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Monday, 26 April 2010

Dubai watchdog wants bigger bite

The regulator of the Dubai International Financial Centre (DIFC) has proposed a fourfold increase in its fines for companies that breach its rules, as well as expanding its powers to sanction minor infractions.

The Dubai Financial Services Authority (DFSA) issued a “consultation paper” yesterday inviting comments on the proposals, which would increase the maximum fine for companies to US$100,000 (Dh367,300) from $25,000. The largest administrative fine for an individual would jump to $20,000 from $5,000.

The proposal was in line with a “worldwide trend to look at penalties”, said Paul Koster, the chief executive of the DFSA. The limits had not been changed since they were implemented in September 2004.