Firms operating within the Dubai International Financial Centre (“DIFC”) will know that it is a unique free-zone that operates under its own laws, determines disputes in its own Courts and is independently regulated by the Dubai Financial Services Authority (“DFSA”).
For the past 10 years the DFSA has acted as an independent regulator of financial services conducted in or from the DIFC. It is responsible for policy and rulemaking, authorisation of companies and their officers, supervision and enforcement.
The DFSA’s powers cover companies and ‘Authorised Persons’ that are incorporated in the DIFC and / or conduct their business from within the DIFC. The DFSA has the power to enforce and impose sanctions.
KBH has a dedicated practice of Regulatory Compliance, with internationally qualified lawyers specialised in comparative financial services law and regulation with the capacity and expertise to advise on all aspects of DIFC Regulations, DFSA regulatory advisory and compliance, compliance manuals, anti-money laundering rules, compliance monitoring and audit requirements, DIFC approvals for regulated and non-regulated businesses, and Investigations.
In the field of Investigations, KBH has been acting and directing in recent years in a significant high profile private equity investment group in a complex on-going DFSA-led multi-faceted and multi-jurisdictional regulatory investigation. The investigation, and any proceedings before the FMT or the DIFC Courts as may ensue, will be a leading case on the scope of DFSA powers and of financial services regulation in or from the DIFC. In addition, it will establish an important precedent and guideline for the scope and limits of the DIFC collective investment fund regime