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.