There are two types of referrals, internal and external. Internal referrals originate from the
DFSA'ssupervisory activities conducted by the Supervision or Markets Division. The DFSA'ssupervisory framework is designed to detect and mitigate risks to the DIFCand the financial services industry in the DIFC. An internal referral occurs when a DFSAsupervisory division refers a matter to the Enforcement Division, when the supervisory division has identified possible contraventions of Laws and Rules.
When Enforcement receives an internal referral, the referring division may continue to be responsible for the on-going supervision of the
Personwho is the subject of the referral.
DFSAmay also receive allegations of misconduct through an external referral from other regulatory authorities and law enforcement agencies. Such allegations are generally received pursuant to the IOSCOor IAIS Multilateral Memoranda of Understanding (MMoU), or bilateral arrangements for the exchange of information between the DFSAand other regulatory and enforcement agencies.