While denying reports of bankruptcy in any of the DIFC-based companies and insider trading on Nasdaq Dubai, a Dubai Financial Services Authority (DFSA) official said the authority, however, would be looking at the firms more closely and will make more on-the-spot checks.
"We do not know any Chapter 11 approach here," Paul Koster, Chief Executive of DFSA, told Emirates Business. "If you take England – when Lehman Brothers collapsed – it became very apparent that the bankruptcy approach in the UK is very different from the US. It's one of those aspects that has not been globalised. The bankruptcy proceeding is very complicated and could have different approaches."
DFSA currently supervises and regulates 317 entities: 245 authorised firms, 55 ancillary service providers and 17 registered auditors.
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