Statement of the DFSA Regulatory Council

The Regulatory Council of the Dubai Financial Services Authority (DFSA) met recently to discuss a number of important issues relating to the DFSA. Following the meeting, the Council issued the following statement.

‘The Council strongly welcomed the news that His Highness the President of the United Arab Emirates has issued the Federal Decree (No.35 of 2004) establishing the Dubai International Financial Centre (DIFC). This Decree and accompanying Cabinet Resolutions complete the federal legislative process that is necessary to formally establish the DIFC.

The Council met with His Highness Sheikh Mohammed in London on 29 June and was pleased to receive from him his strong affirmation of the independence of the DFSA as the regulator of financial and Ancillary Services in the DIFC. His Highness made it clear that this independence includes all decision-making relating to regulatory matters and to executive appointments in the DFSA; and accountability directly and only to the office of His Highness.

His Highness also assured the Council that this independent status takes immediate effect and will be enshrined in the forthcoming Dubai Law relating to the DIFC. This Law will complete the legislative process that enables the DIFC to commence operations.

His Highness Sheikh Mohammed also expressed to the Council his strong commitment to the highest standards of transparency and good governance throughout the DIFC, and stressed the importance of those standards in the development of the Centre.

The Council expressed to His Highness their strong and unanimous support for Dr Habib Al Mulla as the new Chairman of the Regulatory Council, and for David King, the new Acting Chief Executive Officer of the DFSA.

‘The Council and I are delighted to have received the support of His Highness in this period. We are confident that it will now be possible for us to move forward on a secure basis’, Chairman of the Regulatory Council, Dr Habib Al Mulla said.