It was announced at the weekend that the legal and regulatory framework for the fledgling Dubai International Financial Centre (DIFC) project will be in place by the fourth quarter of this year.
Speaking to the Gulf News on Sunday, Francis Finlay, a member of the DIFC Advisory Board, expressed satisfaction at the progress made on the plans so far, and commented on issues discussed at the first Advisory Board meeting on Saturday.
The aim of the DIFC initiative is to house many different financial entities - including a securities market, insurance companies, and banks - in one place. However, this presents an unusual challenge for the Advisory Board in terms of the establishment of a legal and regulatory framework for the centre.
Mr Finlay revealed to the news service that the regulatory council will have seven or eight members, selected from international financial firms, stock markets, banks, insurance companies, and regulatory bodies. The council will be chaired by a Dubai resident in order to ensure that local interests are represented.
However, no final decisions have been made as to the identity of members.
'The selection process is on and a final list will be out soon,' Mr Finlay promised.
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