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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.