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The HOLT consultancy blog is where you can read about HOLT consultancy news and CSR activity, DFSA updates including changes to DFSA Rulebooks, DFSA consultation papers, compliance how-to guides and other compliance news and advice. Visit often for updates or sign up to our newsletter. We also post our updates on LinkedIn. Follow us at https://www.linkedin.com/company/holt-consultancy-llc

Feb
09
Who is the Dubai Financial Services Authority?

Who is the Dubai Financial Services Authority?

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial and ancillary service provider firms based in the Dubai International Financial Centre (DIFC) in the United Arab Emirates.
 
Financial services include the following:

 

  • Asset management
  • Banking
  • Credit services
  • Advisory services
  • Managing collective investment funds
  • Custody and trust services
  • Trading
  • Insurance related activities
  • Operating an exchange
 
The DFSA carries out the following activities:
 
  • Authorises firms who wish to provide financial or ancillary services in or from the DIFC and issues a licence specific to those activities.
  • Authorises individuals who carry out Licensed Functions such as Senior Executive Officer, Finance Officer, Compliance Officer and Money Laundering Reporting Officer.
  • Authorises Recognised bodies or members (operators of an exchange, clearing house or alternative trading system outside the DIFC and is on the list of recognised bodies maintained by the DFSA).
  • Supervises regulated firms and monitors compliance with the laws, rules and regulations.
  • Investigates suspected breaches of legislation that it administers; and
  • Enforces legislation. 
 
The DFSA has a Chairman, a Chief Executive, and a Board of Directors. The following are Committees constituted at the Board level: Audit Committee, Governance and Nominations Committee, Legislative Committee, Remuneration Committee and Risk Committee. In addition, the DFSA has also established the Regulatory Appeals Committee and Financial Markets Tribunal.
 
If you would like to understand more about complying with laws, rules and policies administered by the DFSA please contact the team at HOLT consultancy by email using info@holtconsultancy.com or by phone on +971 4 386 6360. More information can be found on our website http://www.holtconsultancy.com.