8. The Powers Functions and Objectives of the DFSA
Past version: effective up to 26/12/2011
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(1) The DFSA has such functions and powers as are conferred, or expressed to be conferred, on it:
(a) by or under the Law; and
(b) by or under any other law made by the Ruler.
(2) The DFSA has power to do whatever it deems necessary for or in connection with, or reasonably incidental to performing its functions and exercising its powers conferred in accordance with (1).
(3) In performing its functions and exercising its powers, the DFSA shall pursue the following objectives:
(a) to foster and maintain fairness, transparency and efficiency in the financial services industry (namely, the financial services and related activities carried on) in the DIFC;
(b) to foster and maintain confidence in the financial services industry in the DIFC;
(c) to foster and maintain the financial stability of the financial services industry in the DIFC, including the reduction of systemic risk;
(d) to prevent, detect and restrain conduct that causes or may cause damage to the reputation of the DIFC or the financial services industry in the DIFC, through appropriate means including the imposition of sanctions;
(e) to protect direct and indirect users and prospective users of the financial services industry in the DIFC;
(f) to promote public understanding of the regulation of the financial services industry in the DIFC; and
(g) to pursue any other objectives as the Ruler may from time to time set under DIFC Law.
(4) In exercising its powers and performing its functions, the DFSA shall take into consideration the following guiding principles, being the desirability of:
(a) pursuing the objectives of the DIFC as set out under Dubai Law in so far as it is appropriate and proper for the DFSA to do so;
(b) fostering the development of the DIFC as an internationally respected financial centre;
(c) co-operating with and providing assistance to regulatory authorities in the United Arab Emirates and other jurisdictions;
(d) minimising the adverse effects of the activities of the DFSA on competition in the financial services industry;
(e) using its resources in the most efficient way;
(f) ensuring the cost of regulation is proportionate to its benefit;
(g) exercising its powers and performing its functions in a transparent manner; and
(h) complying with relevant generally accepted principles of good governance.