2.1 The DFSA's mandate is to ensure that the DIFC is one of the best regulated international financial centres in the world—a centre based on principles of integrity, transparency and efficiency. To accomplish this, the DFSA operates to the international best practice standards that apply in the world's major financial centres such as London, New York, Hong Kong and Frankfurt.
2.2 The international best practice standards adopted and applied by the DFSA in the DIFC are those set by leading international organisations such as IAIS (International Association of Insurance Supervisors), IOSCO (International Organisation of Securities Commissions), BIS (Bank for International Settlements) and FATF (Financial Action Task Force).
2.3 The DFSA's commitment to these standards is a commitment:
• to enforce and ensure compliance with applicable financial services legislation, consistent with the IOSCO Objectives and Principles of Securities Regulation, the IAIS Core Principles for Effective Insurance Supervision; the Basel Core Principles for Effective Banking Supervision and the FATF Recommendations on Anti-Money Laundering and Counter Terrorism Financing;
• to provide the fullest mutual assistance to relevant counterpart international financial services regulators regarding cooperation and the exchange of confidential information according to standards and procedures that are equivalent to those prescribed in the IOSCO Multilateral Memorandum of Understanding;
• to seek to ensure that DIFC or foreign laws or regulations about confidentiality or secrecy do not prevent the DFSA from obtaining, securing or disclosing confidential information where required for lawful regulatory or enforcement purposes;
• to limit the disclosure of confidential information to relevant counterpart international financial services regulators and enforcement agencies to what is required for lawfully ensuring compliance with, and enforcement of, applicable financial services and criminal legislation;
• to apply international best practices in obtaining and disclosing confidential information;
• to implement robust internal control systems and procedures that meet international best practices for the handling, storing, processing, securing and retention of confidential information; and
• to implement data protection procedures that are equivalent to those prescribed in the European Union Directives so as to protect individual privacy rights according to international best practices.
2.4 In addition, the DFSA strives to comply with the legislative requirements that govern its processes and procedures. The main legislative provisions governing the use of confidential information are set out in Dubai Law No. 9 of 2004, DIFC Regulatory Law No. 1 of 2004, the DIFC Data Protection Law No. 1 of 2007 and the UAE Penal Code Federal Law No. 3 of 1987.