Asset management companies, banks, and other financial service providers which establish headquarters in the Dubai International Financial Centre (DIFC) will be permitted to do business with locally-based high net worth individuals, it emerged this week.
Reporting on a conference examining 'The Role of Regulation', under the main theme of 'Deepening and Developing Capital Markets in the Region', Gulf News Online quoted DIFC Regulatory Authority chief executive, Phillip Thorpe as explaining that although DIFC-based firms will not be allowed to enter into the retail market in Dubai, they will be permitted to deal with individuals whose net worth exceeds Dh5 million.
Mr Thorpe reportedly went on to speak at length on the tailor-made regulatory regime being put together for the DIFC, revealing that the Centre's regulatory authority is currently holding talks with other regional regulators in order to ensure that a good working relationship is in place when the DIFC launches.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment