DFSA strengthens oversight on firms

Image via Wikipedia

The Dubai Financial Services Authority (DFSA) has beefed up supervision systems as "a structured and proportionate response" to developments both, within the Dubai International Financial Centre (DIFC), and globally.

In a "heightened regulatory environment", the DIFC's regulator has introduced, among other initiatives, an annual "controls questionnaire" for Category 4 entities, which undertake the financial services of advising and arranging. About half the 250-plus firms authorised by the DFSA are in this category.

The questionnaire asks for a self-evaluation in aspects of management and control within a firm that the DFSA views as critical. It is intended to assist a firm identify action that it may need to take to meet regulatory requirements.