licensed its 100th Regulated Firm. Cooperation with fellow regulators and supervisors would be an abiding goal.
Society of Trust and Estate Practitioners for the excellence of its Trust Law. The Dubai Financial Services Authority is born. On 13 September 2004, the Ruler of Dubai, His Highness Sheikh Maktoum bin Rashid Al Maktoum, enacted the Dubai Law creating the DFSA as an independent entity within the DIFC. The DFSA issued a report on its key findings of audit inspections conducted by the DFSA from January 2008 to December 2012. It was the first public report issued by the DFSA on its monitoring programme of Auditors registered in the DIFC. The DFSA became a signatory to the Boca Declaration, the multi-lateral MoU on co-operation and supervision of International Futures Markets and Clearing organisations.
The DFSA commenced a joint regulatory initiative with the Securities and Futures Commission of Hong Kong to enhance access to Islamic financial products in Hong Kong and the DIFC. The DFSA signed two important MoU’s with the UAE Central Bank and the Anti-Money Laundering Suspicious Cases Unit regarding co-operation and exchange of regulatory information. Authorised Market Institution in the DIFC. The DFSA’s securities regulation received a highly positive assessment following the visit of an expert team from the International Monetary Fund and the World Bank under their Financial Sector Assessment Programme.
On 4 October 2010, the DFSA launched an Arabic version of its website. Pages including About the DFSA, Doing Business with the DFSA, Tomorrow’s Regulatory Leaders,Islamic Finance, and Legal Framework were made available in the language of the region, meeting the needs of local stakeholders and broadening dialogue with the broader market. Since then, most DFSA publications are also produced in Arabic and English. Saeb Eigner was appointed Chairman of the DFSA, succeeding Mr.
By the year’s end, seven financial services firms and three ancillary services providers had been licensed and registered. This was made possible by having a comprehensive Rulebook in place allowing our executive to license, register and supervise. HK leaders visit DFSA and DIFC The DFSA hosts a delegation of 35 government, financial and business leaders to further links between Dubai and Hong Kong as leading international financial centres in their respective time zones and as gateways for the fast growing trade and investment flows between China and the Middle East. As part of the DFSA’s commitment to Corporate Social Responsibility, DFSA staff and their families put together care packages for those in need during Ramadan. Every year since its launch in May 2006, the DFSA’s Tomorrow’s Regulatory Leaders Programme has trained and developed sustainable career opportunities for UAE Nationals. DFSA staff gathered under The Gate as a farewell to Paul Koster. Changes to the Collective Investment Rules The DFSA enacted changes to simplify the current Collective Investment Rules and align the regime better with international standards while still catering to specific features of the DIFC market.
5th Annual Islamic Funds World Conference, recognising the DFSA’s efforts to facilitate cross-border marketing of Islamic investment funds. On 14 February 2012, the DFSA was honoured with a visit from His Highness Sheikh Mohammad bin Rashid Al Maktoum whose vision it was to establish the DIFC. His Highness, accompanied by the Crown Prince of Dubai, met with the Chairman and Members of the DFSA Board. In May 2005, David Knott commenced his term as Chief Executive.
MoU with Kuwait Regional ties are further extended by the signing of a MoU between the Capital Markets Authority of Kuwait and the DFSA. Through these agreements, the DFSA maintains its focus on strengthening its engagement in the region, particularly its links with counterparts in the GCC. The DFSA and the Securities Commission, Malaysia announced a joint project to remove regulatory barriers to Islamic Finance transactions between the two jurisdictions. In July 2006, the DFSA became the first GCC regulator to sign IOSCO’s multilateral MoU. The DFSA was appointed a member of the Technical Committee of the IAIS.
The DFSA became a signatory to the IAIS multi-lateral MoU, a first for the GCC. The DFSA introduced a new regime for Financial Services Marketing to provide greater clarity with regard to financial promotion in the DIFC. The Lord Mayor of London made his annual visit to the DFSA, emphasising the ties between the City of London and the DIFC. Confirming its commitment to regional collaboration and capacity building, the DFSA became a signatory to an MoU between members of IOSCO’s Africa and Middle East Regional Committee. The DFSA signed an important MoU with the European Securities and Markets Authority. 13th Story, now retitled CONNECT, has fostered a greater sense of family among the DFSA community and given a voice to anyone wanting to communicate an experience, an opinion or a good cause.