Entire Section

  • 2006

    • 28 December 2006 — DFSA Licenses Oasis Crescent Capital (DIFC) Limited as an Authorised Firm

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

    • 21 December 2006 — DFSA Licenses The Finance Warehouse Limited as an Authorised Firm

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

    • 18 December 2006 — DFSA Licenses MENA Infrastructure Fund (GP) Limited as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed MENA Infrastructure Fund (GP) Limited as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • 15 December 2006 — DFSA Licenses State Bank of India as an Authorised Firm

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

    • 13 December 2006 — DFSA Licenses ATA Invest (Dubai) Limited as an Authorised Firm

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

    • 11 December 2006 — DFSA Licenses Rothschild (Middle East) Limited as an Authorised Firm

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

    • 11 December 2006 — DFSA Licenses Malaysian Re (Dubai) Ltd as an Authorised Firm

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

    • 08 December 2006 — DFSA Licenses Deloitte Limited Liability Partnership as an Authorised Firm

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

    • 05 December 2006 — Dr. Habib Al Mulla calls for establishment of an international tribunal for corruption crimes

      Dubai, UAE, December 5, 2006: Dr. Habib Al Mulla called for the establishment of an international tribunal to examine crimes of corruption. In his speech ‘Will corruption continue to eliminate opportunity’ yesterday before the Arab Strategy Forum, Dr. Al Mulla called for giving countries the right to bring law suits against multinational corporations involved in corruption.

      Dr. Al Mulla also called for action on corruption. He said corruption cost the Arab World some 300 billion dollars annually, proposing 'we need to wake-up and look at what's happening on our doorstep.'

      As a precursor to an interactive panel debate Dr. Al Mulla set out a series of observations focusing particularly on reputation and perception, explaining: “For a nation to be perceived to be corrupt is just as damaging as it being corrupt.”

      In calling for all possible measures to be taken to improve transparency and increase disclosure, he stated: “We need to enforce laws while improving professional standards and codes of ethics.”

      Dr. Al Mulla proposed that when it comes to corruption and avoiding the ensuing trauma 'we must seize the opportunity to build a solid and good reputation'.

      During the interactive panel discussion, Dr. Al Mulla cited the DFSA's contribution to improving the UAE's reputation, explaining: “The DFSA has a range of measures to deal with combating financial crime, money laundering, and insider trading,” before adding: “The DFSA operates to the highest of ethical standards and its main powers are drawn from the Regulatory law and Markets law.”

      Dr. Al Mulla saw the DFSA as 'a model of good corporate governance' supporting this comment stating: “The DFSA has a distinguished Board with members drawn from a number of financial centres; all who are experts and role models in their fields.”

      In concluding, Dr. Al Mulla stated: “I believe the DFSA makes an effective contribution to combating corruption and perceptions of corruption at the level of the UAE.”

    • 05 December 2006 — DFSA Registers Russell Bedford (Dubai) Limited as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Russell Bedford (Dubai) Ltd as an Ancillary Service Provider in the Dubai International Financial Centre (DIFC).

    • 04 December 2006 — DFSA obtains court injunction against Enduam Asset Management

      Dubai, UAE, December 4, 2006: The DFSA obtained a court order today against Patrick Lochrie, David Carruthers and Enduam Asset Management (also known as Enduam Consulting) for making false and misleading representations concerning their regulatory status in relation to the Dubai International Financial Centre. This is the first court action taken by the DFSA.

      According to the application filed by the DFSA, Patrick Lochrie and David Carruthers attempted to induce members of the public to invest in their company, Enduam, by falsely representing that Enduam had either obtained a financial service license or were in the final stages of obtaining such a license within the DIFC.

      The Dubai Financial Services Authority had no record of any such application ever being filed.

      Although the defendants did not appear on the application, the Chief Justice of the DIFC Court, Sir Anthony Evans, granted the DFSA’s request for an interim injunction on the condition that the matter return before him on January 8, 2007 for a full hearing of the matter to take place. The interim application was heard without notice to the defendants.

      The Chief Justice ordered that Patrick Lochrie, David Carruthers and Enduam be restricted from representing directly or indirectly (whether by themselves or by instructing or encouraging any other person) that Enduam had become licensed or applied for a license with the DIFC.

      David Knott DFSA Chief Executive stated: “This court action sends the strong regulatory message that the DFSA will take action against conduct or misrepresentations that negatively affects the reputation of the DIFC or DFSA in relation to a company’s regulatory status.”

    • 30 November 2006 — DFSA enters into Memorandum of Understanding with German Federal Financial Supervisory Authority

      Dubai, UAE, November 30, 2006: Today the Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), the Federal Financial Supervisory Authority of Germany.

      The MoU signing coincided with a visit to the DIFC by Mr. Jochen Sanio, President of the BaFin.

      Established on 1 May 2002 as an integrated regulator of banks and financial service providers, insurance undertakings and securities trading, the BaFin is an independent public-law institution subject to the legal and functional oversight of the Federal Ministry of Finance. BaFin’s primary objective is to guarantee the proper functioning, stability and integrity of the German financial system.

      Chief Executive of the DFSA, Mr. David Knott said: “The BaFin is one of Europe’s pre-eminent financial services authorities. As such this memorandum of understanding is a most significant initiative, recognising the importance of these arrangements for cooperation and information sharing between the two regulators.

      “Although both the BaFin and the DFSA are signatories to the International Organisation of Securities Commissions (IOSCO) Multilateral MoU, today’s bilateral agreement reflects each agency’s responsibilities, not just for securities, but as an integrated regulator of its banking and insurance sectors.

      As German financial services firms join the DIFC this bilateral relationship will assume increasing importance as both regulators rely on the quality of regulatory standards administered in the other’s jurisdiction.”

      The signing follows a visit last week to the DIFC by Germany’s Finance Minister, Mr. Per Steinbrueck. Mr. Knott added, “I am particularly pleased that my friend Jochen Sanio has come to Dubai to sign this MoU against a background of increasingly warm ties between Germany and the UAE.”

      "Our cross-sectoral MoU meets the highest international standards“, said BaFin President Jochen Sanio after signing the agreement. “The MoU is most timely”, he added. "and thanks to it, cross-border supervision between Germany and the DIFC will be enhanced"

    • 30 November 2006 — Notice of Amendment — DFSA administered Laws

      TAKE NOTICE THAT:

      The Regulatory Law Amendment Law DIFC Law No.8 of 2006 was signed by the Ruler and came into force on 29 November 2006. The amendments relate to changes in the DFSA Auditors Regime.

      The updated Consolidated version of the Regulatory Law DIFC Law No.1 of 2004 is now available on the DFSA website under legislation and DFSA administered laws.

      Issued on 30 November 2006

    • 29 November 2006 — DFSA Registers Deloitte Limited Liability Partnership as an Auditor and Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Deloitte Limited Liability Partnership as an Auditor and Ancillary Service Provider in the Dubai International Financial Centre (DIFC).

    • 29 November 2006 — DFSA Licenses Natexis Banques Populaires as an Authorised Firm

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

    • 28 November 2006 — DFSA announces rule changes in relation to auditors

      Dubai, UAE, November 28, 2006: The DFSA has announced rule changes in relation to auditors who audit Authorised Firms, Authorised Market Institutions and Collective Investment Funds domiciled in the DIFC. The new rules, available on the DFSA web site, prescribe the standards that apply to auditors and have come about after extensive consultation with industry stakeholders.

      Key features of the changes include review by the DFSA, at the time of application and on an ongoing basis, of an auditor’s systems, policies, procedures and controls to ensure compliance with:

      •  International Standards on Auditing and Quality Control issued by the International Auditing and Assurance Standards Board (IAASB) of IFAC;
      •  Code of Ethics for Professional Accountants issued by the International Ethics Standard Board for Accountants (IESBA) of IFAC;

      and where applicable

      Islamic Accounting and Auditing Standards issued by the Accounting and Auditing Organisation of Islamic Financial Institutions (AAOIFI)

      •  Code of Ethics for Accountants and Audit Firms of Islamic Financial Institutions issued by the Accounting and Auditing Organisation of Islamic Financial Institutions from time to time (AAOIFI);

      The DFSA considered that the previous requirements applicable to auditors needed enhancement to reflect both the DFSA’s risk based approach to regulation and international standards applicable to the registration and supervision of auditors.

      David Knott, DFSA CEO, said: “These new rules are an important component in enhancing the standard of audit and auditor supervision in the DIFC and prescribe a regime that is the equivalent of that found in the world’s major capital markets.

      The changes have been welcomed enthusiastically by all major auditing firms. It is evidence of the DFSA’s willingness to embrace and promote international best practice where it will improve transparency and investor confidence.”

    • 27 November 2006 — DFSA Licenses SAAD Financial Advisory Services Limited as an Authorised Firm

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

    • 26 November 2006 — Dr. Habib Al Mulla Calls for Young Arab Leaders to Make an Effective Contribution to Good Governance

      Amman, Jordan, November 26, 2006: At the Young Arab Leaders Forum today attended by H.M. King Abdullah II Bin Al Hussein of the Hashemite Kingdom of Jordan, Dr. Habib Al Mulla called on Young Arab Leaders to take up the challenge of improving leadership, and to make an ‘effective contribution to good governance in the Arab World’.

      Dr. Al Mulla used the creation of the Dubai International Financial Centre (DIFC) and the Dubai Financial Services Authority (DFSA) as the basis for his discussion, calling it an ‘eye opener’ to what can be done. In praising H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-president and Prime Minister, and Ruler of Dubai, Dr. Al Mulla said: “The DIFC is a visionary project and a role model for good governance in the Arab World”.

      He described good governance as being ‘where public resources and problems are managed effectively, efficiently and in response to critical needs of society. Effective forms of governance rely on public participation, accountability and transparency.’

      “Efficient, fair and transparent capital markets are central to economic growth and development and good governance ensures that finance raised is put to good use while investors are protected,” he added.

      Dr. Al Mulla regarded the DIFC as a leading financial centre because it was underpinned by the DFSA which he described as ‘a world class regulator’. He said: “The DFSA has adopted international best practice from day one to ensure the DIFC is among the best regulated financial centres in the world”.

      Dr. Al Mulla paid credit to the DFSA Board members he chaired, stating: “Our board comprises renowned leaders, all experts and role models in their field; they are devoting their time and energy to make the DFSA a role model in the Middle East”.

      In concluding, Dr. Al Mulla paid tribute to the DFSA executive who had been instrumental in developing the ‘Tomorrow’s Regulatory Leaders’ initiative. He said: “The DFSA has attracted the best international regulators from around the world and they are engaged in an extensive knowledge exchange programme to train and develop young Emiratis. Young people are our future and we must invest in them and train them to be upstanding leaders”.

    • 23 November 2006 — DFSA Licenses Liberty Mutual Insurance Europe Limited as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Liberty Mutual Insurance Europe Limited as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • 21 November 2006 — DFSA Registers Allen & Overy LLP as an Ancillary Service Provider

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

    • 21 November 2006 — DFSA Licenses CELF Investment Advisors Limited as an Authorised Firm

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

    • 20 November 2006 — Notice of Rule Amendments to DFSA Rulebook — CIR Module

      TAKE NOTICE THAT:

      The DFSA has amended the Collective Investment Rules (CIR) Module of the DFSA Rulebook to permit the appointment of prime brokers by Operators of Hedge Funds subject to certain safeguards. The amendments, which are set out in attached AnnexAnnex, come into effect on 20 November 2006. Consultation Paper 37 explains the purpose of these amendments. In brief, these amendments to CIR are found in:

      •   section 13.6, where a new CIR Rule 13.6.3 has been added;
      •   section 18.2, where a new CIR Rule 18.2.1(b) has been added; and
      •   Appendix A1.2, where CIR A1.2.2(f) has been amended by creating an exception which is in new CIR A1.2.3.

      Please click here to view the annexPlease click here to view the annex

      Issued on 20 November 2006

    • 08 November 2006 — Dr. Habib Al Mulla welcomes Ed Balls, UK Member of Parliament

      Dubai, UAE, November 8, 2006: Dr. Habib Al Mulla, DFSA Chairman today received Ed Balls, UK Member of Parliament and Economic Secretary to the Treasury, to discuss the further strengthening of cooperation in financial services between the UK and Dubai. The meeting was held in the offices of the Dubai Financial Services Authority (DFSA), and discussions covered a wide range of subjects, including Islamic Finance, education and investor protection.

      The rapid growth in Islamic Finance, one of the main business pillars in the Dubai International Financial Centre (DIFC), offered fertile ground for discussion.

      In the field of education, the discussion centred on the DFSA initiative — ‘Tomorrow’s Regulatory Leaders’, an extensive training and development program designed to create sustainable career opportunities for Emiratis in financial services regulation, and the recently launched Islamic Finance qualification, a joint effort between the UK and Lebanon.

      Dr. Al Mulla and Mr. Balls also discussed the need to improve investor protection measures and the adoption of international best practice, including effective measures on transparency, disclosure and corporate governance.

      Dr. Al Mulla commented: ‘It was a pleasure to receive Mr Balls and to discuss developments in the UK market and City of London; he is extremely interested in and knowledgeable on Islamic Finance.

      “I believe that the tremendous interest in Islamic Finance has led to a range of initiatives in terms of international best practice, regulation, and education; we are always receptive to discuss ways in which we can cooperate with other financial centres.”

      Dr. Al Mulla added: “Our regulatory framework is modelled on international best practice and draws on the strengths of international centres like London.”

    • 02 November 2006 — Dr Habib Al Mulla calls for continuous improvements in investor protection measures

      Cairo, Egypt, November 2, 2006: In an important international conference on capital markets in Cairo, Dr. Habib Al Mulla, DFSA Chairman called for all markets 'to strive for continuous improvements in investor protection measures'. The conference was held under the auspices of H.E. Dr. Ahmed Nazif, The Prime Minister of the Arab Republic of Egypt.

      In comparing and contrasting the investor protection index results from the World Bank 'Doing Business Survey', Dr Al Mulla analysed the new and international markets like the DIFC with the more traditional and national markets, operating in Egypt and the UAE.

      Egypt and the UAE had the same overall Strength of Investor Protection Index of 4.3 which is lower than the OECD index of 6. He explained that the index rating ranges from 0 to 10 with 10 reflecting the optimum index, pointing out that 'the UK and USA carry an 8 and 8.3 Strength of Investor Protection Index respectively. This is well above the OECD index of 6', he added. Dr. Al Mulla challenged his audience to 'cooperate and chase the 10-Index as an end goal in rapidly globalising markets'.

      Dr. Al Mulla said: 'In the Globalisation scenario, we must be able to attract investors to transparent, orderly and fair markets — and to protect them; protecting investors is the cornerstone of successful capital markets. The DFSA has modelled its legislation on the UK and USA, using international best practice', he added.

      In his presentation Dr. Al Mulla explained that the DFSA can act quickly to ensure both laws and rules remain up-to-date in terms of international best practice, stating: 'the DFSA is constantly striving to maintain up-to-date measures to ensure sound corporate governance, disclosure, transparency and investor protection'.

      In concluding, Dr Al Mulla stated: 'Investor Protection, and the goal of the 10-Index, will separate the good markets from the ordinary in the globalisation scenario.

      The DFSA is open to cooperation and has entered into a number of Memorandums of Understanding with authorities and standard-setting bodies around the World to further this aim.

      We stand committed to investor protection as a primary measure of success in a globalising world; we will continue on route to the 10-Index'.

    • 02 November 2006 — DFSA Licenses Prudential Asset Management Limited as an Authorised Firm

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

    • 02 November 2006 — DFSA Licenses Banque de Commerce et de Placements SA as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Banque de Commerce et de Placements SA as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • 31 October 2006 — DFSA to host 2010 IAIS Annual Conference in Dubai

      Dubai, UAE, October 31, 2006: The DFSA today announced it had been successful in its bid to host the 2010 International Association of Insurance Supervisors (IAIS) Annual Conference in Dubai. The announcement was made during the IAIS’s Annual General Meeting, following the 2006 Annual Conference in Beijing, China.

      The Annual Conference in 2010 will be preceded by the October round of Triannual Meetings, also to be hosted by the DFSA in Dubai. The IAIS represents insurance regulators and supervisors of some 180 jurisdictions in more than 130 countries, constituting 97 per cent of the world's insurance premiums.

      The Annual Conference is the most prestigious event in the IAIS calendar and provides a unique opportunity for participants to exchange views on global trends and regulatory challenges and initiatives.

      The event will attract some 800 of the world’s leading supervisors and market practitioners to Dubai. The DFSA has already announced it will host the IAIS Triannual Meetings in Dubai in February 2007 and the Emerging Markets Committee of the International Organisation of Securities Commissions (IOSCO) in November 2007.

      DFSA Chief Executive, Mr David Knott, said: “We are delighted that the DFSA has been invited to host the IAIS’s most prestigious event in Dubai and to add this to our calendar of events which includes the IAIS Triannual, and IOSCO Emerging Markets Committee meetings in 2007.

      “These events provide an opportunity to showcase Dubai, and for the DFSA to fully brief these important policy makers on the progress of regulatory developments within the UAE and, in particular, the DFSA’s successful application of international standards within the DIFC”

    • 20 October 2006 — DFSA Licenses FIMBank p.l.c as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed FIMBank p.l.c as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • 20 October 2006 — DFSA Licenses Ashok Kapur & Associates Limited as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Ashok Kapur & Associates Limited as an Ancillary Service Provider in the Dubai International Financial Centre (DIFC).

    • 20 October 2006 — DFSA Licenses Libertas Capital (Dubai) Limited as an Authorised Firm

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

    • 19 October 2006 — DFSA Licenses Gulf Merchant Group Limited as an Authorised Firm

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

    • 19 October 2006 — DFSA Licenses INTL Capital Limited as an Authorised Firm

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

    • 18 October 2006 — DFSA Licenses NewDawn GSE Asset Management Limited as an Authorised Firm

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

    • 16 October 2006 — DFSA Licenses 100th Regulated Firm within DIFC

      Dubai, UAE, October 16, 2006: The Dubai Financial Services Authority (DFSA) licensed its 100th regulated firm in the DIFC last week. The licensed entities comprise 78 Authorised Firms and 22 Ancillary Service Providers.

      Authorised Firms are granted a license to conduct financial services in or from the DIFC; services include banking and brokerage, asset management, Insurance and Islamic Finance.

      Ancillary Service Providers are granted a registration to carry out ancillary services in or from the DIFC; they provide legal and accountancy services.

      David Knott, DFSA Chief Executive, stated: "To have reached this milestone within such a short time has exceeded everyone’s business plans and expectations.

      "We now have many of the biggest names in international finance operating from the DIFC under our regulation, supported by international professional services Firms of similar quality. We have also been pleased to welcome and license several regional Firms that have demonstrated a strong commitment to international regulatory standards. DFSA’s licensing standards underpin the quality of the regulated sector within the DIFC. Our commitment to the administration and enforcement of world class regulation has provided incentive for this first group of 100 firms to domicile within the Centre," said Knott.

      The regulated financial services sector within the DIFC works alongside many other registered enterprises which, taken together, constitute the DIFC community.

      There are now more than 270 licensed and registered Firms within the DIFC, including 100 regulated by the DFSA.

    • 11 October 2006 — DFSA Licenses DAMAC (DIFC) Company Limited as an Authorised Firm

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

    • 10 October 2006 — DFSA Accepts Enforceable Undertaking from Montpelier

      Dubai, October 10, 2006: The Dubai Financial Services Authority ("DFSA") has accepted an Enforceable Undertaking from Montpelier (Labuan) Limited and Montpelier Group (Europe) Limited ("Montpelier") signed by two of its senior officers, David Yelloly, Chief Executive Officer and Stuart Williamson, Managing Director for Asia-Pacific. This followed an investigation into Montpelier's false representations concerning its regulatory status with the DFSA and the DIFC.

      The DFSA took action after receiving complaints that misrepresentations had been made to members of the public whereby Montpelier had falsely held out that it was licensed or has applied for a license with the DFSA or DIFC and has directly or indirectly used these representations to induce members of the public to become its clients. Montpelier had not applied for authorization in any capacity with the DIFCA, DIFC or DFSA, but nevertheless represented to members of the public that an application for authorization with the DIFC and DFSA had been made. Further Montpelier has no office in the DIFC and the address listed on their written materials at Knowledge Village, Dubai, is a serviced office with no apparent business operations.

      As a result Montpelier has agreed to Terms and Conditions which are set out in the 'DFSA Enforceable UndertakingDFSA Enforceable Undertaking' pursuant to Article 89, Regulatory Law No. 1 of 2004, a copy of which may be obtained from www.dfsa.ae under 'Publication/Media' — and relevant media release.

      This is the first Enforceable Undertaking obtained by the DFSA under the Regulatory Law.

      David Knott, DFSA Chief Executive, stated: "It is important that investors are not misled about the regulatory status of financial firms and advisors.

      This Enforceable Undertaking sends a clear signal that the DFSA will take action against any party that misrepresents its regulatory status within the DIFC."

    • 08 October 2006 — DFSA Licenses UIB Capital Limited as an Authorised Firm

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

    • 05 October 2006 — DFSA Licenses FFA (Dubai) Limited as an Authorised Firm

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

    • 03 October 2006 — DFSA Licenses Millennium Capital Ltd as an Authorised Firm

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

    • 03 October 2006 — DFSA Licenses IDS International Limited as an Authorised Firm

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

    • 29 September 2006 — DFSA Licenses Clariden Asset Management (Dubai) Limited an Authorised Firm

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

    • 28 September 2006 — DFSA Licenses JPMorgan Chase Bank, NA as an Authorised Firm

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

    • 28 September 2006 — DFSA Registers Akin Gump Strauss Hauer & Feld Limited Liability Partnership as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Akin Gump Strauss Hauer & Feld LLP as an Ancillary Service Provider in the Dubai International Financial Centre (DIFC).

    • 27 September 2006 — DFSA Law enacted by Ruler receives Best Government Initiative of the Year award

      London, September 27, 2006: In a remarkable international recognition, the DFSA has received the "Best Government Initiative of the Year" award from the Society of Trust and Estate Practitioners (STEP). The DFSA received this prestigious award for the excellence of its Trust Law, which was enacted by the Ruler on 9 November 2005. This prestigious award, judged by a distinguished panel of independent industry practitioners and experts, was received by Roberta Julfar, DFSA Legislative Counsel, at the award ceremony held at the Grosvenor House Hotel in London.

      Commenting on this, Dr Habib Al Mulla, DFSA Chairman, said: "The receipt of this award is yet another acknowledgment of the quality of the laws and the legislative framework that the DFSA has put in place. The DIFC is striving to be the international financial hub of the region and the world class legislation that has been put in place is a crucial element. This award is international recognition that our laws are of world class standard. To have received a highly valued industry award from STEP is a vote of confidence in respect of our policy direction and leadership. I congratulate the staff of the DFSA whose work has led to this significant award."

    • 27 September 2006 — DFSA consults on Use of Prime Brokers by Hedge Funds

      Dubai, September 27, 2006: The DFSA has issued Consultation Paper No 37 for public comment.

      The Paper, which is posted on the DFSA website www.dfsa.ae seeks comment on the DFSA’s proposals to enhance the Collective Investment Rules, which the DFSA introduced in April 2006.

      The proposed enhancements are designed primarily to permit operators of private Hedge Funds in the DIFC to appoint prime brokers under terms of agreement, which allow the prime brokers to commingle Fund assets and to use the Fund assets as collateral according to generally accepted industry practice.

      The proposed amendments also require that certain safeguards must be in place before prime brokers will be permitted to commingle and collateralise Fund assets.

      As a risk based regulator, the DFSA, in consultation with industry, strives to foster the principles of integrity, transparency and efficiency in the DIFC financial markets.

      By developing these proposals in line with international best practice, the DFSA is furthering its regulatory objective of ensuring that the DIFC is a well regulated and internationally competitive financial market.

    • 25 September 2006 — DFSA Licenses HSBC Bank Middle East Limited as an Authorised Firm

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

    • 20 September 2006 — DFSA Licenses Henyep Investment (UAE) Limited as an Authorised Firm

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

    • 14 September 2006 — DFSA Licenses UBS AG as an Authorised Firm

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

    • 12 September 2006 — DFSA signs MoU with Australian Securities & Investments Commission

      Sydney, Australia, September 12, 2006: The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding (MoU) with the Australian Securities & Investments Commission (ASIC).

      The MoU was signed in Sydney by Mr. David Knott, Chief Executive of the DFSA, and Mr. Jeffrey Lucy, Chairman of ASIC.

      The signing coincided with a visit to Australia by a delegation from the Dubai International Financial Centre(DIFC), led by the Governor of the DIFC, H.E. Dr. Omar bin Sulaiman.

      During the signing, Mr. Knott said: “Australia has a well developed capital market and an internationally respected regulatory framework. The strength of the Australian system was demonstrated during the Asian financial crisis in the late 1990s from which Australia emerged largely unaffected.

      “Reforms to the Australian regulatory system in the early and mid-1990s, creating a nationally integrated capital markets and regulatory structure, have underpinned Australia’s long period of sustained economic performance.”

      Mr. Knott added: “As the national companies and securities regulator ASIC plays a key role both within Australia and internationally. A significant part of the DFSA’s securities regulation is based on the ASIC model, adding special significance to this MoU.

      “As a former Chairman of ASIC, I am personally delighted to be signing the MoU today on behalf of the DFSA with my friend and former colleague Jeffrey Lucy.”

      The signing of today’s MoU has put in place arrangements for cooperation and information sharing between the two regulators. It recognizes that both regulators rely on the quality of regulatory standards administered in the other’s jurisdiction.

    • 06 September 2006 — DFSA Licenses Lehman Brothers International (Europe) as an Authorised Firm

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

    • 06 September 2006 — DFSA Registers Richards Butler LLP as an Ancillary Service Provider

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

    • 06 September 2006 — DFSA signs important regional cooperation agreement with the Capital Market Authority of Egypt

      Cairo, Egypt, September 6, 2006: An important memorandum of understanding (MOU) between the Capital Market Authority of Egypt (CMA) and the Dubai Financial Services Authority (DFSA) was signed today in Cairo.

      The MOU was signed by DFSA Chairman, Dr. Habib Al Mulla, and by the Chairman of the CMA, Dr. Hani Sarie-Eldin, at a ceremony hosted by the Minister of Investment, H. E. Dr. Mahmoud Mohieldin.

      The CMA is the independent capital markets regulator responsible for regulating and supervising capital markets in Egypt.

      The DFSA is the independent regulator of all financial services within the Dubai International Financial Centre.

      The MOU is designed to enhance information sharing and cooperation between the two authorities, particularly in their common roles as securities regulators. This document will assist both the CMA and DFSA in important aspects of their particular regulatory roles.

      In particular the MoU covers the gathering and sharing of information to enable each authority to assess the suitability of its authorized firms, to work with its exchange in the supervision of trading, and to ensure compliance with its laws.

      Commenting on the signing, Dr Habib said: “We are delighted that the DFSA’s relationship with a regional regulator like the Capital Markets Authority of Egypt has been formalised in this manner, and honoured by the presence of the Minister for Investment, H. E. Dr. Mahmoud Mohieldin. It is particularly pleasing for the DFSA, as one of the newest authorities in the region, to be forming closer ties with the regulator of the oldest capital markets in the Middle East. This is a timely initiative as one of Egypt’s largest firms is already authorised and active in the DIFC, and other Egyptian firms are expressing interest in offering financial services from the DIFC.’’

      Dr. Habib added: “The signing of today’s MoU formalises arrangements for cooperation and information sharing between the two regulators, and recognises the reliance placed by each regulator on the quality of regulatory standards administered in the other’s jurisdiction. It is also significant because this is the DFSA’s first MoU with another securities regulator in the Middle East, outside the U.A.E. Further cooperative arrangements with neighbouring regulators are being pursued.’’

    • 06 September 2006 — Chairman of the Cairo and Alexandria Stock Exchanges invites DFSA Chairman to open trading

      Cairo, Egypt, September 6, 2006: Mr. Maged Shawky, Chairman of the Cairo and Alexandria Stock Exchanges, received the Chairman of Dubai Financial Services Authority, Dr. Habib Al Mulla, in Cairo, today.

      The informal meeting discussed matters of mutual interest and reviewed the emergence of Dubai International Financial Centre (DIFC) as a world-class financial hub, and the critical role of Dubai Financial Services Authority (DFSA). During the visit, Dr. Al Mulla was invited to open trading via the ceremonial sounding of the bell.

      Commenting on the courtesy visit, Dr. Al Mulla said: “The DFSA enjoys excellent relations with the financial community in Egypt, and today’s visit was a valuable opportunity to take stock of the fast pace of change in the industry in the region and elsewhere.”

      Dr. Al Mulla's two-day visit to Egypt includes the signing of a MoU with Egypt’s Capital Market Authority.

    • 04 September 2006 — DFSA Licenses First Eastern Investment Bank Limited as an Authorised Firm

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

    • 01 September 2006 — DFSA Licenses Jefferies International Limited as an Authorised Firm

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

    • 31 August 2006 — DFSA announces extended consultation period

      Dubai, August 31 2006:

      The DFSA has extended the deadline for providing comments in relation to Consultation Paper No. 36, Proposed Changes to the Framework for the Regulation of Auditors, to 15 September 2006.

    • 29 August 2006 — DFSA Licenses Fortis Bank as an Authorised Firm

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

    • 17 August 2006 — DFSA Registers PricewaterhouseCoopers Limited as an Ancillary Service Provider

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

    • 16 August 2006 — DFSA Registers AGN MAK Limited as an Ancillary Service Provider

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

    • 16 August 2006 — DFSA Licenses MSH (Dubai) Limited as an Authorised Firm

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

    • 15 August 2006 — DFSA announces major Islamic Finance initiative with Malaysia

      Kuala Lumpur, Malaysia, August 15, 2006: The Dubai Financial Services Authority (DFSA) today announced the commencement of a joint project with the Securities Commission, Malaysia (SC) designed to remove regulatory barriers to Islamic Finance transactions between the DIFC and Malaysia.

      The project was announced as a Memorandum of Understanding (MOU) was signed between the two regulators in Kuala Lumpur.

      The MOU was signed by Dato' Zarinah Anwar, Chairman of the SC and Mr. David Knott, Chief Executive of the DFSA, at a ceremony attended by the Malaysian Minister of Finance, Tan Sri Nor Mohamed Yakcop.

      This project will involve detailed work to reconcile as far as possible the regulatory approach that each jurisdiction takes to Islamic Finance and other products, so that cross border transactions can be implemented with optimum efficiency and minimum replicated cost.

      Commenting on this initiative, David Knott, Chief Executive of the DFSA said: "The DFSA strongly admires the successful part played by the SC in assisting Malaysia to become the leading jurisdiction in Asia for originating Islamic Finance transactions. We share a similar vision for the DIFC which already has in place a tailor-made regulatory system for Islamic Finance.

      Knott added: "By working closely with the SC we will identify ways to streamline the regulatory standards between our jurisdictions, thereby making it easier for funds managers and issuers to operate between Asia and the Middle East. This will include considering the eligibility of Malaysia as a ''recognized jurisdiction'' under our funds management laws.

      The DIFC has all the characteristics required to develop as a thriving centre of excellence in Islamic Finance. Today's agreement between the DFSA and the SC is an important contribution towards that objective and to the internationalization of this sector."

      In relation to the MOU Mr. Knott added: "This new MOU with Malaysia will prove to be one of the most important entered into by the DFSA. It cements the close ties that already exist between us, and paves the way for future initiatives that will benefit both Malaysia and the UAE. The support expressed for this relationship this morning by Malaysia's Minister of Finance, Tan Sri Nor Mohamed Yakcop, reflects the importance that he places on this special regulatory relationship, and is much appreciated by the DFSA."

    • 15 August 2006 — DFSA Licenses Kuvera Capital (Dubai) Limited as an Authorised Firm

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

    • 13 August 2006 — DFSA Introduces Real Estate Investment Trusts (REITS)

      Dubai, 13 August 2006: The Dubai Financial Services Authority announced today that Rules to permit the operation of REITS within the DIFC have been introduced with effect from 6th August 2006.

      The Rules follow the approval on 1st August 2006 of the Investment Trust Law, DIFC Law No. 5 of 2006 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai.

      Commenting upon the new Rules, DFSA Chief Executive David Knott said:

      “In many of the world’s major capital markets REITS have become the most favoured method for attracting public ownership in property investments.

      They provide a convenient form for listed and tradable property ownership with transparent pricing and liquidity.

      The REITS industry attracts widespread investor support in countries including United States of America, Australia, Canada and Hong Kong.

      Under these Rules it will be possible to issue REITS for the first time in this region, utilizing the facilities of the DIFX. It will add a significant new dimension to the UAE’s property market.”

    • 11 August 2006 — DFSA Licenses Emirates Financial Services International Limited as an Authorised Firm

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

    • 06 August 2006 — DFSA Licenses Goldman Sachs International as an Authorised Firm

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

    • 06 August 2006 — Ruler enacts laws

      Dubai, UAE, August 6, 2006: H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-president and Prime Minister, and Ruler of Dubai has enacted, as of 1 August 2006, the Investment Trust Law —- DIFC Law No. 5 of 2006, together with the Collective Investment Law Amendment Law (Investment Trust) DIFC Law No. 6 of 2006 and the Regulatory Law Amendment Law (Investment Trust) DIFC Law No. 7 of 2006.

      The Investment Trust Law gives persons setting up Collective Investment Funds in the DIFC an additional structure in the form of an Investment Trust. Previously, Domestic Funds which were offered to the public, i.e. Public Funds, could only be structured as an Investment Company or an Investment Partnership. These Funds can now be structured as an Investment Trust. The Investment Trust structure may also be used by Private Domestic Funds.

      David Knott DFSA CEO said: "This new Investment Trust Law provides additional flexibility and choice for the structuring of managed funds within the DIFC. Investment Trust vehicles play an important role in capital markets and will contribute to product innovation within the DIFC."

    • 04 August 2006 — DFSA Registers Freshfields Bruckhaus Deringer as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Freshfields Bruckhaus Deringer as an Ancillary Service Provider in the Dubai International Financial Centre (DIFC).

    • 03 August 2006 — DFSA Announces Senior Appointments

      Dubai, 3 August 2006: The Dubai Financial Services Authority today announced the appointment of Mr Ian Johnston to the new position of Managing Director, Policy and Legal Services.

      Mr Johnston is a well known and experienced international regulator who is joining DFSA from the Securities and Futures Commission of Hong Kong where he has been acting as a special advisor to the Commission.

      Previously, he held senior roles with the Australian Securities and Investments Commission including Executive Director, Financial Services Regulation.

      Mr Johnston is a member of the Joint Forum which comprises representatives of the major international regulatory standard setters (IOSCO, BASLE and IAIS) and which researches regulatory issues that impact across the banking, securities and insurance sectors. He will join the DFSA in October 2006.

      Other recent appointments at the DFSA include:

      Mr Matthew Gamble has been appointed Associate Director, Audit — where he is responsible for auditor registration and supervision. Mr Gamble was formerly an officer of the Qatar Financial Centre Regulatory Authority. He commenced his new role with DFSA on 30 July 2006.

      Ms Joyce Maykut QC, DFSA's General Counsel, has been reappointed for a further 3 year term and will also become Secretary to the DFSA Board from 17 August 2006.

      Commenting on these appointments, Mr David Knott, Chief Executive of the DFSA said: "These latest appointments add valuable experience and expertise that will enhance DFSA's capabilities and reputation as a world class financial services regulator.

      Mr Johnston's appointment recognises the critical importance of quality policy formation and administration in light of the rapid growth of the DIFC and the recent and future expansion of activities to include trusts, managed funds, (including funds administration and custody), REITS, securitization and family office services.

      Mr Gamble's appointment coincides with DFSA's release of a consultation paper outlining our proposals for the future conduct of audit within the DIFC. He has ideal credentials to lead our work program in that area.

      Ms Maykut QC has been a key member of the DFSA's senior executive team since the DIFC was first established. I am delighted that she has agreed to renew her contract for a further 3 years and to take on the additional responsibilities of Secretary to the Board."

    • 02 August 2006 — DFSA Registers JSA Law Limited as an Ancillary Service Provider

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

    • 01 August 2006 — DFSA Auditor Rules out for consultation

      Dubai, August 1, 2006: DIFC auditors will soon be subject to greater scrutiny by the Dubai Financial Services Authority (DFSA).

      The DFSA has issued, for public consultation, rules designed to enhance the quality of audit services in the DIFC. The rules apply to auditors who audit Authorised Firms, Authorised Market Institutions and Collective Investment Funds domiciled in the DIFC.

      The new Rules, available on the DFSA web site, prescribe the standards that apply to auditors at the time of application and on an ongoing basis.

      The DFSA considers that the current requirements applicable to auditors need to be enhanced to reflect both the DFSA’s risk based approach to regulation and international standards applicable to the registration and supervision of Auditors.

      Historically the monitoring of audit performance has largely relied upon a system of peer group review. This regime of self-regulation came under intense scrutiny following a series of major corporate failures in the early part of this decade.

      David Knott, DFSA CEO said that: “The new rules are an important component in enhancing the standard of audit and auditor supervision in the DIFC and prescribe a regime that is the equivalent of that in the world’s major capital markets. The DFSA will embrace international best practice where it improves transparency and investor confidence.”

      The key features of the proposals establish international benchmarks against which auditors will be assessed upon registration and on an ongoing basis. The assessment will include a review of the auditor’s systems, policies, procedures and controls to ensure compliance with:

      • International Standards on Auditing and Quality Control issued by the International Auditing and Assurance Standards Board (IAASB) of IFAC;
      • Code of Ethics for Professional Accountants issued by the International Ethics Standard Board for Accountants (IESBA) of IFAC and
      • Where applicable:
      • Islamic Accounting and Auditing Standards issued by the Accounting and Auditing Organisation of Islamic Financial Institutions (AAOIFI)
      • Code of Ethics for Accountants and Audit Firms of Islamic Financial Institutions issued by the Accounting and Auditing Organisation of Islamic Financial Institutions from time to time (AAOIFI);

    • 28 July 2006 — DFSA Licenses Amanah Capital LLP as an Authorised Firm

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

    • 25 July 2006 — DFSA Licenses United Insurance Brokers (DIFC) Ltd as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed United Insurance Brokers (DIFC) Ltd as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • 19 July 2006 — International Regulators to Meet in Dubai

      Dubai, July 19, 2006: The Dubai Financial Services Authority (DFSA) today announced details of two important meetings of international regulators to be held in Dubai next year.

      In February 2007 the DFSA will host a meeting of the Technical Committee of the International Association of Insurance Supervisors. The IAIS is the peak international standard setting and representative organization of insurance regulators and supervisors, with more than 180 member jurisdictions. Its Technical Committee (of which the DFSA is a member) is responsible for key strategic, policy and standard setting functions.

      In December 2007 the DFSA will host the annual meeting of the Emerging Markets Committee of the International Organisation of Securities Commissions (IOSCO). IOSCO represents worldwide securities regulators drawn from 118 member jurisdictions. The Emerging Markets Committee is the largest of IOSCO's three principal committees and represents 82 jurisdictions.

      DFSA Chief Executive, Mr David Knott, said: "We are delighted that the DFSA has been invited to host these prestigious meetings in Dubai. Both the IAIS and IOSCO are the leading international regulatory standard setters in their fields (insurance and securities regulation respectively).

      These meetings will give the DFSA an opportunity to fully brief these important policy makers on the progress of regulatory reform within the UAE and, in particular, the successful application of international standards within the Dubai International Financial Centre."

    • 14 July 2006 — DFSA Licenses DIC Asset Management Limited as an Authorised Firm

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

    • 14 July 2006 — DFSA Licenses Apex Fund Services (Dubai) Limited as an Authorised Firm

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

    • 12 July 2006 — Public Prosecution — Dubai and DFSA sign MoU

      Dubai, July 12, 2006: The Public Prosecution — Dubai and the Dubai Financial Services Authority (DFSA) today signed a Memorandum of Understanding (MoU) to further enhance cooperation between the two agencies.

      His Excellency Essam Al Humedan, Dubai Attorney General, and Dr. Habib Al Mulla, Chairman of the DFSA, signed the historic MoU today at the Dubai Public Prosecution Department, restating the commitment of the 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 cooperation between the Public Prosecution — Dubai and the DFSA who have liaised 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 sharing technical know how and joint training in enhancing the credibility of the DIFC’s financial markets and providing expertise to investigate financial crime in the UAE.

      His Excellency Essam Al Humedan said: "This MoU is the result of several meetings between the Public Prosecution — Dubai, and the Dubai Financial Services Authority. By virtue of this MOU the exchange of information and technical know-how facilitates a closer working relationship with the DFSA, contributing to the prevention of criminal activity in the financial market; this is in line with the vision, policy and strategic plan of the Public Prosecution — Dubai, developing the role of law and order in the Emirate of Dubai."

      Dr. Habib Al Mulla said: "Financial markets today are increasingly international in nature but it is clear that there is also a need for high level 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 matters to the Public Prosecutions — Dubai. We already have a close relationship and an MoU with the Dubai Police and this will further establish a strong foundation for dealing with any criminal activity within the DIFC."

    • 06 July 2006 — Dubai Financial Services Authority assists Japanese Financial Regulator in closing investment scam

      Dubai, July 6, 2006: The DFSA, acting on complaints from investors in Dubai, provided information to the Financial Services Authority of Japan who closed down Charles Fleming & Co. Ltd in Japan.

      Dubai investors received cold calls from Charles Fleming & Co. Ltd, which claimed to have an office in Japan, enticing them to purchase shares in Pan Pacific Asia Development, an unlisted company and not approved by the FSA Japan. After the purchase of shares, investors were informed that their funds had been transferred to another company and investors were pressured into further trades if they wished to recover their original funds.

      Charles Fleming & Co. Ltd directed investors to deposit their funds into a major commercial bank in Hong Kong. This information has been passed on to the Hong Kong authorities. No funds or share certificates have been recovered to date.

      Acting on information from the DFSA, the FSA in Japan found that Charles Fleming & Co. Ltd was neither registered with, nor licensed by, the FSA as an investment advisor and the alleged shares were not approved investments. Their enquiries concluded that Charles Fleming & Co. Ltd was apparently operating a ‘boiler room’ scam.

      The FSA in Japan stopped the operations of Charles Fleming & Co. Ltd in Japan. The DFSA also passed the information on to the Dubai Police. The DFSA has previously assisted other UAE police agencies in closing down SMI, another ‘boiler room’ scam last year.

      David Knott said: “In recent years there has been a worrying growth in these fraudulent schemes to lure consumers into bogus offshore investments. Sometimes the sales pitch is very sophisticated and it is easy to think you are dealing with a legitimate firm. But the golden rule is to never send money overseas without first checking with a qualified financial adviser, accountant or lawyer”

    • 06 July 2006 — DFSA Licenses ABN AMRO Bank N.V. as an Authorised Firm

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

    • 05 July 2006 — DFSA Licenses TFS Dubai Limited as an Authorised Firm

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

    • 21 June 2006 — DFSA Licenses NBD Investment Bank Limited as an Authorised Firm

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

    • 21 June 2006 — DFSA Licenses AIG MEMSA General Insurance Company Ltd as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed AIG MEMSA General Insurance Company Ltd as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • 20 June 2006 — DFSA draws attention to important Rule change

      Dubai, UAE June 20, 2006: The Dubai Financial Services Authority has amended the Rules which apply to sponsors of Reporting Entities who have listed securities on the Dubai International Financial Exchange.

      The rule change now provides the DFSA with the discretion to require a company, listing securities on the DIFX, to appoint a compliance adviser to assist it with ongoing obligations under the DIFC Markets Law and Offered Securities Rules.

      One of the primary obligations of a Reporting Entity is the requirement to continuously disclose price sensitive information, to the market, in a timely manner.

      The DFSA has issued policy statements that explain the obligations of compliance advisers and sponsors. The policy statements explain the circumstances in which the DFSA is likely to exercise its discretion and require a Reporting Entity to appoint a compliance adviser, the obligations of a Reporting Entity regarding compliance advisers and sponsors and how a compliance adviser and sponsor can assist a Reporting Entity to meet its continuing regulatory obligations.

      More information relating to compliance advisers and sponsors can be found on the DFSA website www.dfsa.ae under publications/media policy statements.

    • 18 June 2006 — DFSA announces rule changes

      Dubai, UAE June 18, 2006: DFSA today announced that the Rule changes, relating to Ancillary Service Providers and Licensed Representatives, will come into force on 18 June 2006.

      These changes were published for consultation on 3 May 2006 under Consultation Papers No. 28 and 29 respectively.

    • 17 June 2006 — Dr Habib Al Mulla calls for improved investor protection

      Dubai, UAE, June 17 2006: In London Dr. Habib Al Mulla, DFSA Chairman, addressed a distinguished audience of over 200 people at a symposium organised by the Lord Mayor of London entitled 'The City and the Gulf Cooperation Council Countries'.

      In his speech, Dr. Al Mulla commented on investor protection, regulation, and corporate governance, while reviewing the recent correction in Gulf markets. He explained the difference between the Dubai International Financial Centre (DIFC) and the 'local markets'.

      In using London as a model, he explained the difference between the roles of an international financial centre, a national capital market and a stock exchange, explaining that a focus on on-exchange trading was too narrow in gauging long-term success and failure.

      In calling for improved investor protection Dr. Al Mulla said: "To achieve this, good internal mechanisms are critical to ensure that the interests of all stakeholders are considered. These include financial controls, compliance, and other processes of risk management. Together these have the effect of significantly reducing the possibility of human errors in judgment and deliberate breach of procedures."

      During his address, Dr. Al Mulla explained that the GCC-wide slide in bourse values may have dominated the headlines, but the market correction registered in the stock markets during the first quarter of this year is unlikely to check the UAE's robust macro-economic fundamentals.

      Globalisation and the trend towards harmonisation and standards call for a new approach, and the creation of international financial centres with modern laws and regulations, as well as the modernisation of national capital markets to conform to international standards, he said.

      The DIFC, as is a purpose-built financial free zone in the United Arab Emirates, has been established as part of the goal to position Dubai as a recognised hub for international institutional finance, and as the regional gateway for capital and investment in the Middle East, Dr. Al Mulla pointed out.

      In explaining the correction, Dr. Al Mulla explained 'hot money' whereby US$300 billion were brought back to the UAE, post the September 11 attacks, to a region that already has a large portion of wealthy individuals, before adding that money normally seeking foreign markets had also largely stayed in the Gulf. This combination created huge amounts of funding in the Gulf and with it the challenge of creating a stable framework to ensure that such investment was protected against market risk; with hindsight it was far from easy.

      The UAE's robust macro-economic fundamentals provide a solid base for economic regeneration and prosperity. While oil revenues remain high, the UAE can accelerate investment in non-oil sectors; good news for international financial centres like Dubai and for local markets.

      The local markets are relatively young and immature; they have attracted a flow of 'hot money' and important lessons have been learned; the markets have corrected. The GCC markets must take note of these lessons and make the necessary changes. They must embrace international standards wherever possible.

      Furthermore, the Islamic financial services industry would benefit greatly from the standardisation of Islamic products and contracts. This would promote greater consistency across the industry as a result of Islamic contracts being applied and interpreted in the same way within a jurisdiction and also across different jurisdictions, Dr. Al Mulla said.

      Dr. Al Mulla explained that the DIFC's approach on corporate governance regime is based primarily on the UK Combined Code and the standards set by the OECD which produced an authoritative set of principles. This, he said, is a good start when it comes to investor protection.

      Dr. Al Mulla explained that the DIFC is a professional wholesale market and is underpinned by an independent risk-based regulator, the Dubai Financial Services Authority (DFSA), which harnesses best practices and international standards wherever possible. As a new international financial centre positioned strategically between the City of London and Asia, the DIFC creates a new time zone in the Middle East and the DFSA provides a benchmark for modern regulatory measures.

      The scale of liquidity is amazing, he added, before backing up his thoughts quoting IMF estimates that OPEC's current account surplus for 2006 is likely to rival Asia's at over USD300 billion.

      Switzerland-based BIS (Bank of International Settlements) — the World's Central Bank of Central Banks — estimates that OPEC members have earned over US$1.3 trillion in petrodollar revenues since 1999. The Gulf region and other OPEC members are once again the major players in global financial and assets markets.

      In conclusion, Dr. Al Mulla said: "The Gulf is awash with finance seeking the best home, and that requires an international dimension; the Dubai International Financial Centre with the Dubai Financial Services Authority as a world-class regulator responds to those needs."

    • 15 June 2006 — DFSA Registers Morison Menon Limited as an Ancillary Service Provider

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

    • 11 June 2006 — DFSA issues consultation papers

      The DFSA has issued for public consultation on its website Consultation Papers No 33 and 34. These Consultation Papers seek public comment on a number of significant enhancements to the Collective Investment Funds regime which the DFSA introduced in April 2006. These enhancements are primarily designed to facilitate the establishment of Real Estate Investment Trusts (REITS) and to remove unnecessary impediments to the marketing and selling of Foreign Funds in and from the DIFC. By developing these proposals in line with international best practice, the DFSA is furthering its regulatory objective of ensuring that the DIFC is a well regulated and internationally competitive financial market.

      Consultation Paper No. 33 deals with proposals to introduce an Investment Trust Law and specific requirements relating to how REITS can be established and operated in the DIFC. Currently Public Funds in the DIFC can not use the trust vehicle. The proposed Investment Trust Law fills this gap by offering that vehicle, so that Operators, particularly those coming from jurisdictions that use the trust structure for collective investments, will have that option open to them when the proposed legislation is enacted. The REITS specific proposals are designed to ensure that liquidity and other risks inherent in real estate investments are adequately addressed in a manner consistent with the international standards adopted for REITS.

      Consultation Paper No. 34 deals with proposals to expand the categories of Foreign Funds that can be marketed in and from the DIFC. The DFSA’s proposals to expand the categories of Foreign Funds arose due to industry concerns that the current categories are too restrictive. Following a risk based analysis, the DFSA now proposes to expand the categories of Foreign Funds that can be marketed and sold in and from the DIFC subject to certain due diligence and other obligation imposed on the Firm distributing those Funds.

      Commenting on the proposed legislation, Mr. David Knott, DFSA CEO stated:

      “In addition to creating a regulatory framework for managed Funds in the DIFC which meets internationally acceptable industry standards, the DFSA also strives to promote the marketing of Foreign Funds to meet certain governance and structural standards, providing greater investor confidence. As a risk based regulator, the DFSA works in consultation with the industry to maintain its core principles of integrity, transparency and efficiency.

      The proposed Investment Trust Law introduces a new investment vehicle for use by Funds to facilitate the establishment and operation of REITS products. This is in line with DFSA’s policy to adopt international standards and best practice wherever possible.”

    • 08 June 2006 — DFSA Registers Grant Thornton LLP as an Ancillary Service Provider

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

    • 08 June 2006 — DFSA Licenses Gulf Capital Group Limited as an Authorised Firm

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

    • 06 June 2006 — DFSA signatory to IOSCO memorandum of understanding: a first for the GCC

      Hong Kong 7th June 2006: The DFSA today announced that it has become a signatory to a multilateral memorandum of understanding (multilateral MoU) with the International Organisation of Securities Commissions (IOSCO). The announcement was made by Mr. David Knott, DFSA Chief Executive who is attending the IOSCO Annual Conference in Hong Kong.

      This initiative, covering consultation and cooperation and the exchange of information, began in response to increasing international activity in the securities and derivatives markets, and the corresponding need for mutual cooperation among securities regulators to ensure compliance with, and enforcement of, their laws and regulations.

      Mr. Knott, DFSA CEO stated: "As former Chairman of the Technical Committee of IOSCO, I am particularly delighted to see the DFSA has now satisfied the highest level of cooperation standards that exist between international securities regulators.

      Acceptance as an IOSCO multilateral MoU signatory is only permitted after rigorous assessment of the applicant's legislative and regulatory regime. In the DFSA's case, this was conducted over the past 5 months by a specialist team from four countries, confirmed by a group from another fourteen jurisdictions and finalised with an endorsement from the chairmen of IOSCO's three governing committees.

      DFSA is the only regulator in the GCC, and the first in the Arab World, to be admitted as a signatory. The DFSA joins existing signatories representing the world's major capital markets, including the United Kingdom, France, Germany, the United States, Hong Kong, and Singapore.

      The DFSA has established best practice utilising a modern legal framework and a risk-based approach to its regulatory measures. In signing this multilateral MoU, the DFSA heralds in a new era of cooperation with the major world regulatory bodies in combating illegal use of the securities and derivatives markets, including market abuse and fraud."

      Dr. Habib Al Mulla, DFSA Chairman, commented: "The DFSA is committed to international cooperation which is an essential requirement in rapidly globalising markets. Becoming a signatory to this multilateral MoU (in addition to a number of existing bilateral MoUs) is an important step in developing international relationships with other well regulated jurisdictions and a significant advance as the DFSA further builds its reputation as a world-class regulator."

    • 05 June 2006 — DFSA Chairman visits Jordanian Securities Commission

      Dr. Habib Al Mulla, Chairman of the Dubai Financial Services Authority, met with Dr. Ahmad Mustafa, Deputy Chairman of the Jordanian Securities Commission, today at the commission’s offices in Amman.

      The informal meeting discussed matters of mutual interest and reviewed the emergence of Dubai International Financial Centre as a world-class financial hub, and the critical role of Dubai Financial Services Authority.

      Commenting on the courtesy visit, Dr. Al Mulla said: “The DFSA enjoys excellent relations with the financial community in Jordan, and today’s visit was a valuable opportunity to take stock of the fast pace of change in the industry in the region and elsewhere.”

      Dr. Al Mulla concludes a two-day visit to Jordan today, which saw the signing of a MoU between the DFSA and Jordan’s Insurance Commission, and a meeting with the Governor of the Jordan Central Bank, Dr. Umayya Toukan.

    • 04 June 2006 — Memorandum of Understanding signed between DFSA and Insurance Commission of Jordan

      An important memorandum of understanding (MOU) between the Insurance Commission of Jordan (IC) and the Dubai Financial Services Authority (DFSA) was signed today in Amman. The MOU was signed by DFSA Chairman, H.E. Dr. Habib Al Mulla, and by the Director General of the IC, H.E. Dr. Bassel Hindawi.

      The IC is the independent insurance regulator responsible for regulating and supervising the insurance sector in Jordan.

      The DFSA is the independent regulator of all financial services, including insurance within the Dubai International Financial Centre.

      The MOU is designed to enhance the relationship between the two authorities in their common roles as insurance supervisors, establishing a formal basis for cooperation, including the exchange of information and investigative assistance. Further the MOU forms a basis for discussing areas of mutual interest and in inviting the other to relevant conferences and training sessions hosted by the DFSA or IC.

      Commenting on the signing, Dr Al Mulla said: "We are delighted that DFSA's relationship with a regional regulator like the Insurance Commission of Jordan has been formalised in this manner. Both agencies are committed to promoting regulation and supervision in line with the highest international standards. Our agreement to cooperate and share information will help us to deliver those high standards in dealing with insurance issues that affect both jurisdictions."

      On his part, Dr. Hindawi underlined the significance of the event noting "we are pleased to sign this MOU with the DFSA which is a recognized regulatory authority operating to the highest international standards. The MOU is a key step towards enhancing cooperation and coordination between the two parties. With the growing integration and linkage of markets, the signing of this MOU between the two authorities reflects the IC and the DFSA commitment to regional regulatory cooperation, and is consistent with the Core Principles established by the International Association for Insurance Supervisors".

    • 04 June 2006 — Jordan Central Bank Governor receives DFSA Chairman

      Dr. Umayya Toukan, Governor of Jordan Central Bank, received the Chairman of Dubai Financial Services Authority, Dr. Habib Al Mulla, in Amman to discuss matters of mutual interest.

      The meeting at the Central Bank reviewed the rapid progress of the Dubai Financial Services Authority, and its emerging role as a benchmark for world-class financial regulation in the Middle East.

      Commenting on the courtesy visit, Dr. Al Mulla said: "The Dubai Financial Services Authority seeks to enhance relations with the leaders of the region's financial community — to gather insights and explore areas of common interest that will sustain the authority's commitment to best practice."

      Dr. Al Mulla's two-day visit to Jordan includes a courtesy visit to the Jordanian Securities Commission, and the signing of a MoU with Jordan's Insurance Commission.

    • 31 May 2006 — DFSA Launches Major Regulatory Program for Emiratis and Awards Scholarships

      The Dubai Financial Services Authority (DFSA) today launched “Tomorrow’s Regulatory Leaders” TRL, a training and development program designed to create sustainable career opportunities for Emiratis in financial services regulation.

      TRL was launched by DFSA’s Chairman, Dr. Habib Al Mulla, and Chief Executive, Mr David Knott at a media conference attended by business and government representatives at the Emirates Towers Hotel, Dubai.

      At the launch Dr Al Mulla predicted that TRL will have lasting importance to the DFSA, Dubai and the UAE.

      “The DFSA aspires to develop a future generation of financial sector regulators from within this country. We want those individuals to have the best possible grounding and training in this highly technical area, so that they attain regulatory credentials equal to those in the world’s major capital markets” said Dr Al Mulla.

      Mr. Knott described TRL as a program to transfer knowledge and expertise from experienced international regulators to young Emiratis. He explained the core features of TRL as individual and intensive academic and practical training over a two year period, followed by long term employment opportunities.

      Mr. Knott said: “In the world of regulation, I am not aware of any other program that matches the commitment to knowledge transfer being made by DFSA’s international regulators under TRL. The young Emiratis who enter this program will receive a unique opportunity to pursue a future career in regulation and related disciplines. They, and others who will follow them under this program, will be equipped for long term leadership positions as regulators within their own country.”

      At today’s launch Dr. Al Mulla presented Certificates of Induction to the first four TRL participants who will commence the program in September 2006. They are:

      Hind Al Ali, Malik Al Madani, Maryam Lootah, and Sara Kalban.

      Mr. Knott also announced that the DFSA will award two financial scholarships of AED12,500 each year to undergraduates who are assessed as having outstanding potential for future participation in the TRL program.

      The winners of the first 2006 TRL Scholarship, Fatema Al Redha and Bushra Al-Roken, were presented with a Certificate and cheque by Dr. Al Mulla.

    • 31 May 2006 — DFSA Registers Conyers, Dill & Pearman Limited as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Conyers, Dill & Pearman Limited as an Ancillary Service Provider in the Dubai International Financial Centre (DIFC).

    • 10 May 2006 — DFSA Corrects Media Coverage

      The Dubai Financial Services Authority (DFSA) has noted potentially ambiguous media coverage and would like to make clear that Group One Takaful Holding has been registered as an unregulated company at the Dubai International Financial Centre. It is not registered as an ancillary service provider by the DFSA.

    • 08 May 2006 — DFSA grants recognition to ICE Futures

      The Dubai Financial Services Authority (DFSA) announced today that ICE Futures has been granted the status of Recognised Body within the Dubai International Financial Centre (DIFC).

      David Knott, Chief Executive of the DFSA, said:

      "This recognition will enable ICE Futures to provide direct electronic access to its commodity futures market in the United Kingdom by authorised members operating within the DIFC. In granting recognition, the DFSA has taken account of the high standards of regulation to which ICE Futures is subject in the United Kingdom. DFSA is pleased to facilitate trading between the DIFC and other well regulated jurisdictions."

    • 05 May 2006 — DFSA releases five Consultation Papers seeking public comment

      The Dubai Financial Services Authority ("DFSA") has released five Consultation Papers seeking public comment on a package of proposals in relation to the following matters:

      Ancillary Service Providers

      Licensed Representatives

      Sponsorship of Reporting Entities

      Branches of DIFC Firms

      Capital adequacy requirements for matched principals

      Included in the package of proposals for public comment are the draft amended Rules.

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

      "Consistently with the DFSA's risk-based approach to regulation, we are continually seeking opportunities to reduce regulatory and compliance burdens that involve unwarranted processes or are otherwise inefficient. This package of reforms will reduce industry's compliance costs without diminishing the high standards of our regulation."

      The DFSA has successfully established a comprehensive framework of regulation within the DIFC over the past two years. However, we are committed to reviewing any aspect of our regime where additional efficiencies can be achieved without creating unacceptable risks. This approach is consistent with the DIFC's standing as an innovative, vibrant and well regulated financial centre."

      The Consultation Papers No. 28, 29, 30, 31 and 32 and are being published on the DFSA website at www.dfsa.ae and they are open for public comment until 2nd June 2006.

    • 05 May 2006 — DFSA Licenses Citigroup Global Markets Limited as an Authorised Firm

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

    • 03 May 2006 — DFSA Licenses Watkins Syndicate Middle East Limited as an Authorised Firm

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

    • 03 May 2006 — DFSA Licenses SHUAA Partners Ltd as an Authorised Firm

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

    • 01 May 2006 — DFSA Licenses Sumitomo Mitsui Banking Corporation as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Sumitomo Mitsui Banking Corporation as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • 27 April 2006 — DFSA accepts major insurance appointment and award

      In two separate developments this week, the Dubai Financial Services Authority (DFSA) has accepted a major insurance sector appointment and received a prestigious industry award.

      The DFSA has been appointed to membership of the Technical Committee of the International Association of Insurance Supervisors (IAIS). The IAIS is the peak international standard setting and representative organisation of insurance regulators and supervisors, with more than 180 member jurisdictions.

      The Technical Committee of IAIS is responsible for key strategic, policy and standard setting functions of the organisation. Its membership includes representatives from the world's major insurance markets.

      Earlier this week, the DFSA was presented with the "Regulator Initiative of the Year" award by Policy Middle East Insurance. The awards recognise excellence in the region's insurance industry as judged by an independent expert panel, following receipt of nominations from the insurance sector and other interested parties.

      The awards are open to all registered companies within the GCC, Jordan, Egypt, Lebanon, Yemen, Syria and Iran. DFSA was awarded in recognition of its contribution to insurance policy and reforms.

      Mr. David Knott, Chief Executive of DFSA, said: "These separate acknowledgements of DFSA's contribution to the insurance sector are most appreciated and reflect the importance we place on high standards of policy and supervision.

      "Membership of the Technical Committee of IAIS is a prestigious position that will enable the DFSA to influence the future global direction of insurance sector regulation and supervision. This is the first time that a UAE based regulator has been honoured by such an appointment."

      Mr. Knott added: "To have also received a highly valued industry award from within the Middle East region is a vote of confidence in our policy direction and leadership. I congratulate the staff of the DFSA whose work has led to these results"

    • 18 April 2006 — New Laws for Collective Investment Funds in DIFC

      Legislation to regulate the managed funds industry within the DIFC has been enacted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai.

      The Collective Investment Law 2006 was sponsored by the Dubai Financial Services Authority which has also issued detailed Collective Investment Rules. This Law sets out the framework for regulating funds and permits the operation of various types and categories of collective investment funds in the DIFC including property funds, Islamic funds, hedge funds, fund of funds and private equity funds.

      Mr. David Knott, the Chief Executive of the DFSA, predicted that the new law and rules will open the way for a major new financial sector within the DIFC:

      "This package of legislation follows extensive consultation between the DFSA and the managed funds industry over recent months. The result is a tailor-made regime that will meet demand for a modern, well regulated Centre for funds management and administration within the Middle East."

      By allowing for flexibility and innovation within a prudent regulatory framework the DIFC is now established as an ideal operating environment for the managed funds industry" added Mr. Knott.

      Dr. Habib Al Mulla, Chairman of the DFSA stated:

      "The implementation of this law is one of the DFSA's final steps in establishing regulation across a broad range of financial activities within the DIFC. The addition of the funds industry will be a further stimulant to the DIFC's expansion and to its growing reputation as the domicile of choice for financial services in the region."

    • 17 April 2006 — DFSA Recognises NYMEX and COMEX

      The Dubai Financial Services Authority (DFSA) announced today that the New York Mercantile Exchange Inc. (NYMEX), and its subsidiary, Commodity Exchange Inc. (COMEX) have each been granted the status of Recognised Bodies within the Dubai International Financial Centre (DIFC).

      David Knott, Chief Executive of the DFSA, said:

      "This recognition will enable both NYMEX and COMEX to provide direct access to their commodities future markets in the United States by authorised customers operating within the DIFC."

      "This is the first time that DFSA has granted such recognition to foreign exchanges. It is a further step in directly connecting Dubai with international markets under the umbrella of world class regulation. Our recent signing of Regulatory Protocols with NYMEX’s home regulator (the Commodity Futures Trading Commission of the United States) was a positive factor in granting this recognition" said Mr. Knott.

    • 11 April 2006 — DFSA signs MoU with FSC of the Republic of Korea

      The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding with the Financial Supervisory Commission of the Republic of Korea (FSC).

      The MoU was signed by Mr David Knott, Chief Executive of DFSA and Mr Jeung-Hyun Yoon, Chairman of the Financial Supervisory Commission and Governor of the Financial Supervisory Service after a meeting in Seoul where Mr Knott is to address the FT Asian Financial Centres Summit.

      The FSC has overall responsibility for financial supervision in Korea, particularly licensing financial business and revising and drafting financial regulations, in addition to supervising the Financial Supervisory Service, which undertakes the supervision and examination of all financial institutions in Korea.

      Mr Knott said, "This is a timely initiative as Korean firms are expressing interest in offering financial services from the DIFC. The FSC is, like the DFSA, an integrated regulator and an agreement that covers all of the financial sectors is a significant one."

      "The signing of today’s MoU formalizes arrangements for cooperation and information sharing between the two regulators and recognizes the reliance placed by each regulator on the quality of regulatory standards administered in the other’s jurisdiction."

      Dr Habib Al Mulla, Chairman of DFSA, also welcomed completion of the MoU. "It is pleasing to see closer regulatory ties with our counterpart in the Republic of Korea. This is the DFSA’s second MoU with a regulator in Asia and reflects its desire to build effective working relationships within our own region and beyond," he said.

      Mr Jeung-Hyun Yoon said "The MoU between FSC and DFSA is all the more significant in that it is the first MoU the Korean financial supervisory authorities concluded with their Middle Eastern counterparts. I hope the signing of the MoU will serve as an opportunity to stimulate mutual exchange and enhance financial cooperation between the two authorities."

    • 10 April 2006 — DFSA Registers Norton Rose as an Ancillary Service Provider

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

    • 05 April 2006 — DFSA Licenses Lloyds TSB Offshore Limited as an Authorised Firm

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

    • 05 April 2006 — DFSA Registers Mandviwalla Zafar and McCarthy Limited Liability Partnership as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Mandviwalla Zafar and McCarthy Limited Liability Partnership as an Ancillary Service Provider in the Dubai International Financial Centre (DIFC).

    • 04 April 2006 — DFSA Licenses Mashreq Capital (DIFC) Limited as an Authorised Firm

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

    • 30 March 2006 — DFSA Licenses DBS Bank Limited as an Authorised Firm

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

    • 29 March 2006 — DFSA Licenses Alpen Capital (ME) Limited as an Authorised Firm

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

    • 28 March 2006 — DFSA Licenses IXIS Asset Management UK Limited as an Authorised Firm

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

    • 23 March 2006 — DFSA Licenses IXIS Middle East Limited as an Authorised Firm

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

    • 22 March 2006 — DFSA Licenses Abraaj Capital Limited as an Authorised Firm

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

    • 15 March 2006 — DFSA signs MoU with Thai SEC

      Earlier this week the Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding with the Securities & Exchange Commission of Thailand (SEC).

      The MoU was signed by Mr. David Knott, Chief Executive of DFSA and Mr. Thirachai Phuvanatnaranubala, Secretary General of the Thai SEC.

      Established in 1992, the SEC is an independent regulatory body under the Securities and Exchange Act. Its roles are to promote, develop and supervise the Thai capital market.

      The agency is also responsible for the authorization, registration and supervision of issuance, offer or sale of securities and derivatives, market intermediaries related to securities and derivatives, exchange, and clearing and settlement entities.

      While signing the MoU Mr Knott said, "The Dubai International Financial Centre's links with Asia are increasing and Thailand is an important economy in that region. The SEC of Thailand has a strong international focus and has shown a firm commitment to regulatory cooperation. Both the SEC and the DFSA are active members of the Emerging Markets Committee of the International Organisation of Securities Commissions (IOSCO) and recognise the importance of these arrangements for cooperation and information sharing between the two regulators."

      Mr. Knott added: "This is the DFSA's first MoU with a fellow regulator in Asia and indicates the reliance that both regulators place on the quality of regulatory standards administered in the other's jurisdiction."

      Dr Habib Al Mulla, Chairman of DFSA, also welcomed the signing of the MoU. "It is pleasing to see closer regulatory ties with our Thai counterpart. It underlines the DFSA's goal to build effective working relationships with regulators in other regions, as well as our own," he said.

      Mr Phuvanatnaranubala said: "This bilateral cooperation is timely and important. We are pleased to have the DFSA as our first MoU partner in the Middle East and look forward to our mutual assistance in the exchange of information and the promotion of international standards to foster favorable investment environments and orderly markets in Asia. East Asian countries are among the fastest growing regions of the world. We have a lot of good quality investment products both Islamic and non-Islamic that can attract interest of Middle Eastern investors, and Thailand intends to be active in offering them."

      He added: "We select Dubai as our first point of linkage because we have full confidence in the development plan for regulatory oversight here. The SEC of Thailand is confident of DFSA's aim to uphold international standards in order to enhance the confidence of investors in Dubai market both domestic and worldwide, which is similar to ours."

    • 13 March 2006 — DFSA signs MoU with Jersey FSC

      The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding with the Jersey Financial Services Commission (JFSC).

      The MoU was signed by Mr. David Knott, Chief Executive of the DFSA, and Mr. David Carse, Director General of the JFSC.

      The JFSC is responsible for the regulation and supervision of banking, collective investment funds, insurance business, investment business and trust company business in Jersey.

      While signing today’s MoU Mr. Knott said: "The business links between financial firms in Jersey and the Dubai International Financial Centre are significant and, with the introduction of trust and collective investment fund regimes in the DIFC this year, these links will become increasingly significant making the JFSC an important relationship for the DFSA."

      The signing of today’s MoU has formalised arrangements for cooperation and information sharing between the two regulators. It recognises that both regulators place reliance on the quality of regulatory standards administered in the other’s jurisdiction.

      Dr. Habib Al Mulla, Chairman of the DFSA, also welcomed the completion of the MoU. "It is pleasing to see closer regulatory ties with our counterpart in Jersey. The DFSA is actively building effective working relationships with other regulators, both within our own region and beyond," he said.

      Mr. Carse said: "I am delighted to sign this Memorandum of Understanding with the Dubai Financial Services Authority. It is the latest in a number of MoUs established between the Commission and other regulators around the world and reflects the Commission’s commitment to cross-border regulatory co-operation."

    • 09 March 2006 — DFSA Registers Bin Shabib & Associates (BSA) Limited Liability Partnership as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Bin Shabib & Associates (BSA) Limited Liability Partnership as an Ancillary Service Provider in the Dubai International Financial Centre (DIFC).

    • 08 March 2006 — DFSA Introduces New Rules for Trust Service Providers

      Following public consultation with the trust services industry, the DFSA Board of Directors made new rules relating to the regulation of trust service providers in the DIFC. The rules are now in force and trust service providers must apply to the DFSA for a license to provide trust services in the DIFC.

      Commenting on this development, the Chief Executive of the DFSA, Mr. David Knott said "The DFSA believes that trust service providers, like other financial service providers in the DIFC, must be subject to robust regulatory oversight. This accords with the DFSA’s strong commitment to transparency, integrity and efficiency and the anti money laundering recommendations established by FATF."

    • 07 March 2006 — DFSA Licenses Injazat Capital Limited as an Authorised Firm

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

    • 05 March 2006 — DFSA Licenses Morgan Stanley & Co. International Limited as an Authorised Firm

      The Dubai Financial Services Authority (DFSA) has licensed Morgan Stanley & Co. International Limited as an Authorised Firm in the Dubai International Financial Centre (DIFC).

    • 05 March 2006 — DFSA Registers Volaw Trust & Corporate Services Limited as an Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Volaw Trust & Corporate Services Limited as an Ancillary Service Provider in the Dubai International Financial Centre (DIFC).

    • 05 March 2006 — DFSA Licenses Argent Financial Group International LLP as an Authorised Firm

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

    • 01 March 2006 — DFSA Licenses SHUAA Capital International Limited as an Authorised Firm

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

    • 28 February 2006 — DFSA Signs MoU With FSA

      The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding with the United Kingdom’s Financial Services Authority (FSA).

      At a meeting at the FSA's headquarters in London, Sir Callum McCarthy, Chairman of the FSA, and Mr David Knott, Chief Executive of the DFSA, signed the MoU on behalf of their respective authorities.

      The FSA is the United Kingdom’s national financial services and markets regulator. As such it administers the Financial Services and Markets Act 2000, which provides for the supervision of financial services, financial products and financial markets.

      "The strong business links between UK financial firms and the Dubai International Financial Centre make the FSA one of the DFSA’s most important regulatory relationships," said Mr Knott.

      "The FSA is the home regulator of many of the biggest firms authorised by the DFSA to conduct business within the DIFC. They include Barclays Bank plc, INVESCO Asset Management Limited, Lloyds Bank TSB, Mellon Global Investments Limited, Standard Chartered Bank and Morgan Stanley," he said.

      The signing of today’s MoU has formalised arrangements for cooperation and information sharing between the two regulators. It recognises that both regulators place reliance on the quality of regulatory standards administered in the other’s jurisdiction.

      "The quality of regulation in a firm’s home country is a leading consideration when the DFSA assesses applications for a branch presence in the DIFC or recognition as a remote member of the DIFX. The DFSA acknowledges the FSA as one of the world’s leading financial sector regulators and has taken account of this in assessing license applications from UK regulated firms. This MoU will reinforce the already close working relationship between the two regulators," said Mr Knott.

      Dr Habib Al Mulla, Chairman of the DFSA, also welcomed completion of the MoU. He said: "It is pleasing to see these discussions reach a successful conclusion. The DFSA is actively building effective working relationships with other regulators, both within our own region and beyond."

    • 27 February 2006 — DFSA Registers Linklaters as an Ancillary Service Provider

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

    • 19 February 2006 — Senior Appointments at the DFSA

      The Dubai Financial Services Authority today announced the following senior appointments:

      Mr. Martin Kinsky — Managing Director, Markets

      Mr. Kinsky was until recently a senior executive at the Australian Stock Exchange (ASX), one of the leading stock exchanges in the Asia-Pacific region. Over a career spanning some 30 years he has led almost every activity conducted by that Exchange. He started as company secretary; became general counsel and subsequently has had national responsibilities covering Listings, Membership, Intermediaries and Enforcement.

      Mr. Kinsky will assume overall responsibility for the DFSA’s regulation of the DIFX and other future exchanges that may receive authorization to operate within the DIFC. He will commence with the DFSA in early March.

      Mr. Michael Zamorski — Managing Director, Supervision

      Mr. Zamorski is a senior officer at the Federal Deposit Insurance Corporation in Washington and has 29 years experience in US banking supervision. As Director of Supervision at FDIC he was responsible for overseeing that agency’s supervisory activities for the safety and soundness, compliance and consumer protection for 5,200 banks for which the FDIC was the primary Federal regulator. As head of International Affairs, he has represented the FDIC on the Basel Committee and has been actively engaged in the development and implementation of international regulatory standards for the banking sector.

      Mr. Zamorski will have overall responsibility for the supervision of authorized firms within the DIFC, covering banking, insurance and asset management. He will commence with DFSA in early April.

      Mr. John Gilchrist — Director, Communications and Strategic Planning

      Mr. Gilchrist will take up his position with the DFSA in April. He brings a wide range of corporate experience to the DFSA, particularly in the areas of communications and strategic planning. His previous positions have included Director corporate communications at Clearstream International and Head of markets planning and finance at the London Stock Exchange. As Managing Director of reGEN sarl he has overseen many strategic planning assignments in the financial services sectors and been a regular public speaker on industry issues.

      Mr. Gary Wallis — Head of HR

      Mr. Wallis will join the DFSA in March where he will assume responsibility for human resources planning and management. He has more than 25 years experience in human resources, including 9 years in the financial services sector. As HR Director at Cendant Corporation he has had responsibility for managing HR policy and operations covering 4,500 people. He has previously worked in Dubai with HSBC and ABN AMRO and is therefore familiar with the environment in which the DFSA operates.

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

      "I am delighted that these outstanding executives are joining the DFSA. They bring a wealth of expertise and experience in their respective disciplines that will further consolidate DFSA’s standing as world class financial services regulator. Their arrival will substantially finalize the composition of the DFSA’s leadership group that will oversee the expected rapid growth of the DIFC over the next two years."

    • 17 February 2006 — DFSA Licenses Babcock & Brown (DIFC) Limited as an Authorised Firm

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

    • 17 February 2006 — DFSA Licenses NBK Capital Limited as an Authorised Firm

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

    • 15 February 2006 — DFSA Registers Ashurst as an Ancillary Service Provider

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

    • 15 February 2006 — DFSA Licenses Superfund Financial (Middle East) Limited as an Authorised Firm

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

    • 09 February 2006 — DFSA Seeks Public Comments on its Proposed Regime for Regulating Collective Investment Funds

      The Dubai Financial Services Authority ("DFSA") today released a Consultation Paper seeking public comments on its proposals to regulate the activities of operating and marketing Collective Investment Funds ("Funds") within the Dubai International Financial Centre ("DIFC").

      Included in the package of proposals for public comment are the drafts of the Collective Investment Law and the Collective Investment Rules. It also includes some consequential changes to other DFSA administered laws to give effect to the new regime, such as the introduction of a new Financial Service called Fund Administration.

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

      "We have developed these proposals to promote the DIFC as a well regulated and competitive environment for local and international fund managers to establish their Funds. The proposals are also designed to facilitate the marketing by DFSA Authorised Firms Units of Foreign Funds established in other well regulated foreign jurisdictions in a manner that promotes a level playing field between Domestic Funds and Foreign Funds in the marketing of their Units.

      When developing these proposals, we have taken into account the regulatory requirements applied in other comparable overseas jurisdictions, and also the standards developed by the International Organisation for Securities Commissions (IOSCO) for regulating collective investments schemes. Therefore, we believe that the Fund regime, when implemented after public consultation, will give Domestic Funds in the DIFC the ability to attract investment from, among others, institutional investors such as pension and insurance funds."

      The Consultation Paper 25, and the associated other Consultation Papers 23, 24 and 26, are being published on the DFSA website at www.dfsa.ae Consultation Paper 25 is open for public comment until 9 March 2006.

    • 31 January 2006 — DFSA Registers Carey Pensions & Benefits Limited As An Ancillary Service Provider

      The Dubai Financial Services Authority (DFSA) has registered Carey Pensions & Benefits Limited as an Ancillary Service Provider in the Dubai International Financial Centre (DIFC).

    • 29 January 2006 — DFSA Registers RFIB Group Limited as an Ancillary Service Provider

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

    • 19 January 2006 — DFSA Licenses The National Investor (Dubai) Limited as an Authorised Firm

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

    • 04 January 2006 — DFSA Registers American Life Insurance Company as an Ancillary Service Provider

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