200th Firm Given DIFC Licence

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

15 November 2007

The Dubai Financial Services Authority (DFSA) revealed this week that it has licensed the 200th regulated firm in the Dubai International Financial Centre (DIFC). The regulated entities comprise 158 Authorised Firms, 37 Ancillary Service Providers and 5 Registered Auditors.

Authorised Firms are granted a licence to conduct financial services in or from the DIFC; services include banking and brokerage, asset management, insurance and Islamic finance.

Ancillary Service Providers are granted a registration to carry out ancillary services in or from the DIFC; they provide legal and accountancy services.

Registered Auditors are granted a registration to carry out audits of DIFC incorporated regulated entities.

David Knott, DFSA Chief Executive, stated: "Over the past 13 months the number of Firms regulated by the DFSA has doubled, reflecting the momentum that the DIFC has established as the region’s leading financial centre."

"The DFSA’s commitment to international standards of regulation underpins the credibility of regulated Firms as reliable financial counterparties, both regionally and beyond. The DFSA is proud to be contributing to the success of the DIFC and to its growing reputation as a centre of excellence.” he added.

The regulated financial services sector within the DIFC works alongside many other registered enterprises which, taken together, constitute the DIFC community.

There are now more than 496 licensed and registered Firms within the DIFC, including 200 regulated by the DFSA.

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