Dubai Financial Services Authority
From MarketsWiki
| Dubai Financial Services Authority | |
| |
| Founded | 2004 |
|---|---|
| Headquarters | Dubai, UAE |
| Products | David Knott, CEO; Abdullah Saleh, chairman |
| Web site | http://www.dfsa.ae/dfsa/ |
The Dubai Financial Services Authority (DFSA) is an independent regulator created to oversee financial and ancillary services conducted from the Dubai International Financial Centre.
It is one of two regulators - alongside the Emirates Securities and Commodities Authority - which split oversight of financial services business in Dubai, but has exclusive jurisdiction over the DIFC.
The DFSA was built from scratch using best-practice from the international regulatory environment, modelled heavily on the centralised Financial Services Authority in the UK.
Collective investment schemes such as property funds, Islamic (Shariah-compliant) funds, hedge funds, fund of funds, and private equity funds can now operate. The Collective Investment Law 2006 allowed the setting up of investment funds.
History
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The DFSA was created following a two-year project headed by Phillip Thorpe, an experienced international regulator and exchange executive, culminating in the creation of the DIFC. Thorpe and Ian Hay Davison, the DFSA's first chairmen, were both ousted in June 2004 in a move seen as damaging the credibility of the fledgling regulator. However, the DIFC opened with the granting of the first three licenses by the DFSA in September 2005, with the 200th license issued in November 20007[1]
Recent Developments
The regulatory environment continues to develop, with recent issues including the absence of a draft law to cover liquidation of DIFC members [2]
References
- ↑ Dubai licences mark bid to be services hub for Middle East. Financial Times. Retrieved on November 30, 2007.
- ↑ Lack of law hampers court from settling Forsyth case. Gulf News. Retrieved on November 29, 2007.
