Entire Section

  • 2005

    • DFSA Licenses EFG-Hermes UAE Limited as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed EFG-Hermes UAE Limited as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • DFSA Licenses EFG Bank as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed EFG Bank as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • DFSA Licenses Standard Bank Plc as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Standard Bank Plc as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • DFSA Registers Pannell Kerr Forster as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Pannell Kerr Forster as an Ancillary Service Provider in the Dubai International Financial Centre (DIFC).

    • DFSA Registers Rasmala Investments Holdings Limited as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Rasmala Investments Holdings Limited as an Ancillary Service Provider in the Dubai International Financial Centre (DIFC).

    • DFSA Licenses Rasmala Investments Limited as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Rasmala Investments Limited as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • DFSA Licenses ICICI Bank Limited as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed ICICI Bank Limited as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • DFSA Registers Clifford Chance LLP as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Clifford Chance LLP as an Ancillary Services Provider in the Dubai International Financial Centre (DIFC).

    • DFSA Signs Regulatory Protocol with CFTC

      New York, December 1, 2005: A Regulatory Protocol was today agreed between the Dubai Financial Services Authority (DFSA) and the Commodity Futures Trading Commission (CFTC).

      The Protocol was signed by David Knott, Chief Executive of DFSA, and Reuben Jeffrey III, Chairman of the CFTC, at a ceremony in New York.

      CFTC is the primary regulator of commodity derivatives trading in the United States with responsibility for some 24 exchanges and clearing houses. It is the home regulator of NYMEX Inc (Nymex) which has announced its intention to establish the Dubai Mercantile Exchange (DME) in a joint venture with Dubai Holding, the commercial arm of the Dubai Government next year. DME is in discussions with the DFSA and is finalising its licence application for lodgment early next year.

      Mr. Knott said:

      “The relationship between DFSA and CFTC will be important to ensure effective and coordinated regulation of the proposed DME. Much of the technical operating and clearing platform of the new exchange will be provided by NYMEX and it is expected that some key activities will be processed through NYMEX’s existing infrastructure in New York. It is therefore essential that DFSA has a strong working Protocol with CFTC to ensure adequate cooperation and information sharing on regulatory matters.

      The signing of this Protocol will assist cooperation between the two regulators in both the establishment phase of DME and during its subsequent ongoing supervision.”

      Dr Habib Al Mulla, Chairman of DFSA, said:

      “Establishment of DME within the DIFC next year will be facilitated by this new Protocol between DFSA and CFTC. The commercial partnership between Dubai Holding and NYMEX is now underpinned by a formal relationship between the two regulators. This provides increased confidence that cross border regulatory issues will be effectively coordinated.”

      Prior to signing the Protocol with CFTC, Mr. Knott met with senior officials of NYMEX to discuss their planned operations in the DIFC. He then visited the Nymex futures trading floor during which he rang the opening bell to commence the day’s trading on the exchange.

    • DFSA Licenses Man Investments Middle East as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Man Investments Middle East Limited as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • DFSA Licenses Takaful Re Limited as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Takaful Re Limited as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • Dubai Police and DFSA sign MOU on cooperation and exchange of information

      Dubai, 30 November, 2005: The Dubai Police and the Dubai Financial Services Authority (DFSA) today signed a Memorandum of Understanding (MOU) to further enhance regulatory cooperation and information sharing between the two agencies.

      Major General Dhani Khalfan Tamim of the Dubai Police, and Dr. Habib Al Mulla, Chairman of the DFSA, signed the historic MOU today at the Dubai Police Headquarters, reiterating the commitment of two agencies to work together in ensuring that any financial crime committed in or from the DIFC is dealt with swiftly and firmly.

      The MOU cements an already excellent level of co-operation between the Dubai Police and the DFSA, who have already worked together and assisted each other to combat financial crime. Each agency will be able to rely on the MOU to ensure efficient transfer of information, referral of criminal matters, as well as share technical know-how and joint training in enhancing the credibility of the DIFC's financial markets.

      Major General Dhani KhalfanTamim of the Dubai Police, said:

      "The MOU aims at supporting the UAE regulatory agencies and minimising financial market crime. The MOU will facilitate a closer working relationship with the DFSA and will help prevent criminal activity, including fraud, money laundering, and other prohibited practices in the securities markets of the DIFC and greater UAE."

      Dr. Al Mulla said:

      "Although securities markets today are increasingly international in nature they also require cooperation from agencies at a domestic level in order for regulation to be effective. To combat any financial crime that may arise in the DIFC, we need to have effective procedures in place to refer criminal activities to the Dubai Police. It is for this reason that the DFSA sees this MOU with Dubai Police as significant in protecting the UAE securities markets the most dynamic and best regulated markets in the Middle East.

      David Knott, CEO of the DFSA confirmed:

      "This MOU with the Dubai Police is part of the DFSA's mandate to be proactive and tough on financial crime including, market abuse. It will also enable the DFSA to swiftly refer criminal matters to the Dubai Police to protect the DIFC and combat financial crime."

    • DFSA Licenses Kotak Mahindra (UK) Limited as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Kotak Mahindra (UK) Limited as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • DFSA Presents Enforcement Guidelines

      Dubai, UAE, November 15, 2005: The Dubai Financial Services Authority (DFSA) held its first enforcement seminar in Dubai and gave an overview of its enforcement powers concerning securities regulation in the Dubai International Financial Centre (DIFC).

      David Knott, Chief Executive, DFSA said: “The DFSA intends to respond swiftly where financial crime occurs. The DFSA’s approach to enforcement is to be proactive, act swiftly where there is suspicion of contravention, be transparent, share information where appropriate and ensure ongoing international co-operation.”

      The DFSA is serious about enforcing its obligations in the DIFC and also has powers to enable it to conduct investigations, ask witnesses to give statements and request production of documents. It has similar powers to other financial service regulators such as the FSA in the UK, the SFC in Hong Kong and the SEC in the USA.

      In addition, the DFSA has powers that enable it to go to court and seek civil orders such as injunctions, freezing orders, disgorgement of profits and orders in relation to censure. The DFSA may bring civil penalty or other civil proceedings before the DIFC court or the Financial Market Tribunal, where it suspects a contravention in relation to its rules and laws.

      Knott added: “The DFSA intends to co-operate with its counterparts and is in the process of entering into MoUs with them, in pursuit of its mandate to assist other regulators and international financial agencies.”

    • DIFC Trust Law Issued

      His Highness Sheikh Maktoum Bin Rashid Al Maktoum, Ruler of Dubai, has enacted the Trust Law, DIFC Law No. 11 of 2005, which provides a fundamental framework for the creation of trusts in the Centre.

      The Law comprises 10 major parts and it deals with matters such as choice of governing law, place of administration, creation, validity and modification of a DIFC trust, office of trustee, and duties and powers of trustees.

      “The adoption of a legal framework for the creation of trusts will add an important new business dimension to the DIFC,” said David Knott, CEO, Dubai Financial Services Authority. “This proposal was exposed for public comment in August and the new Trust Law reflects positive comments received from the financial and professional services sectors. Those sectors can now develop their trust services with additional certainty and flexibility within the DIFC.”

    • Memorandum of Understanding Signed Between Dubai and Turkish Financial Regulators

      An important memorandum of understanding between the Capital Markets Board of Turkey (CMB) and the Dubai Financial Services Authority (DFSA) was completed at a signing ceremony in Istanbul on November 8, 2005.

      The ceremony was attended by CMB Chairman, Dr. Dogan Cansizlar, and by the DFSA Chief Executive, Mr. David Knott.

      CMB is the regulatory authority responsible for the supervision of Securities markets and institutions in Turkey. DFSA is the independent regulator of all Financial Services (banking, asset management, reinsurance and stock exchanges) within the Dubai International Financial Centre. The MoU is designed to enhance information sharing and cooperation between the two agencies, including investigation of international Securities crime.

      Commenting on the signing DFSA’s Chief Executive David Knott said: “We are delighted that DFSA’s close relationship with CMB has been formalised in this manner. Both agencies are committed to promoting high standards of market conduct, governance and transparency. Our agreement to co-operate and share information will assist to preserve those high standards in international financial transactions that affect our two jurisdictions.

      “I am particularly pleased to have signed the MoU with my friend Dogan Cansizlar against the background of increasingly warm ties between Turkey and the UAE.”

    • DFSA Issues Investment Law

      Collective Investment Law is open for public comment till November 17, 2005

      Dubai, October 16, 2005: The Dubai Financial Services Authority ('DFSA') today released a consultation draft Collective Investment Law for adoption within the Dubai International Financial Centre ('DIFC').

      “The adoption of a legal framework for the Regulation of collective Investments will add an important new business dimension to the DIFC,” said David Knott, CEO, of DFSA. “The Collective Investment Law will add clarity and certainty and provide the financial and professional services sectors with additional flexibility in Client service delivery.”

      The Collective Investments Law provides a fundamental and comprehensive framework for the Regulation of collective Investments in the DIFC. It has 14 parts dealing with general law, collective investment funds, operators of domestic funds, oversight of domestic funds, auditors of domestic funds, Prospectus requirements for domestic funds, registration of domestic funds, exemption of domestic funds, alteration to a domestic fund, transfer schemes and winding up of domestic funds, DFSA powers in relation to a fund, the Regulatory Appeals Committee, the Financial Markets Tribunal and miscellaneous affairs.

      The draft Collective Investments Law is published along with Consultation Paper No.21 on the DFSA website at www.dfsa.ae for public comment till 16th November 2005.

    • ESCA and DFSA Sign MOU on Cooperation and Exchange of Information

      The Securities and Commodities Authority of the United Arab Emirates (ESCA) and the Dubai Financial Services Authority (DFSA) today signed a Memorandum of Understanding (MOU) to further enhance regulatory cooperation and information sharing between the two agencies.

      H.E Abdulla Salem Al Turifi, CEO of ESCA, and Dr. Habib Al Mulla, Chairman of the DFSA, signed the historic MOU today in Abu Dhabi, reiterating the commitment of two of the leading Securities Regulators in the Middle East to work together in ensuring that Securities and commodities markets in the UAE and DIFC are fair, transparent, efficient and regulated to world Class standards.

      The MOU cements an already excellent level of co-operation between ESCA and the DFSA, the two independent agencies. Each regulator will be able to rely on the MOU to ensure compliance with applicable legislation and to collaborate in regulating inter jurisdictional dealings as well as share technical know-how and joint training in enhancing the credibility of financial markets and protect investor rights.

      H.E. Shaikha Lubna Bint Khalid Al Qassimi, Minister of Economy and Planning and the Chairman of ESCA, said:

      “The MOU aims at supporting the national economy and minimising the risk that is usually involved in financial market transactions. Our joint working with DFSA will help prevent fraud, Money Laundering, market manipulation and other prohibited practices in the Securities markets of the DIFC and greater UAE.”

      Dr. Al Mulla said:

      "Although Securities markets today are increasingly international in nature and accordingly require cooperation at an international level, no Securities markets are more important to the DIFC than those in the UAE. It is for this reason that the DFSA sees this MOU with ESCA as one of the most significant milestones in advancing our common goal of making the DIFC and UAE Securities markets the most dynamic and best regulated markets in the Middle East.

      H.E Abdulla Al Turifi confirmed:

      “The signing of the MOU comes at a time when financial markets and regulatory entities are facing many challenges. The MOU will greatly support the regulatory legislations of the financial markets in accordance to the highest standards prescribed by IOSCO and global financial markets.”

    • DFSA Licenses Invesco Asset Management Limited as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed INVESCO Asset Management Limited as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • DFSA Licenses Dubai International Financial Exchange Limited (DIFX) as an Authorised Market Institution (AMI)

      The Dubai Financial Services Authority (DFSA) has licensed the Dubai International Financial Exchange Limited (DIFX) as an Authorised Market Institution (AMI) in the Dubai International Financial Centre (DIFC).

    • DFSA Registers Zurich International Life Limited as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Zurich International Life Limited as an Ancillary Services Provider in the Dubai International Financial Centre (DIFC).

    • DFSA Licenses Banque Meespierson BGL SA as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Banque MeesPierson BGL SA as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • DFSA Registers Maples and Calder as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Maples and Calder as an Ancillary Services Provider in the Dubai International Financial Centre (DIFC).

    • DFSA Increases Resources

      Dubai Financial Services Authority ("DFSA") has announced seven new appointments to the regulatory agency.

      Commenting on the appointments, Mr. David Knott, Chief Executive, said:

      "The appointment of these officers further strengthens the regulatory and operational capabilities of the DFSA. They bring with them a depth of specialist skills and experience that reflects our commitment to deliver regulatory standards matching those in the world's leading capital markets."

      "We will continue to build our capacity to meet the growth of the Dubai International Financial Centre. I am pleased that we are attracting first Class Regulators to DFSA and that we are firmly on track to meet our recruitment targets".

      The key appointments announced today are:

      Mr Mark McGinness, Director, International Relations (Mr McGinness joins DFSA from the Australian Securities and Investments Commission).

      Mr David Haswell, Senior Manager, Authorisation (Mr Haswell joins DFSA from Ernst and Young, UK)

      Mr Matthew Warren, Senior Manager, Authorisation (Mr Warren joins DFSA from Lloyds of London, UK)

      Mr Bernhard Sperling, Senior Manager, Supervision (Mr Sperling joins DFSA from Deutsche Bank, Prague)

      Mr Aryan Schoorl, Senior Manager, Markets (Mr Schoorl joins DFSA from Netherlands Authority for the Financial Markets 'Autoriteit Financiële Markten')

      Mr Tony De Cristofano, Head of Information Technology (Mr De Cristofano joins DFSA from Reuters, Dubai)

      In addition to these new appointments Mr Jan Bladen has been promoted as Chief Operating Officer of DFSA, having responsibility for all corporate services. Mr Bladen first joined DFSA from PricewaterhouseCoopers in February 2005.

    • DFSA Issues Trust Law for Public Comment

      The Dubai Financial Services Authority (“DFSA”) today released a consultation draft Trust Law for adoption within the Dubai International Financial Centre (“DIFC”).

      Chief Executive of the DFSA, Mr David Knott, said:

      “The adoption of a legal framework for the creation of Trusts will add an important new business dimension to the DIFC.”

      “Clarity and certainty of Trust Law will be welcomed by the financial and professional services sectors and will provide them with additional flexibility in Client service delivery.”

      The Trust Law provides a fundamental framework for the creation of trusts in the Centre and the powers and duties of trustees. It comprises 10 major parts, General, Choice of governing law place of administration, Judicial and non judicial proceedings, Creation, validity and modification of a DIFC trust, Beneficiaries of a trust, Protective Trusts, Office of trustee, Duties and powers of trustees, Liability of Trustees and The Protector.

      The draft Trust Law is being published together with a Consultation Paper No.17 on the DFSA website at www.dfsa.ae for public comment until 14 September 2005

    • DFSA Licenses Persia International Bank Plc as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Persia International Bank Plc as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • DFSA Licenses Barclays Bank PLC as Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Barclays Bank PLC as an Authorised Firm in the Dubai International Financial Centre (DIFC).

      Barclays Bank PLC received Licence Number 10013.

    • DFSA Registers Swiss International Legal Consultants Limited as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Swiss International Legal Consultants Limited as an Ancillary Services Provider in the Dubai International Financial Centre (DIFC).

      Swiss International Legal Consultants Limited received Registration Number 20008.

    • DFSA Welcomes Announcement of New DIFC Laws

      The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), today welcomed the enactment of a further tranche of DIFC laws and regulations. The new laws, which will be administered by the DIFCA, deal with employment, legal rights, obligations and remedies, Security interests and companies regulations.

      Commenting on this significant step Dr. Habib Al Mulla, DFSA Chairman said “these laws are a critical component of the centre’s legal infrastructure and complement the laws which have already been passed to regulate the DIFC. The enactment of these laws is clear evidence that the DIFC project is well on its way to building its legal and regulatory framework to become the leading financial centre in the region.

      “The legislation provides legal certainty and commercial flexibility in several key areas. Creating such a modern and efficient legal infrastructure, which complements the world-class regulatory regime of the DFSA, fosters confidence in the DIFC as an internationally respected financial centre. This is a key objective of the Centre and one which the DFSA continually strives to meet.”

    • DFSA Registers KPMG LLP as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered KPMG LLP as an Ancillary Services Provider in the Dubai International Financial Centre (DIFC).

      KPMG LLP received Registration Number 20007.

    • DFSA Licenses Permal Investment Management Services Limited as Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Permal Investment Management Services Limited as an Authorised Firm in the Dubai International Financial Centre (DIFC).

      Permal Investment Management Services received License Number 10012.

    • DFSA Assists Law Enforcement Agencies in Closing Down Rogue Investment Firm

      A rogue Investment company, SMI Private Equity, was closed down this week. The action was as a result of a collaborative investigation by Law Enforcement authorities and the Dubai Financial Services Authority, with liaison from other international Securities agencies. The authorities suspected that SMI had been operating a “boiler room” operation, selling questionable Securities to investors. SMI targeted mostly expatriates living in Europe and the Middle East.

      In a “boiler room” operation, a company sells questionable Securities exaggerating their worth and performance. Investors are often misled on the basis of plausible sales techniques in relation to the performance of Securities. Often, investors are told to rely upon the performance that their Investment will increase in one or two years. Some of the Securities offered Related to unregulated companies in the USA. SMI allegedly promised returns to investors ranging from 100 – 700% and more. Some investors complained that they had not received any of the returns promised by SMI.

      SMI was formerly known as Stein Morgan International and was blacklisted in 2002 by the Financial Services Authority in the UK. The Employees of SMI formerly operated Stein Morgan International in Kuala Lumpur. Over the last few years, international Securities agencies have received numerous complaints from investors who purchased Securities from SMI. Authorities understand that some of these investors have never received their funds.

      In a truly collaborative operation, the Dubai Police, led by Brigadier Khamis Matar Al Mzaina, Director of The General Department of Criminal Investigation, and Younus Yousuf Al Moalem, Head of Anti-Money Laundering and Financial Crimes Section were also assisted by the Central Bank of the UAE, and its Governor, His Excellency Sultan Nasser Al Suwaidi, along with Abdullah Al Turaifi, Chief Executive Officer of Emirates Securities and Commodities Authority (Esca).

      Dr Habib Al Mulla, Chairman of the DFSA, said: “The DFSA gave its expertise, assistance, and international contacts to the law enforcement authorities on this occasion, because the activities of SMI would have damaged the reputation of the UAE as an international financial centre, if left unchecked. On this occasion, we were asked to work with other UAE agencies and were happy to provide our expertise to assist in the investigation of SMI. Cases such as these serve as a warning to those who are offered unrealistically high returns. If it appears too good to be true, it probably is.”

    • DFSA Welcomes New CEO

      The Board of Management of the Dubai Financial Services Authority (DFSA), the regulator for the Dubai International Financial Centre, today welcomed David Knott as its new Chief Executive Officer at a Board meeting.

      David Knott, one of the world’s most experienced and respected financial Regulators, joins DFSA from the Australian Securities and Investments Commission, where for three years he was Executive Chairman. He was also Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO), the international association of Securities Regulators, to which DFSA was recently admitted as an Associate Member. Knott, who is contracted to serve a three-year term, takes over from David King, who has been Acting CEO for the past nine months.

      Dr Habib Al Mulla, Chairman of the DFSA, said:

      “The Board was delighted to welcome David to his new role as CEO, which ushers in a new era in Financial Services in Dubai. The Dubai International Financial Exchange (DIFX) opens for business in September this year, and this seamless and harmonious handover of the most senior executive in its regulator is another milestone in the development of DIFC into a major global financial centre.”

      The DFSA exists to regulate all companies operating within the 110 acres of DIFC. It is a fully independent, risk-based regulator, operating to the highest global standards of international financial Regulation.

      “The arrival of David Knott underlines our status as best-in-class among international financial Regulators,” continued Dr Al Mulla. “David brings with him a wealth of experience, and his appointment will be yet another reassurance and motivation for both international and regional companies and institutions to establish themselves in the DIFC.”

      David Knott, commenting on the welcome, added:

      “I am very pleased to have been made so welcome by the Board. I am looking forward enormously to the excitement and challenges of leading the world’s finest regulator in the world’s most dynamic market.”

    • DFSA Announces New Rules

      • Sets the stage for launch of operations of DIFX
      • The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), has taken another step towards the creation of a fully functioning capital market in the region with the publication of three new modules rules.
      • The Offered Securities module introduces regulatory rules for the offering of Securities in or from the DIFC, and sets out the DFSA’s oversight of the listing process. Publication of these rules represents another significant step towards enabling the DIFC’s Exchange, the DIFX, to commence operations later this year.
      • The Authorised Market Institution module sets out the DFSA’s risk-based approach to the supervision of Authorised Market Institutions. These are firms licensed to conduct clearing operations as well as Exchanges themselves.
      •  The Recognition module sets out a regime that provides for certain overseas Exchanges and Clearing Houses (including settlement operators) and firms to be recognised by the DFSA in order to conduct certain financial activities within the DIFC without a presence in the DIFC. The rules also set out the process by which these entities should apply for Recognition.

      Dr. Habib Al Mulla, DFSA Chairman said “These modules represent a further significant step toward the establishment of a truly world Class regulatory regime for the operation of capital markets in the DIFC. The Rules reflect the DFSA’s commitment to implementing legislation of the highest international standards.”

      Acting Chief Executive, David King, observed: “With these rules now in place, the DFSA has taken a major step towards the creation of fully functioning capital market in Dubai operating under world-class regulatory standards. Our progress is on schedule, and the DIFC, which already has 15 international institutions licensed to undertake financial and Related business activities in the Centre, will soon be taking its rightful place among the world’s leading Securities markets.”

    • DFSA Moves into The Gate

      — New office and larger staff reaffirms commitment to strengthen regulatory environment

      Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), has moved into its new offices within the state-of-the-art Gate building in the DIFC. All DFSA’s staff will be housed in the new offices, affording room for expansion as the Financial Services industry based in the Centre continues to grow.

      The Chairman of the DFSA, Dr. Habib Al Mulla said, “The Gate is symbolic of Dubai being the leading gateway for the region’s financial success and we are delighted to be housed in this iconic building at the heart of Dubai’s International Financial Centre.

      “Within the one year since the establishment of DIFC, we have made great progress in creating the framework for a fair, transparent and well-regulated environment for Financial Services industry participants. As the number of firms populating the DIFC grows, our growing team of experts will continue to ensure this continues to be amongst the world’s best regulated financial centres.”

      So far, 13 DIFC laws have been enacted and a further nine are expected to be passed and the DFSA has drawn from the best practices of leading regulatory bodies around the world, creating a unique environment that offers legal certainty and regulatory familiarity for the Financial Services industry.

      Dr. Habib added that DFSA’s recent Associate Membership of the International Organisation of Securities Commissions (IOSCO), the world’s leading body of Securities Regulators, bears further testament to the international standards and expertise it brings to the region.

    • DFSA Registers The Export-Import Bank of Korea as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered The Export-Import Bank of Korea as an Ancillary Services Provider in the Dubai International Financial Centre (DIFC).

      The Export-Import Bank of Korea received Registration Number 20006.

    • DFSA Becomes Member of IOSCO

      DFSA made Associate Member of the world’s leading body of international Securities regulators

      Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre, has been made an Associate Member of the International Organisation of Securities Commissions (IOSCO), the world’s leading body of Securities Regulators.

      Commenting on the membership, Dr Habib Al Mulla said:

      “Since its inception, the DFSA has striven to bring world Class standards of Regulation in the DIFC and to be the leading international financial center in the Middle East. I am delighted that IOSCO has decided to accept our application for membership. I look forward to participating fully in IOSCO’s programme of promoting the highest standards of Regulation and governance the world’s Securities markets. By implementing such recognized international standards, the DFSA will foster in the DIFC the kind of fair, transparent and efficient environment that will attract quality participants from recognized international financial markets."

      David King, Acting Chief Executive of the DFSA added:

      “Over the past two years, the DFSA has created a world Class regulatory framework drawing on best practice from around the world’s leading jurisdictions. We have always considered membership of IOSCO as being an important milestone for our project and we are delighted to be joining the community of leading Securities Regulators.”

      IOSCO is the world’s primary forum for international co-operation for Securities regulatory agencies. It is also the recognised international standard setter for Securities markets.

    • DFSA Registers Mourant & Co Limited as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Mourant & Co Limited as an Ancillary Services Provider in the Dubai International Financial Centre (DIFC).

      Mourant & Co Limited received Registration Number 20005.

    • DFSA Chairman Welcomes Appointment of Chief Justices to DIFC Court

      Dr Habib Al Mulla, Chairman of the Dubai Financial Services Authority (DFSA), today welcomed the appointment of a Chief Justice and a judge to the DIFC Court.

      Commenting on the appointment of Sir Anthony Evans, as Chief Justice of the DIFC Court, and Michael Hwang, as Deputy Chief Justice of the DIFC Court, Dr Al Mulla said:

      “In addition to the unique and independent regulatory and legal structure, the DIFC is a unique financial centre that has an independent and highly sophisticated Court system which can deal with the sophisticated transactions that will take place in the DIFC; a Court system that provides certainty and comfort to all DIFC participants. These appointments complete the structure of the DIFC which now has an independent regulatory authority and Court system.”

    • DFSA Licenses Merrill Lynch Bank (Suisse) S.A as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Merrill Lynch Bank (Suisse) S.A. as an Authorised Firm in the Dubai International Financial Centre (DIFC).

      Merrill Lynch Bank (Suisse) S.A received License Number 10010 on Tuesday 5 April 2005.

    • Top International Regulator Takes Over at DFSA

      David Knott steps in to lead the Middle East's first world-class financial capital market

      The Board of the Dubai Financial Services Authority (DFSA) today announces the appointment of one of the world's most senior financial Regulators to become its Chief Executive Officer.

      Dr. Habib Al Mulla, Chairman of the DFSA, announced that David Knott is to take over as CEO from 1 June 2005. Mr Knott's appointment follows three months search led by the Board's Nominations and Governance Committee.

      Mr. Knott was for three years executive chairman of the Australian Securities and Investments Commission (ASIC). He was also Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO) - a role which involved leadership in the international response to the corporate governance crisis of 2001/2002 and participation in the work of the Financial Stability Forum. ASIC is responsible in Australia for all conduct and governance issues, the operation of Securities markets, takeovers, financial reporting, market, disclosure and consumer protection.

      Dubai's aim in attracting such a high profile regulator is to strengthen the position of the Dubai International Financial Centre (DIFC) as the Middle East's first world Class capital market. Mr Knott's appointment is for an initial term of 3 years and is subject to renewal. He is attending a meeting of the Board of the DFSA in Dubai tomorrow (Monday) where his appointment is due to be formally adopted.

      Dr. Al Mulla said:

      "The appointment of Mr Knott follows an international search conducted by the DFSA Board's Nominations Committee, with the active involvement of the full Board. The engagement of an international regulator of such high calibre is evidence of a new and mature phase in the DFSA's development. We are clearly and firmly established as a regulatory authority with the same independence, expertise and transparency as the Regulators in leading international markets in Europe, America and Asia."

      "International institutions will have certainty and the peace of mind of knowing that when they obtain a regulatory Licence to operate in the DIFC, the regulations they operate under are transparent, of world Class quality, very familiar to them as they are based on best practice in London, Wall Street and other major financial centres - and controlled by a senior regulator whom they know and respect."

      "Once again Dubai is setting the pace. We are determined to supply the missing link in the global economy."

      "Until the emergence of the DIFC, a central time zone of 1.6 billion people with an annual GDP of 1.5 trillion dollars has lacked any financial market comparable in quality to the Western markets of London, Frankfurt and New York and the Eastern markets of Tokyo, Hong Kong and Singapore. Now the way is clear to create a powerful capital market that will channel Investment into the region, act as a motor of economic growth and gradually make a real difference in the lives of many people in the Middle East."

      "The world's leading Financial Institutions expect their jurisdictions of choice to underpin their operations with firm and fair Regulation so that their risk is minimised and their reputations are secure."

      "I am confident — because of his reputation, regulatory experience and record in both Securities and banking - that David Knott will now develop as robust and independent a Financial Services authority as exists anywhere in the global market."

      David Knott said:

      "Independent and principled Regulation is essential to the success of modern financial markets. Financial Institutions of integrity will no longer tolerate regulatory environments that expose them to reputation risk. This reality is well recognized by recent initiatives to further support and strengthen the DFSA."

      "The aspirations of the Dubai International Financial Centre are exciting and ambitious. They Offer great opportunity to both international and regional Financial Institutions. I am very much looking forward to leading the regulatory agency whose work is so central to this success."

    • DFSA is to Appoint Lord Home to its Board

      Dubai Financial Services Authority (DFSA) plans to take another major step forward as an international financial regulator with the appointment to its Board of the Earl of Home.

      Lord Home, son of the former British Prime Minister Sir Alec Douglas-Home, will bring another dimension to what is already a highly experienced international Board governing Dubai's independent regulatory authority.

      He has held both senior business and senior political posts. His business career has encompassed the chairmanship of Morgan Grenfell International, a directorship of Deutsche Morgan Grenfell, chairmanship of Coutts, the famous private Bank, and a directorship of MAN Ltd., the UK Subsidiary of MAN AG of Germany.

      Lord Home, aged 61, has also been a Trade & Industry spokesman for the Conservative Party in the UK House of Lords.

      Dr. Habib Al Mulla, chairman of the DFSA, said

      "I am delighted that Lord Home has agreed to join the Board of the DFSA. His wide international experience at senior level will be a timely addition to our already significant dept and breadth of international financial expertise."

      "The pace of our operations is accelerating, as more and more international institutions and professional firms seek to obtain Licences to operate inside the Dubai International Financial Centre (DIFC)."

      "We are now close to finalising the second batch of laws. When that happens we will have almost completed all the major laws and regulations to govern the operations of the DIFC. With the opening of the Regional Exchange expected in September, our aim is to manage what will be a large volume of regulatory work without compromising our high standards."

      "The DFSA board’s policy is to attract people of high expertise and calibre. This new appointment will help us achieve that goal."

      Lord Home said:

      “I am delighted and privileged to be asked to join the Board of the DFSA. I hope to be able to contribute constructively to their deliberations.”

    • DFSA Licenses Bank Sarasin-Alpen (ME) Limited as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Bank Sarasin-Alpen (ME) Limited as an Authorised Firm in the Dubai International Financial Centre (DIFC).

      Bank Sarasin-Alpen (ME) Limited received License Number 10009 on Sunday 27 February 2005.

    • DFSA Signs its First International MOUs

      Two Memoranda of Understanding signed to facilitate regulatory cooperation

      Dubai Financial Services Authority (DFSA) today took another significant step forward with the signing of its first two Memoranda of Understanding (MOUs) with international Regulators.

      Dr. Habib Al Mulla, Chairman of the DFSA, signed the two historic MOUs with the two financial Regulators of the Isle of Man.

      The two agreements, which provide a framework for mutual assistance and the Exchange of information in investigations and enforcement matters, pave the way for a high level of co-operation between the DFSA and both the Isle of Man Financial Supervision Commission and the Isle of Man Insurance and Pensions Authority.

      The agreements will also enhance each regulator's ability to ensure compliance with applicable Financial Services legislation and to effectively regulate cross border dealings thereby helping to prevent fraud, Money Laundering and other prohibited practices by regulated firms in the Isle of Man and DIFC.

      The MOUs were signed for the Isle of Man by John Aspden, head of its Financial Supervision Commission, and by David Vick, head of its Insurance & Pensions Authority.

      The signing ceremony took place at the DFSA headquarters and was witnessed by The Honourable Donald Gelling, Chief Minister of the Isle of Man.

      Dr. Al Mulla said:

      "Financial services markets today are increasingly international in nature. By improving our ability to gather and share information, these memoranda will assist both regulatory jurisdictions in the effective Regulation of our respective Financial Services markets."

      "The signing of our first MOUs is a milestone event in meeting our objective of expanding cooperation between financial market Regulators on a global basis and fostering the integrity, efficiency and financial stability of the Financial Services industry in the DIFC."

      "These MOUs, the first of many with other international jurisdictions, underscore the importance of cross border cooperation and are critical to the development of the DIFC as an internationally respected financial centre."

    • DFSA Registers Alliance RE as Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) today announced that it has been admitted as an Associate Member of the Islamic Financial Services Board (IFSB), which serves as an international standard setting body of the regulatory and supervisory agencies that have a vested interest in ensuring the soundness and stability of the Islamic Financial Services industry.

      ‘Becoming a Member of the IFSB is an important step forward for the DFSA. The IFSB is one of the leading industry associations for Islamic finance and standard setting, and the DFSA looks forward to a productive relationship with the IFSB in our capacity as an Associate Member’, said Dr Habib Al Mulla, Chairman of the DFSA Board.

      Mr David King, Acting Chief Executive of the DFSA added, ‘As a newly established regulator operating to international best practice standards, the DFSA considers its membership of the IFSB to be an important element in working with other organisations that seek to develop best practice standards in their own sphere of expertise’.

      The objectives of the IFSB include the promotion of and development of a prudent and transparent Islamic Financial Services industry through introducing new, or adapting existing, international standards consistent with Shari’a principles, and recommending these for adoption and providing advice and Guidance on effective supervision to institutions offering Islamic products.

      The IFSB also liaises and co-operates with relevant organisations currently setting standards for the stability and the soundness of the international monetary and financial systems and those of the Member countries.