9 December 2018 — DFSA hosts Authorisation Outreach and Stakeholder Roundtable
Dubai, UAE, 9 December, 2018: The Dubai Financial Services Authority ("DFSA") held its Authorisation Roundtable to discuss key aspects of the authorisation process. The discussions also addressed the DFSA's 2019 priorities for new applicants seeking a licence to provide financial services in or from the Dubai International Financial Centre ("DIFC"). Key regulatory priorities discussed at this event included combating financial crime and digitalisation, in line with the Dubai Government initiatives, whilst ensuring that the services remain outward focused, relevant and responsive to a changing market.
In his opening remarks, Bryan Stirewalt, Chief Executive of the DFSA, said: "Today's event reflects our commitment to engage with key stakeholders that contribute to building a broader and deeper international Financial Centre. The event is a fundamental part of the DFSA's mandate to ensure effective communication with its key stakeholders. We are also keen to discuss evolving trends and the impact they will have on the pipeline of new applicants to the regulated community of the DIFC."
During the event the DFSA provided several updates including, developments to the DFSA Online Forms, a question and answer session to discuss statistical information, and a comprehensive update on the anti-money laundering ("AML") and the Financial Action Task Force ("FATF") Mutual Evaluation. In addition to providing these updates, the DFSA listened to a number of issues, concerns and ideas from the stakeholder community. Each of the concerns raised and the suggestions made will receive consideration in the DFSA's Business Plan for 2019.
The event targeted Compliance consultancy firms, law firms, accountancy firms and others supporting new applicants seeking authorisation from the DFSA. Over seventy percent of the external advisors assisting applicants seeking authorisation in the Centre were represented at the event.
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For further information please contact:
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Tel: +971 (0)4 362 1613
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC), a purpose-built financial free-zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for supervising and enforcing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) requirements applicable in the DIFC. The DFSA also exercises delegated enforcement powers under the DIFC Companies Law. These include powers to investigate the affairs of DIFC companies and partnerships where a material breach of DIFC Companies Law is suspected and to pursue enforcement remedies available to the Registrar of Companies (Roc).
Bryan Stirewalt, Managing Director, Supervision, joined the DFSA in 2008 and has served as a Managing Director since 2010. Mr Stirewalt's responsibilities include prudential and conduct-oriented oversight of financial service providers and overseeing the DFSA's role with Registered Auditors, CRAs and DNFBPs. Within his primary areas of responsibilities, he also directs the DFSA's efforts in fighting methods of illicit finance. He has extensive experience in financial regulation in public and private sector roles. From 1985 to 1996, he worked for the US Treasury's Office of the Comptroller of the Currency as a National Bank Examiner, where he specialised in policy development and implementation, problem bank rehabilitation and banking fraud initiatives. From 1996 to 2008, he worked for an international consulting and advisory firm, focusing on emerging markets development programmes in Poland, Ukraine, Cyprus and Kazakhstan. Mr Stirewalt serves as the Co-Chair of the Basel Consultative Group (BCG), which provides a forum for deepening the BCBS's engagement with global supervisors on banking supervisory issues.