Dubai Financial Services Authority (DFSA)

     Dubai Financial Services Authority (DFSA) is the financial regulatory agency of the private economic region. The Dubai International Finance Center operates in a special economic zone, an area where business and trade laws differ from the rest of the country. It differs from the federal Securities and Commodity Authority, which covers a wider area outside the United Arab Emirates. It only works within the special economic zone and is tasked with providing a regulatory international environment.

     Article 121 of the UAE Constitution allowed the Federation to create Financial Free Zones in the Emirates and, most importantly, certain Federal laws are applied completely different in these Federal Free Zones. These laws determine the objectives, powers and functions of central organization. It also includes significant exceptions and prohibitions in DIFC.

     DFSA’s regulatory role includes asset management, banking and credit services, securities, investment funds, custody and trust services, futures trading, Islamic finance, insurance, an international stock exchange and an international commodity exchange.

     In addition to regulating financial services, DFSA is responsible for overseeing and implementing the anti-money laundering (AML) and counter-terrorism financing (CTF) requirements of the DIFC.

     DFSA considers values such as providing high ethical standards of conduct and integrity, professionalism, independence, efficiency, leadership and fulfillment of responsibilities, and providing administrative justice, consultation process, accessibility, impartiality and accountability in its functional performances.

     While fulfilling its regulatory role, DFSA has a legal obligation to fulfill the following objectives.

  • To increase and maintain justice, transparency and efficiency in the financial services industry at DIFC.
  • Develop and maintain confidence in the financial services industry at DIFC.
  • Enhance and maintain the financial stability of the financial services industry in DIFC by reducing systemic risks.
  • Prevent, identify and limit behavior that harms or may harm the reputation of the DIFC or the DIFC’s financial services industry, including the enforcement of sanctions.
  • Protect direct and indirect users and potential users of the financial services sector in DIFC.
  • To inform the public about the regulation of the financial services industry in DIFC.

     DFSA is an internationally respected regulator. They have the objective to become one of the a leaders in the development of financial services through strong and fair regulation.

We will be happy to hear your thoughts

Leave a reply

Best Forex, Crypto, Stocks Brokers
Logo
Compare items
  • Total (0)
Compare
0