Dubai Financial Services Authority consults on representative office regime for DIFC

The Dubai Financial Services Authority (DFSA) issued this week a Consultation Paper setting out proposals to introduce a Representative Office regime in the Dubai International Financial Centre (DIFC).

Consultation Paper No. 65, which is posted on the DFSA website www.dfsa.ae, seeks public comment on proposed Rules for financial institutions wishing to establish a Representative Office in the DIFC. The deadline for comment is 4 November 2009.

This new regime will permit financial institutions, based outside the DIFC, to have a presence in the DIFC for the limited purpose of marketing the financial products and services available from the institution outside the DIFC. The Representative Office regime will be available to institutions in all financial services sectors, provided that they are regulated in an acceptable home jurisdiction.

Mr Paul Koster, Chief Executive of the DFSA said, “These proposals demonstrate our commitment to developing our regime in line with international standards and the needs of the changing marketplace in which we operate.”END