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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."