Entire Section

  • Chapter 2 — Chapter 2 — The DFSA Board of Directors

    • 20. The Powers and Functions of the DFSA Board of Directors

      (1) The general powers and functions of the DFSA Board of Directors are to:
      (a) ensure that the DFSA exercises its statutory powers and performs its statutory functions in accordance with its objectives;
      (b) make policies relating to the regulation of financial services and related activities and any other matters over which the DFSA has exclusive jurisdiction;
      (c) review the performance of the Chief Executive;
      (d) give the Chief Executive written directions as to the furtherance of any of the DFSA's objectives or the performance of any of the Chief Executive's statutory functions. Such written directions shall not constitute Rules;
      (e) arrange for the DFSA to enter into binding and non-binding arrangements, including memoranda of understanding and co-operation with similar bodies, provided they do not conflict with the treaties to which the State is a party; and
      (f) accept a delegation of powers or functions from another person pursuant to Dubai Law or a Federal Law.
      (2) The legislative powers and functions of the DFSA Board of Directors are, so far as is reasonably practicable, to:
      (a) review and, where appropriate, submit draft laws to the President with a recommendation that they be approved and enacted;
      (b) review and, where appropriate, approve and make Rules;
      (c) review and, where appropriate, approve and issue standards and codes of practice of the DFSA; and
      (d) make written submissions to the President in relation to legislative matters outside the scope of its own legislative powers.
      (3) Except in respect of the powers and functions set out in Article 20(1)(c) and (d) and Article 20(2), the DFSA Board of Directors may delegate to a committee of the DFSA Board of Directors or to the Chief Executive such of its powers or functions as may appropriately and more efficiently and effectively be exercised or performed by such committee or the Chief Executive.
      (4) The DFSA Board of Directors may act through the Chairman of the DFSA.

    • 21. Chairman of the DFSA and Membership of the DFSA Board of Directors

      (1) The President shall appoint a person to be the Chairman of the DFSA for a fixed term.
      (2) The President may reappoint the Chairman for a further fixed term.
      (3) The Chairman may be dismissed only by the President for just cause in accordance with DIFC Law.
      (4) The President shall appoint persons to be members of the DFSA Board of Directors for fixed terms.
      (5) The President may reappoint a Board Member for a further fixed term.
      (6) A Board Member may be dismissed only by the President for just cause in accordance with DIFC Law and only after consulting the Chairman.
      (7) The Chairman of the DFSA shall be a Board Member and Chairman of the Board.
      (8) The Chief Executive shall be a Board Member but shall not be appointed as Chairman of the DFSA.
      (9) No member of the staff of the Chief Executive shall be appointed as a Board Member.
      (10) For the purposes of determining whether a person may be dismissed for just cause under this Article and Article 22, just cause means inability, incapacity or misbehaviour.

    • 22. The Chief Executive

      (1) The DFSA Board of Directors, by a majority resolution of two thirds of all members of the DFSA Board of Directors, shall appoint a person to be the Chief Executive of the DFSA for a fixed term and may reappoint the Chief Executive of the DFSA for a further fixed term.
      (2) The DFSA Board of Directors, by a majority resolution of two thirds of all members of the DFSA Board of Directors may dismiss the Chief Executive for just cause in accordance with DIFC Law.
      (3) The DFSA Board of Directors shall consult the President prior to appointing, renewing the appointment of or dismissing the Chief Executive.