Dubai’s financial regulator is overhauling its approach at the emirate’s financial centre as its chief executive seeks to stamp out any vestiges of “light-touch” regulation.
Paul Koster, chief executive of the Dubai Financial Services Authority (DFSA), says he is raising by about 20 per cent the number of visits his compliance teams make to registered members of the Dubai International Financial Centre, the emirate’s financial free zone.
“The light touch approach is over,” Mr Koster tells the Financial Times in an interview. “That does not mean that we are now moving to over-regulation. We are actually trying to be as flexible as possible, but as a regulator you need to be absolutely attuned to what is going on in the market. ”
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