RPP 1-7 RPP 1-7 DFSA's Regulatory Structure
DFSAis structured into a number of divisions and departments. For the purpose of this Sourcebook, the most relevant are as follows:
Supervision(a) The Supervision Division authorises firms and individuals to conduct
Financial Servicesin or from the DIFC. This Division also registers Ancillary Service Providersand Auditors(see Chapter 2).(b) This Division also conducts supervisory oversight on all Authorised Firms, Ancillary Service Providersand Auditors, including by conducting risk assessments. The scope and frequency of such assessments are dictated by the nature of the firm's activities and its perceived risks. From time to time, Supervision carries out thematic reviews inspired by topical events which have both local and international relevance (see Chapter 3).
Markets(c) The Markets Division licenses and supervises
Authorised Market Institutionsin the DIFC(see Chapters 2 and 3).(d) The Division also recognises those financial markets who operate an exchange or clearing house outside the DIFCwithout having a physical presence in the DIFCbut make their services available to Personsin the DIFC. Trading and Clearing members of an Authorised Market Institutionwho operate in a jurisdiction other than the DIFCand do not have a physical presence in the DIFCare also recognised by the Division.(e) The Division is also responsible for regulating Offersof Securitiesin or from the DIFC, and supervises Reporting Entitiesby monitoring their ongoing market disclosures and compliance with Rules.
Enforcement(f) The primary function of the Enforcement Division is to prevent, detect and restrain conduct that causes or may cause damage to the reputation of the
DIFCor the financial services industry in the DIFC. Consequently, the Enforcement Division is responsible for:(i) liaising and co-operating with international regulatory and enforcement agencies pursuant to a relevant multilateral memorandum of understanding or bi-lateral arrangement in relation to investigation and enforcement matters;(ii) conducting investigations commenced pursuant to Article 78 of the Regulatory Law2004 in respect of contraventions of DFSAadministered Laws and Rules; and(iii) the taking of enforcement action in circumstances where contraventions of DFSAadministered Laws and Rulespose an unacceptable risk to the DIFC.(g) The DFSAhas a range of remedies to enforce the legislation that we administer (see Chapters 4 and 5).
Policy and Legal(h) The Policy and Legal Services Division is responsible for developing
DFSAadministered Laws, Rulesand policies, as approved by the DFSA Boardof Directors. The Division also assists in the drafting of certain DIFCLaws. This Division is also responsible for providing regulatory legal advice and managing the business of the Regulatory Policy Committee and the Rules and Waivers Committee and advises on the disclosure of confidential regulatory information.