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  • RPP 1-7 RPP 1-7 DFSA's Regulatory Structure

    • RPP 1-7-1

      The DFSA is 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 Services in or from the DIFC. This Division also registers Ancillary Service Providers and Auditors (see Chapter 2).
      (b) This Division also conducts supervisory oversight on all Authorised Firms, Ancillary Service Providers and 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 Institutions in the DIFC (see Chapters 2 and 3).
      (d) The Division also recognises those financial markets who operate an exchange or clearing house outside the DIFC without having a physical presence in the DIFC but make their services available to Persons in the DIFC. Trading and Clearing members of an Authorised Market Institution who operate in a jurisdiction other than the DIFC and do not have a physical presence in the DIFC are also recognised by the Division.
      (e) The Division is also responsible for regulating Offers of Securities in or from the DIFC, and supervises Reporting Entities by 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 DIFC or 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 Law 2004 in respect of contraventions of DFSA administered Laws and Rules; and
      (iii) the taking of enforcement action in circumstances where contraventions of DFSA administered Laws and Rules pose an unacceptable risk to the DIFC.
      (g) The DFSA has 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 DFSA administered Laws, Rules and policies, as approved by the DFSA Board of Directors. The Division also assists in the drafting of certain DIFC Laws. 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.
      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
      Amended by Notice of Updates (Made 5th July 2012). July 2012 Edition
      Amended by Notice of Updates (Made 20th December 2012). December 2012 Edition