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DFSA Launches Consultation On Rulebook Revisions

by Lorys Charalambous, Tax-News.com, Cyprus

18 June 2012


The Dubai Financial Services Authority (DFSA) has launched a consultation on proposals to enhance its Rulebook for financial services entities, to promote improved compliance with international standards.

The amendments in particular relate to standards set by:

  • The Basel Committee on Banking Supervision;
  • The International Association of Insurance Supervisors, which sets international standards for the supervision of insurers; and,
  • The International Organization of Securities Commissions, which sets international standards relating to securities regulation.

The improvements are being made in anticipation of a formal assessment by the International Monetary Fund (IMF) of the United Arab Emirates' frameworks for compliance with these international standards. The IMF's Financial Sector Assessment Programme is expected to occur in November 2012, and include an assessment of of the Dubai Financial Services Authority, as the regulator of the Dubai International Financial Centre.

The Rulebook amendments are relevant for any person carrying on, or considering carrying on business from the Dubai International Financial Centre; and companies which are listed or propose to be listed in Dubai.

TAGS: United Arab Emirates | compliance | investment | banking | insurance | investment funds | international financial centres (IFC) | offshore | offshore banking | standards | regulation | International Organisation | Dubai | services

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