Dubai Financial Services Authority
| Agency overview | |
|---|---|
| Formed | 2004 |
| Jurisdiction | Dubai International Financial Centre |
| Headquarters | Dubai, United Arab Emirates |
| Agency executives |
|
| Website | www |
The Dubai Financial Services Authority (DFSA) is the financial regulatory agency of the special economic zone, the Dubai International Financial Centre (DIFC), in Dubai, United Arab Emirates.[1][2] It is distinct from the UAE's federal Securities and Commodities Authority, whose jurisdiction covers the wider UAE outside the boundaries of the DIFC. It operates only within the special economic zone and is tasked with providing a regulatory environment of international standards.
The DFSA's regulatory mandate includes 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. In addition to regulating financial and ancillary services, the DFSA is responsible for supervising and enforcing anti-money laundering (AML) and counter-terrorist financing (CTF) requirements applicable in the DIFC. The DFSA has also accepted a delegation of powers from the DIFC Registrar of Companies (RoC) to investigate the affairs of DIFC companies and partnerships where a material breach of DIFC Companies Law is suspected and to pursue enforcement remedies available to the Registrar.[citation needed]
Legal framework
[edit]Article 121 of the UAE Constitution enabled the Federation to create Financial Free Zones in the Emirates and, most importantly, to exclude the application of certain Federal laws in these Financial Free Zones. A number of laws created the DIFC and the necessary centre bodies, which include the DFSA. The laws set out the objectives, powers and functions of the central bodies. They also contain important exemptions and prohibitions in the DIFC.
History
[edit]The agency was established in 2004 as part of the establishment of the Dubai International Financial Centre.
Mismarking
[edit]In 2016, a trader at a company authorized by the Dubai Financial Services Authority was banned for six years from performing any functions in connection with the provision of financial services in the Dubai International Financial Centre after he mismarked his trading book.[3]
Treatment of whistleblowers
[edit]In 2019, it was reported that the DFSA was accused of retaliating against a whistleblower in a drug money laundering case.[4][5]
See also
[edit]References
[edit]- ^ "About us". DFSA. Archived from the original on July 27, 2008. Retrieved August 8, 2014.
- ^ "DFSA alerts about misuse of its name". Emirates24/7. July 21, 2014. Archived from the original on August 10, 2014. Retrieved August 8, 2014.
- ^ "Former Dubai trader banned for $11m 'mismarking' scandal", Arabian Business, May 11, 2016.
- ^ "Deutsche Bank whistleblower hits back at regulator". BBC News. 2019-12-23. Archived from the original on 2019-12-23. Retrieved 2019-12-23.
- ^ Ball, Frances (October 29, 2019). "Whistleblower sues EY over Dubai money laundering scandal". Economia. Institute of Chartered Accountants in England and Wales. Archived from the original on December 20, 2019. Retrieved December 23, 2019.
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