The DFSA approach to regulating Islamic finance Clare College, Cambridge
|
|
|
- Sydney Stone
- 6 years ago
- Views:
Transcription
1 The DFSA approach to regulating Islamic finance Clare College, Cambridge Simon Gray Director, Supervision 1 st September 2010
2 East and West Oh, East is East and West is West, and never the twain shall meet, till Earth and Sky stand presently at God's great Judgement Seat; but there is neither East nor West, border, nor breed, nor birth, when two strong men stand face to face, tho' they come from the ends of the earth! Rudyard Kipling, The Ballad of East and West Page 2
3 Page 3 Dubai in DIFC District
4 Page 4 Dubai in DIFC District
5 Dubai International Financial Centre (DIFC) Region Fills Fills gap gap between Europe and and Asia Asia DIFC DIFC Principles Integrity Transparency Efficiency Page 5 8 hour time difference
6 About the DIFC Onshore Capital Capital Market Market // International Standards Designated as as a Financial Free-Zone Foreign Currency Denominated // Zero Zero Tax Tax Rate* Rate* Civil Civil and and Commercial Laws Laws of of UAE UAE Not Not Applied Tailor-made Laws Laws for for the the DIFC DIFC No No Local Local Partner Requirements Page 6 * 50 Years and Renewable
7 DIFC Value Proposition DFSA: Risk-based Regulation Clear and Transparent Legislation DIFC Courts: Independent Judicial System A dedicated financial services cluster NASDAQ Dubai: Liquid and Transparent International Exchange Hawkamah Institute for Corporate Governance Window to a wealth of opportunities DIFC Education Strategy: Access to Talent DIFC Resource Centre: Business Support Services Page 7
8 The Structure of the DIFC Dubai International Financial Centre DIFC Authority Dubai Financial Services Authority DIFC Judicial Authority Page 8 Provide overall direction for the development and marketing of the DIFC Independent integrated regulatory authority with riskbased regulation on par with international standards Independent and final DIFC Court modeled on superior common law court
9 About the DFSA The DFSA is the independent regulator of financial and ancillary services conducted through the DIFC, a purpose-built financial free-zone in Dubai Independence is guaranteed by law Integrated regulator covering banking, securities and insurance Regulates using a risk-based approach Follows international standards of IOSCO, Basel, IAIS and FATF Common law framework for Rules and Law enforceable in DIFC Court Linked to key world capital market regulators through many bi-lateral Memoranda of Understanding (MoUs) and two multi-lateral MoUs namely IOSCO and The Boca Declaration Board and senior executives comprised of internationally experienced regulators from major jurisdictions Page 9
10 The DFSA s Key Activities Rulemaking and policy development Drafting financial services legislation Licensing, supervision and/or recognition of entities providing Financial Services in the DIFC, including: - NASDAQ Dubai - equities exchange - DME - commodities derivatives exchange Enforcing DFSA administered legislation Page 10
11 DFSA Rulemaking and Policy Development DIFCA DIFC COURT DFSA NASDAQ Dubai DME Employment Law Companies Law Personal Property Law Law of Security Real Property Law Data Protection Law Law on Application of Civil & Commercial Law Contract Law Regulatory Law Markets Law Law Regulating Islamic Financial Business Trust Law Investment Trust Law Collective Investment Law Rulebook Modules: General (GEN) Authorisation (AUT) Supervision (SUP) Enforcement (ENF) Conduct of Business (COB) Prudential Insurance (PIN) Prudential - Investment, Insurance Intermediation & Banking (PIB) Listing Rules Business Rules Insolvency Law Arbitration Law Law of Obligations Law of Damages & Remedies Law relating to Application of DIFC Laws Limited Liability Partnership Law General Partnership Law Anti Money Laundering (AML) Islamic Financial Business (ISF) Collective Investment Rules (CIR) Ancillary Service Providers (ASP) Offered Securities Rules (OSR) Authorised Market Institution (AMI) Recognised Bodies & Recognised Members (REC) DIFC Court Law Price Stabilisation (PRS) Real Estate Law Takeover Rules (TKO) Glossary (GLO) Page 11 Prudential Returns (PRU)
12 Prudential Categories of Authorised Firms Category 1 Category 2 Category 3 Category 4 Accepting deposits or providing credit Dealing in investments as principal Dealing in investments as agent or Managing Assets Arranging Credit or Deals in Investments or Arranging Custody Decreasing Capital Requirements and Prudential Risks Category 5 Islamic Financial Institution Page 12 Capital requirements may vary
13 Proactive approach Product innovation and divergent views Supervision hands on and on site focus Outreach training Preventative medicine Consultation with the industry MoUs Thought leadership Fair value accounting / private equity dealing / Code of Practice for Hedge Funds Page 13
14 DFSA and Islamic Finance Practical, proportionate Wholly Islamic firms and Islamic Windows Shari a Systems Based approach Most flexible approach AAOFI Standards No central Shari a Supervisory Board (SSB) SSB duty on Firms (SYSC) Active role on IFSB Working Parties Page 14
15 Islamic Finance Changes Purpose To give the current DFSA requirements relating to Islamic Finance a more cohesive and hence a more visible and acceptable structure A more comprehensive Islamic Finance Rules (ISR) module to replace the current Islamic Financial Business module (1 st March 2010) Web-based virtual handbook similar to the tailored handbook provided by the UK FSA (May 2010) Page 15
16 Liaison with Industry Bodies AAOFI Place on Board DFSA has adopted key AAOFI standards IFSB Long track record of support for Working Parties Ongoing help with new Working Parties Takaful, Conduct of Business, Shari a Governance, Liquidity Management Hosting IFSB Takaful Summit & Technical Committee in DIFC (Feb) Hosting IAIS Triannual conference Oct 2010 Page 16
17 Why DFSA undertook a Funds Review Desire to help boost the funds industry DFSA already had good insight into challenges via Supervisory feedback Engineered platform for regulator to better engage the regulated To maximise opportunities in the DIFC financial market crisis global appetite for regulatory change Page 17
18 Visible and Viable Angles Establish an Exempt Funds Regime: fast track process open only to high-net-worth investors initial subscription USD50,000 or more Promote an Islamic hub in the DIFC Adopt a less prescriptive yet appropriate Shari a governance standards (Issue 7) Page 18
19 Mutual recognition Mutual recognition agreement for Islamic funds between Malaysian Securities Commission and DFSA Page 19
20 Thank You Dubai Financial Services Authority Page 20
Financial Services Regulation
Financial Services Regulation Premier Banking & Wealth Management Conference Simon Gray 26 th October 2008 Royal Meridien, Abu Dhabi Regulatory Landscape 2 Page 2 Dubai International Financial Centre (DIFC)
The DFSA model. Oh, East is East and West is West, and never the twain shall meet, Till Earth and Sky stand presently at God s great Judgment Seat;
Chapter 21 The DFSA model Oh, East is East and West is West, and never the twain shall meet, Till Earth and Sky stand presently at God s great Judgment Seat; But there is neither East nor West, Border,
The Collective Investment Fund Regime in the DIFC Unlocking the Middle East
The Collective Investment Fund Regime in the DIFC Unlocking the Middle East Royal College of Physicians, Dublin Simon Gray 23 rd April 2009 Topics Key considerations Investment vehicles Operating a CIF
The DFSA Sourcebook. Regulatory Policy and Process. (RPP Sourcebook) Appendix 1
Appendix 1 The text in this appendix has not been underlined and struck through in the usual manner to show amendments. Where certain text is highlighted in yellow within a paragraph this indicates that
Part 3: Supplement notes
Part 3: Supplement notes Asset management supplement notes This section contains information that may assist you in completing the asset management supplement. Each note relates to a question in the asset
THE HOME OF BANKING AND CAPITAL MARKETS IN THE REGION. difc.ae
difc.ae THE HOME OF BANKING AND CAPITAL MARKETS IN THE REGION WE VE CREATED THE ENVIRONMENT YOU REQUIRE THE LARGEST AND MOST DIVERSE FINANCIAL CENTRE IN THE REGION With an ecosystem of around 1,800 firms,
The DFSA Rulebook. Fees Module (FER) FER/VER18/08-18
The DFSA Rulebook Fees Module (FER) Contents The contents of this module are divided into the following chapters, sections and appendices: 1. INTRODUCTION... 1 1.1 Application... 1 1.2 General provisions...
ASTANA INTERNATIONAL FINANCIAL CENTER (AIFC) ASTANA FINANCIAL SERVICES AUTHORITY (AFSA)
ASTANA INTERNATIONAL FINANCIAL CENTER (AIFC) ASTANA FINANCIAL SERVICES AUTHORITY (AFSA) The AIFC s mission is to contribute to the sustainable economic development of Kazakhstan and the region, by fostering
The DFSA Rulebook. Islamic Finance Rules (IFR) IFR/VER3/
The DFSA Rulebook Islamic Finance Rules (IFR) IFR/VER3/02-11 060 Contents The contents of this module are divided into the following chapters, sections and appendices: 1. INTRODUCTION...1 1.1 Application...
TAKAFUL CONFERENCE ON ISLAMIC INVESTMENT MANAGEMENT 12 FEBRUARY 2008, DUBAI. KEYNOTE ADDRESS Dr. Nasser Saidi Chief Economist, DIFCA
TAKAFUL CONFERENCE ON ISLAMIC INVESTMENT MANAGEMENT 12 FEBRUARY 2008, DUBAI KEYNOTE ADDRESS Dr. Nasser Saidi Chief Economist, DIFCA It is indeed a pleasure and an honour for me to address participants
ASTANA INTERNATIONAL FINANCIAL CENTRE. Unlock new opportunities.
ASTANA INTERNATIONAL FINANCIAL CENTRE Unlock new opportunities. PERFECT TIMING FOR THE AIFC GATEWAY TO EURASIAN ECONOMIC UNION (EAEU) AIFC provides access to a relatively untapped market with huge potential.
The DFSA Rulebook. Fees Module (FER)
The DFSA Rulebook Fees Module (FER) Contents The contents of this module are divided into the following chapters, sections and appendices: 1 INTRODUCTION...4 1.1 Application...4 1.2 General provisions...5
The DFSA Rulebook. Glossary Module (GLO) GLO/VER39_04-18
The DFSA Rulebook Glossary Module (GLO) A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 1 INTRODUCTION 1.1 Application 1.1.1 This module (GLO) applies to every Person to whom any module of the Rulebook
Markets Brief. Listed Funds and the Offering of Units. Introduction
Markets Brief Listed Funds and the Offering of Units Issue No 10 September 2014 Introduction Welcome to the tenth issue of Markets Brief. In this edition we take a closer look at the regulation applicable
Brokerage and Capital Markets
Brokerage and Capital Markets The Dubai International Financial Centre (DIFC) is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting this region s
THE TOP DESTINATION FOR PROFESSIONAL SERVICES IN THE REGION. difc.ae
difc.ae THE TOP DESTINATION FOR PROFESSIONAL SERVICES IN THE REGION WE VE CREATED THE ENVIRONMENT YOU REQUIRE We understand there are many factors that inform your decision to set up an office in a new
Form ASP1 Ancillary Service Provider Application for registration
(For DFSA use only) Form ASP1 Ancillary Service Provider Application for registration Name of applicant Firms are requested to contact the authorisation department of the DFSA (+9714 362 1500) before considering
Applying for Authorisation. Notes for Applicants APPLICATION FORMS AND NOTICES (AFN) AUT - NOTES
For DFSA use only Applying for Authorisation Notes for Applicants These notes provide information that may assist you in completing the Core Information form, the various Fund forms, the Representative
1. When does the Representative Office regime come into effect? The new Representative Office regime will go live on Sunday 3 January 2010.
Q&A The DFSA Representative Office Regime This document is not intended to be a complete guide to the DFSA s Representative Office regime. It merely addresses a number of queries. Accordingly, we recommend
Appendix 4. In this Appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook. Glossary Module (GLO)
Appendix 4 In this Appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook Glossary Module (GLO) 2 GLOSSARY A Back to top C Authorised Participant Corporate
GUIDEBOOK. On Authorisation of AIFC Participants and Recognition of non-aifc Members
GUIDEBOOK On Authorisation of AIFC Participants and Recognition of non-aifc Members Authorisation of AIFC Participants An Authorised Firm is a Centre Participant, which has been licensed by the AFSA to
DFSA Outreach Session. 3 May 2017
DFSA Outreach Session 3 May 2017 Prudential Supervision Arvind Baghel Director, Supervision Prudential Risks Agenda Prudential Supervision Arvind Baghel, Director Supervision Update on Banking Matters
CONSULTATION PAPER NO.118 PROPOSED CHANGES TO THE DFSA S ANTI MONEY LAUNDERING, COUNTER- TERRORIST FINANCING AND SANCTIONS REGIME
CONSULTATION PAPER NO.118 PROPOSED CHANGES TO THE DFSA S ANTI MONEY LAUNDERING, COUNTER- TERRORIST FINANCING AND SANCTIONS REGIME 22 FEBRUARY 2018 PREFACE CHANGES TO THE DFSA S AML REGIME Why are we issuing
Appendix 2. In this appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook
Appendix 2 In this appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook Prudential Investment, Insurance Intermediation and Banking Module (PIB) 1.3 Categories
THE LEADING REINSURANCE PLATFORM IN THE REGION. difc.ae
difc.ae THE LEADING REINSURANCE PLATFORM IN THE REGION WE VE CREATED THE ENVIRONMENT YOU REQUIRE We understand there are many factors that inform your decision to set up in a new jurisdiction. Our marketplace
CONSULTATION PAPER NO.116
CONSULTATION PAPER NO.116 11 SEPTEMBER 2017 CP116 PREFACE Why are we issuing this Consultation Paper (CP)? This Consultation Paper seeks public comment on the DFSA s proposals to make a variety of amendments
Appendix 1. In this Appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook. General Module (GEN)
Appendix 1 In this Appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook General Module (GEN) 2 FINANCIAL SERVICES 2.2 Financial Service activities 2.2.1
The DFSA Rulebook. General Module (GEN)
The DFSA Rulebook General Module (GEN) Contents The contents of this module are divided into the following chapters, sections and appendices: 1 INTRODUCTION...1 1.1 Application...1 1.2 Overview of the
Client Handbook. Incorporation/Registration of a DIFC Entity. Qualified Investor Funds
Client Handbook Incorporation/Registration of a DIFC Entity Qualified Investor Funds Contents: I. Introduction II. Qualified Investor Fund III. Name Reservation IV. DIFC Client Portal a. First Time Access
DFSA OUTREACH INTRODUCTORY PRESENTATION 4 June 2015
DFSA OUTREACH INTRODUCTORY PRESENTATION 4 June 2015 The Dubai Financial Services Authority (DFSA) in providing this DFSA outreach presentation to you for information purposes only. The DFSA does not make
The DFSA Rulebook. General Module (GEN) GEN/VER34/06-14
The DFSA Rulebook General Module (GEN) GEN/VER34/06-14 Contents The contents of this module are divided into the following chapters, sections and appendices: 1 INTRODUCTION... 1 1.1 Application... 1 1.2
Appendix 2. The text in this appendix is new and is not underlined and struck through in the usual manner. The DFSA Rulebook. General Module (GEN)
Appendix 2 The text in this appendix is new and is not underlined and struck through in the usual manner. The DFSA Rulebook General Module (GEN) 1 11 FINANCIAL PROMOTIONS 11.1 Application 11.1.1 This chapter
CONSULTATION PAPER NO JUNE 2016 REGULATION OF ARRANGING, REPRESENTATIVE OFFICE ACTIVITIES AND FINANCIAL PROMOTIONS
CONSULTATION PAPER NO. 106 21 JUNE 2016 REGULATION OF ARRANGING, REPRESENTATIVE OFFICE ACTIVITIES AND FINANCIAL PROMOTIONS CONSULTATION PAPER 106 REGULATION OF ARRANGING, REPRESENTATIVE OFFICE ACTIVITIES
RECOVERY AND RESOLUTION FRAMEWORK FOR FINANCIAL INSTITUTIONS IN THE DIFC
DISCUSSION PAPER 3 RECOVERY AND RESOLUTION FRAMEWORK FOR FINANCIAL INSTITUTIONS IN THE DIFC 26 SEPTEMBER 2017 Structure of this Discussion Paper Preface Glossary Introduction Proposals for a recovery and
Appendix 4. In this appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook. General Module (GEN)
Appendix 4 In this appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook General Module (GEN) 8 ACCOUNTING AND AUDITING 8.1 Application 8.1.1 (1) This chapter
Dubai Financial Services Authority s response to public comments on CP 69: Proposed Enhancements to the Collective Investment Funds Regime
Dubai Financial Services Authority s response to public comments on CP 69: Proposed Enhancements to the Collective Investment Funds Regime This document sets out information relating to key comments we
New Markets and Frontiers for Islamic Finance: Innovation and the Regulatory Perimeter
New Markets and Frontiers for Islamic Finance: Innovation and the Regulatory Perimeter The need for Emerging Markets to have Effective Regulations in Place I keep six serving honest men, they taught me
Appendix 2. In this appendix underlining indicates proposed new text and striking through indicates deleted text. The DFSA Rulebook.
Appendix 2 In this appendix underlining indicates proposed new text and striking through indicates deleted text. The DFSA Rulebook General Module (GEN) 2 FINANCIAL SERVICES.. 2.28 Definition of Financial
CONSULTATION PAPER NO JUNE 2016 PROPOSED CHANGES TO THE ANTI MONEY LAUNDERING, COUNTER- TERRORIST FINANCING AND SANCTIONS MODULE
CONSULTATION PAPER NO. 107 20 JUNE 2016 PROPOSED CHANGES TO THE ANTI MONEY LAUNDERING, COUNTER- TERRORIST FINANCING AND SANCTIONS MODULE CONSULTATION PAPER NO. 107 PROPOSED CHANGES TO THE ANTI MONEY LAUNDERING,
The impact of the financial crisis on Islamic finance Clare College, Cambridge
The impact of the financial crisis on Islamic finance Clare College, Cambridge Simon Gray Director, Supervision 31 st August 2010 Agenda Whirlwind tour of world developments Developments in international
The DFSA Rulebook. Auditor Module (AUD) AUD/VER3/02-17
The DFSA Rulebook Auditor Module (AUD) Contents The contents of this module are divided into the following chapters, sections and appendices: PART 1 INTRODUCTION... 1 1 APPLICATION AND DEFINITIONS... 1
LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
LABUAN INTERNATIONAL BUSINESS AND FINANCIAL CENTRE Labuan IBFC s Shariah-Compliant Products & Solutions 8 th May 2018 Aderi Adnan Director, Business Development, Labuan IBFC Inc. Where is Labuan? Off the
CONSULTATION PAPER NO. 93
CONSULTATION PAPER NO. 93 22 DECEMBER 2013 QUALIFIED INVESTOR EXEMPT FUNDS CONSULTATION PAPER NO 93 QUALIFIED INVESTOR EXEMPT FUNDS Part 1: Introduction and Overview Why are we issuing this paper? 1. This
DFSA Annual Outreach Session. Monday, 25 June 2018
DFSA Annual Outreach Session Monday, 25 June 2018 Key Note Speech Bryan Stirewalt Managing Director, Supervision Upcoming Event for your Calendars 12 July 2018 Visit from Ms. Sigal Mandelker, US Under
Securitization & Financial Development in MENA Dr. Nasser Saidi* 1 Keynote speech at Securitisation World: MENA 2007 Conference Dubai, 18 March 2007
Securitization & Financial Development in MENA Dr. Nasser Saidi* 1 Keynote speech at Securitisation World: MENA 2007 Conference Dubai, 18 March 2007 Ladies and Gentlemen: 1. Thank you for inviting me to
Zeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment
Zeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the State Street Islamic
Application for a Financial Services Permission
Application for a Financial Services Permission Financial Services Regulatory Authority (FSRA) Banking Business Supplement (BBS) Form This supplement form must be submitted by Applicant 1 firms applying
The DFSA Rulebook. Islamic Finance Rules (IFR) IFR/VER12/01-18
The DFSA Rulebook Islamic Finance Rules (IFR) IFR/VER12/01-18 Contents The contents of this module are divided into the following chapters, sections and appendices: 1. INTRODUCTION... 1 1.1 Application...
Appendix 2. In this annex underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook. General Module (GEN)
Appendix 2 In this annex underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook General Module (GEN) 6 GENERAL PROVISIONS 6.5 Location of offices 6.5.1 (1) Where
DECISION NOTICE For the reasons given in this Decision Notice, the DFSA imposes on Mr Andrew Grimes (Mr Grimes):
DECISION NOTICE To: DFSA Reference No.: Mr Andrew Grimes I004926 Date: 3 May 2017 1. DECISION 1.1. For the reasons given in this Decision Notice, the DFSA imposes on Mr Andrew Grimes (Mr Grimes): a. a
Guidance Regulatory Framework for Private Financing Platforms. Annex B
Guidance Regulatory Framework for Private Financing Platforms Annex B TABLE OF CONTENTS 1. INTRODUCTION... 3 2. OBJECTIVES OF THE PRIVATE FINANCING PLATFORM FRAMEWORK... 3 3. KEY FEATURES OF THE PRIVATE
Appendix 6. In this annex underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook. Markets Rules (MKT)
Appendix 6 In this annex underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook Markets Rules (MKT) 5 ACCOUNTING PERIODS, AND FINANCIAL REPORTS AND AUDITING 1. Article
CONSULTATION PAPER NO.117
CONSULTATION PAPER NO.117 MISCELLANEOUS CHANGES 5 MARCH 2018 CP117 PREFACE MISCELLANEOUS CHANGES Why are we issuing this consultation paper (CP)? This Consultation Paper seeks public comment on the DFSA
CONSULTATION PAPER CP111
CONSULTATION PAPER CP111 CROWDFUNDING: SME FINANCING THROUGH INVESTING 13 February 2017 CONTENTS Preface...3 1. Introduction...5 2. Proposals...8 2.1. Application and licensing stage...9 2.2 Prudential
AIFC ISLAMIC FINANCE RULES (IFR)
---------------------------------------------------------------------------------------------- AIFC ISLAMIC FINANCE RULES (IFR) AIFC RULES NO. FR0013 OF 2017 ----------------------------------------------------------------------------------------------
New AML Regime for the DIFC
Briefing note October 2012 New AML Regime for the DIFC The Dubai Financial Services Authority ("DFSA") has released Consultation Paper No. 86 regarding proposed changes to the DFSA's Anti-Money Laundering
The published version of this Notice has been redacted or amended in places to protect the identity of investors and related third parties.
The published version of this Notice has been redacted or amended in places to protect the identity of investors and related third parties. The minimum subscription in one of the Books was generally USD125,000
Dr. Nasser Saidi Chief Economist, DIFC Authority
DIFC & Regional Payment Infrastructures: RAPID USD and Euro Offshore RTGS initiative Presentation to International Payments Summit 2008 23 rd April 2008 Dr. Nasser Saidi Chief Economist, DIFC Authority
INSURANCE REGULATION IN THE ADGM AND THE DIFC: A COMPARATIVE GUIDE
Insurance/ Reinsurance November 2015 INSURANCE REGULATION IN THE ADGM AND THE DIFC: A COMPARATIVE GUIDE The Abu Dhabi Global Market (ADGM), located on Al Maryah Island, Abu Dhabi, was established in 2013
Appendix 3. In this appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook
Appendix 3 In this appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook Prudential Investment, Insurance Intermediation and Banking Module (PIB) 1 APPLICATION,
CONSULTATION PAPER NO.114
CONSULTATION PAPER NO.114 LIQUIDITY REQUIREMENTS REVIEW 22 JUNE 2017 PREFACE Why are we issuing this consultation paper (CP)? The DFSA proposes to amend the provisions on Liquidity Risk contained in the
Appendix 2. In this Appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook
Appendix 2 In this Appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Module (AML) 1
CONSULTATION PAPER NO. 2 OF 2018
CONSULTATION PAPER NO. 2 OF 2018 30 APRIL 2018 INTRODUCTION OF CRYPTO ASSET REGULATORY FRAMEWORK IN ADGM CONTENTS INTRODUCTION... 3 BACKGROUND... 6 PROPOSED LEGISLATIVE FRAMEWORK... 7 REGULATORY APPROACH...
DFSA Annual Supervision Outreach Breakout Group #1 Conduct of Business Risks. 25 June 2018
DFSA Annual Supervision Outreach Breakout Group #1 Conduct of Business Risks 25 June 2018 Breakout Group 1 - Agenda Opening Comments - Lawrence Paramasivam General Issues & Trends - Hend Al Budoor & Maryam
The DFSA Rulebook. General Module (GEN) GEN/VER40/08-17
The DFSA Rulebook General Module (GEN) GEN/VER40/08-17 Contents The contents of this module are divided into the following chapters, sections and appendices: 1 INTRODUCTION... 1 1.1 Application... 1 2
ADGM THE ACCESS TO COMMODITIES MARKETS IN ABU DHABI & THE REGION
ADGM THE ACCESS TO COMMODITIES MARKETS IN ABU DHABI & THE REGION FINANCIAL SERVICES REGULATORY AUTHORITY ADGM THE WORLD S NEWEST INTERNATIONAL FINANCIAL CENTRE Abu Dhabi Global Market, an international
RPP SOURCEBOOK CHAPTER PERMISSIBLE COMPANY AND TRADING NAMES FOR ENTITIES ESTABLISHED IN THE DIFC
10 PERMISSIBLE COMPANY AND TRADING NAMES FOR ENTITIES ESTABLISHED IN THE DIFC 10-1 INTRODUCTION 10-1-1 This chapter sets out the DFSA s policy on the names that Applicants, Authorised Firms, Funds and
CONSULTATION PAPER NO.120
CONSULTATION PAPER NO.120 PROPOSED CHANGES TO THE DFSA S ANTI MONEY LAUNDERING, COUNTER- TERRORIST FINANCING AND SANCTIONS REGIME PHASE 2 18 APRIL 2018 PREFACE Why are we issuing this Consultation Paper
Appendix 2. In this appendix underlining indicates new text and striking through indicates deleted text.
Appendix 2 In this appendix underlining indicates new text and striking through indicates deleted text. This text includes the amendments resulting from CP 103 on Insurance Activities which come in to
DUBAI & UAE. A Global Hub
GATEWAY TO GROWTH TRADE AVIATION TOURISM FINANCE DUBAI & UAE A Global Hub 2 DUBAI & UAE Opportunity to Increase Contribution 6% 12% 18% to the Dubai GDP 2004 2014 2024 3 WELCOME TO THE DIFC DIFC is one
AUDIT MONITORING PROGRAMME. Public Report
AUDIT MONITORING PROGRAMME Public Report 2016-2017 CONTENTS CHIEF EXECUTIVE STATEMENT 2 DUBAI FINANCIAL SERVICES AUTHORITY 3 ABOUT THIS REPORT 4 DFSA S AUDIT MONITORING PROGRAMME 5 INSPECTIONS RESULTS
Risk-Based Supervision Does it Work? By Ali Hassan
Risk-Based Supervision Does it Work? By Ali Hassan Describe the Rationale and its relevance to securities regulators Identify the Pitfalls Discuss the Approach Adopted by the DFSA Share Experiences and
Markets Brief. Ongoing Market Disclosure. Introduction. Ongoing Market Disclosure by Reporting Entities. Guidance. Periodic distributions
Markets Brief Ongoing Market Disclosure Periodic distributions Connected Person disclosure Issue No. 6 January 2014 Introduction In this edition, we discuss the DFSA s policy on (1) ongoing market disclosure
Appendix 1. The DFSA Rulebook. Conduct of Business Module (COB) COB/VER30/08-18
Appendix 1 The DFSA Rulebook Conduct of Business Module (COB) COB/VER30/08-18 Contents The contents of this module are divided into the following chapters, sections and appendices: 1 INTRODUCTION... 1
Glossary (GLO) GLO VER
Glossary (GLO) GLO VER04.210218 1. INTRODUCTION 1.1 Application 1.1.1 This module ("GLO") applies to every Person to whom any module of the Rulebook applies. 1.2 Defined Terms 1.2.1 In the Rulebook: (1)
The DFSA Rulebook. Collective Investment Rules (CIR) Appendix 2
Appendix 2 In this appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook Collective Investment Rules (CIR) PART 1: INTRODUCTION 1. Application and Interpretation
Application for Financial Services Permission
Application for Financial Services Permission Financial Services Regulatory Authority (FSRA) Banking Business Supplement (BBS) Form This supplement form must be submitted by Applicant 1 firms applying
Rawlinson & Hunter. Cayman Islands
Rawlinson & Hunter Cayman Islands How can we help you? Rawlinson & Hunter has built a global reputation for outstanding personal services in the private client and corporate fields. Working closely with
A cross sectoral approach to the supervision of Islamic Financial Services: the IOSCO view
A cross sectoral approach to the supervision of Islamic Financial Services: the IOSCO view Philippe Richard, IOSCO Secretary General Introduction IOSCO is the global standard setter for securities regulation,
CONSULTATION PAPER NO.113
CONSULTATION PAPER NO.113 CAPITAL REQUIREMENTS REVIEW 22 JUNE 2017 PREFACE Why are we issuing this consultation paper (CP)? The DFSA proposes to amend the PIB Module of the DFSA Rulebook in order to bring
CIMA s Role and Functions
Cayman Islands Monetary Authority ( CIMA ) CIMA s Role and Functions Presentation to IMAC on 19 April 2016 A brief history of CIMA and its legal basis: Formed on 1 January 1997, by amalgamation of the
WAIVER AND MODIFICATION NOTICE
WAIVER AND MODIFICATION NOTICE To Address DFSA Firm Reference No. Notice No. Smart Crowd Limited The FinTech HIVE at DIFC, Level 4, Gate Precinct 5, DIFC, Dubai, UAE F004285 W582/2018 THE DFSA HEREBY GIVES
CONSULTATION PAPER CP109
CONSULTATION PAPER CP109 CROWDFUNDING SME FINANCING THROUGH LENDING 31 January 2017 CONTENTS Preface 3 1. Background 5 2. Introduction 6 3. Proposals 8 Annex 1: Table of Comments 31 Appendix 1: Proposed
Consultation Paper No. 9 of 2015 Appendix 5. The ADGM Rulebook GLOSSARY (GLO)
The ADGM Rulebook GLOSSARY (GLO) 1. INTRODUCTION 1.1 Application 1.1.1 This module ("GLO") applies to every Person to whom any module of the Rulebook applies. 1.2 1.2.1 In the Rulebook: a word or phrase
code of values and ethics For members of the Board, Committees and Tribunals
code of values and ethics For members of the Board, Committees and Tribunals CONTENTS Foreword 1 Part A DFSA Core Values and Ethics 2 Part B Use of Information 4 Part C Conflicts of Interest 6 Part D Receipt
Seminar on Islamic Finance. Challenges in Developing Islamic Financial Services in Europe. 11 November 2009, Rome, Italy.
Seminar on Islamic Finance Challenges in Developing Islamic Financial Services in Europe 11 November 2009, Rome, Italy Speech by Professor Rifaat Ahmed Abdel Karim Secretary-General Islamic Financial Services
MEMORANDUM OF UNDERSTANDING. Bundesanstalt für Finanzdienstleistungsaufsicht. and. Dubai Financial Services Authority
MEMORANDUM OF UNDERSTANDING Bundesanstalt für Finanzdienstleistungsaufsicht and Dubai Financial Services Authority TABLE OF CONTENTS RECITALS...3 OPERATIVE PART...4 INTERPRETATION...4 PURPOSE AND PRINCIPLES...6
FxPro Global Markets MENA Limited. Client Categorisation Notice
FxPro Global Markets MENA Limited Client Categorisation Notice CONTENTS SCOPE OF THE NOTICE... 3 CATEGORISATION CRITERIA... 3 REQUEST FOR DIFFERENT CATEGORISATION... 6 PROTECTION RIGHTS... 6 Retail Clients/
Zeti Akhtar Aziz: Metamorphosis into an international islamic banking and financial hub
Zeti Akhtar Aziz: Metamorphosis into an international islamic banking and financial hub Special address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the ASLI s World Islamic Economic
DFSA OUTREACH SESSION Prudential Supervision 25 June 2018
DFSA OUTREACH SESSION Prudential Supervision 25 June 2018 Prudential Risks Agenda Opening Remarks Arvind Baghel, Director, Supervision Banking Supervision Update Arvind Baghel, Director, Supervision Overview
CONSULTATION PAPER NO. 63
CONSULTATION PAPER NO. 63 05 OCTOBER 2009 CHANGES TO THE DIFC INSIDER DEALING REGIME CONSULTATION PAPER NO 63 CHANGES TO THE DIFC INSIDER DEALING REGIME Why are we issuing this paper? 1. The DFSA proposes
INDIA UNLEASHED. Gateway to India An end-to-end deep dive into Indian and overseas regulations essential for business and investors
INDIA UNLEASHED 2017 LEGAL AND INVESTMENT GUIDE Gateway to India An end-to-end deep dive into Indian and overseas regulations essential for business and investors A JOINT PUBLICATION BETWEEN: COUNTRY-BY-COUNTRY
3.1 Saudi Arabia Make Arrests in a Crackdown on Corruption 3.2 Central Bank of the UAE Releases Circular Regarding Saudi Arabia Corruption Arrests
Regulatory Update ISSUED 11 th December 2017 Middle East Edition INDEX NOVEMBER 2017 1.0 DFSA AND DIFC LATEST DEVELOPMENTS 1.1 1.2 1.3 DFSA Grants Sarwa Digital Wealth Ltd In-Principle Approval for Innovation
THE LARGEST FUND CENTRE IN THE REGION
difc.ae THE LARGEST FUND CENTRE IN THE REGION WE UNDERSTAND WHAT S IMPORTANT TO YOU We understand there are numerous important criteria that impact your fund domiciliation decision making process. Our
Regulatory Update on AML/CFT
Regulatory Update on AML/CFT Putting Risk-Based in AML: The Road Ahead Mr Stewart McGlynn Division Head Anti-Money Laundering and Financial Crime Risk Hong Kong Monetary Authority 25 September 2015 Disclaimer
The DFSA Rulebook. Collective Investment Rules (CIR) CIR/VER23/12-18
The DFSA Rulebook Collective Investment Rules (CIR) Contents The contents of this module are divided into the following chapters, sections and appendices: PART 1: INTRODUCTION... 1 1. APPLICATION AND INTERPRETATION...
International Insurance Regulation 101: International Association of Insurance Supervisors
The Academy Capitol Forum: Meet the Experts International Insurance Regulation 101: International Association of Insurance Supervisors George Brady, Deputy Secretary General, IAIS Moderator: Jeffrey S.
Appendix 1. In this appendix underlining indicates new text and striking through indicates deleted text.
Appendix 1 In this appendix underlining indicates new text and striking through indicates deleted text. As a significant number of enhancements are being made to chapter 2 of the current COB Rules, this
8BURSA 12 SUKUK. c ontents SUQ AL-SILA SHARI AH COMPLIANT LISTED EQUITIES. ISLAMIC REAL ESTATE INVESTMENT TRUSTS (ireits)
c ontents 8BURSA SUQ AL-SILA 10 SHARI AH COMPLIANT LISTED EQUITIES 2 THE MALAYSIA INTERNATIONAL ISLAMIC FINANCIAL CENTRE (MIFC) INITIATIVE 4 BURSA MALAYSIA 6 ISLAMIC MARKETS 12 SUKUK 14 ISLAMIC REAL ESTATE