Temporary regulatory facilities in support of the financial community in the Dubai International Financial Centre

The Dubai Financial Services Authority (DFSA), the independent regulator of banking, asset and wealth management, capital markets and insurance in the DIFC, today announced a package of temporary and appropriate regulatory relief measures to support the financial services community in the DIFC during and beyond this emergency operating environment.

These measures aim to support companies subject to the regulatory framework with the aim of continuing to support customers and markets under the current circumstances and until they end.

In this regard, Mark Steward, CEO of the Dubai Financial Services Authority, said that companies operating in the Dubai International Financial Center have demonstrated exceptional flexibility and financial strength during this unprecedented period, and to support them, the Authority wishes to provide additional facilities to companies, upon request, to serve as a phased support mechanism for the resumption of normal trading. Therefore, the Authority has established a framework that provides temporary regulatory flexibility in multiple areas, whether for companies seeking to obtain a license from the Authority or existing licensed companies, and these measures will alleviate the severity of the current operational challenges while ensuring continued compliance with our regulatory standards. The high.

He added: “We will continue to evaluate the situation in light of urgent developments, and we will approve additional measures to support companies when needed, including providing assistance to resume normal activity.”

The Regulatory Facilitation Initiative launched by the Authority focuses on providing temporary and targeted flexibility across a number of areas, and includes licensing, permitting and administrative requirements, including providing a degree of flexibility when needed in the timelines for submitting applications and oversight mechanisms, governance arrangements and arrangements for employees, which include taking arrangements related to the presence of employees into account while continuing to adopt the remote work model, regulatory reporting processes and supervisory procedures, which include extending timelines to increase companies’ ability to manage operational challenges, and setting priorities regarding vital activities, in addition to Timelines for implementing specific organizational initiatives, allowing them to be postponed without affecting the achievement of organizational goals or outcomes.

These measures are designed to be risk-based, flexible in application, and time-bound, taking into account the nature, size and complexity of each company.

The Dubai Financial Services Authority confirmed that the regulatory standards and supervisory expectations have not changed, and that any regulatory facility provided will be temporary, subject to appropriate governance and appropriate regulatory oversight, and designed to support compliance and flexibility, not to undermine regulatory requirements.

The Dubai Financial Services Authority will continue to closely monitor the financial and operational conditions, continue to actively engage in oversight processes, and take the necessary measures when necessary to protect the integrity and reputation of the financial services system in the DIFC.

The Authority affirmed its commitment to working constructively with the financial community in the DIFC, other Emirati regulators, and international partners to ensure the continued strength of the DIFC, its flexibility and its global standing, as the leading international financial destination in the Middle East, Asia, and South Asia.