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DFSA Licenses 300th Regulated Firm Within DIFC

by Carla Jonhson, Investors Offshore.com

20 November 2008


The Dubai Financial Services Authority (DFSA) licensed its 300th regulated firm in the Dubai International Financial Centre (DIFC) last Monday, the regulator's chief executive, David Knott, has announced.

The regulated entities comprise 235 authorised firms, 49 ancillary service providers and 16 registered auditors.

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

Ancillary service providers, which provide legal and accountancy services, are granted a registration to carry out ancillary services in or from the DIFC.

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

Commenting on the figures, Knott stated:

"Over the past 19 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, especially in these times, and to its growing reputation as a centre of excellence.”

There are now more than 750 licensed and registered firms within the DIFC, including 300 regulated by the DFSA.


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