DFSA Regulatory Council Welcomes New Heavyweights

Dr Habib Al Mulla, Chairman of the DFSA Regulatory Council, today announced the appointment of three new Members to the Council, the body which oversees the DIFC Financial Services Authority (DFSA). The DFSA is the independent regulator of financial and Ancillary Services conducted in or from the Dubai International Financial Centre (DIFC).

The three new Members are international figures in their fields. They are:

•  The Hon. Apurv Bagri;
•  Lord (David) Currie of Marylebone; and
•  Saeb Eigner.

'It is my great pleasure to welcome the Hon. Apurv Bagri, Lord Currie of Marylebone and Saeb Eigner to the DFSA Regulatory Council', Dr Al Mulla said.

'The DFSA is going from strength to strength — the Dubai Law guaranteeing our independence has been signed, the first batch of laws governing the conduct of financial and Ancillary Services in the DIFC have been signed and enacted and we have issued our first three Licences to Julius Baer, Standard Chartered and GCC Energy Fund Managers Limited.

'These are momentous steps forward in our development. With the appointment of three new Members to the Council, the DFSA is in its strongest position ever to ensure that the Regulation of Financial Services in the DIFC is conducted to the highest international standards. The new Members are leading international figures in their fields, and will provide valuable input to the direction and Guidance of the DFSA as we move forward in this exciting operational phase', Dr Al Mulla said.

The DFSA Regulatory Council now has 11 Members, who are leading legal, and regulatory experts, and academics and practitioners drawn from major international financial jurisdictions. The Council is responsible for overseeing the regulatory performance of the DFSA, and also exercises the legislative powers of the organisation.