The Dubai Financial Services Authority has issued a consultation paper setting out proposals to introduce a Representative Office regime in the Dubai International Financial Centre (DIFC).
The consultation paper, posted on the authority’s site, seeks comment before November 4, 2009, on the proposed rules.
The new regime will permit financial institutions based outside the DIFC to establish a presence in the centre for the limited purpose of marketing the financial products and services available from the institution outside the DIFC. The Representative Office regime will be available to institutions in all financial services sectors, provided that they are regulated in an ‘acceptable’ home jurisdiction.
Paul Koster, Chief Executive of the DFSA said: “These proposals demonstrate our commitment to developing our regime in line with international standards and the needs of the changing marketplace in which we operate.”
The DFSA has also recently issued new consultations on enhancements to the Islamic Finance regime, and changes to the DIFC's insider dealing rules.
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