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Total Solutions Middle East is the leading compliance consultancy and training service company in the Dubai established in 2004, We provides HR Solutions, contracting, outsourcing and Payrolling services as well.
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Dubai Financial Services Authority authorisation requirements

Aug 5th 2015 at 5:21 AM

DFSA or Dubai Financial Services Authority is the financial regulatory agency based in Dubai International Financial Centre (DIFC), special economic zone in Dubai, United Arab Emirates (UAE). The organization is quite different from UAE’s federal Securities and Commodities Authority as they have their boundaries outside DIFC. On the contrary, DFSA serves only within the special economic zone and is established to provide a regulatory environment of international standards to the businesses operating within the zone.

The DIFC law regulates the operations of DFSA and defines it as a central body responsible solely for managing financial services and allied activities conducted in the DIFC. Every crucial detail on this regulatory authority has been mentioned in the Article 7 of the DIFC law – including DFSA’s governance structure, power, functions and responsibilities. The law also covers the specific objectives of this regulatory authority including fostering and maintaining the stability of financial services industries operating within the DIFC. The authority is also responsible for reducing systemic risk and nurturing and maintaining confidence of the financial services industries.

As the only financial regulator operating within DIFC, Dubai Financial Services Authority regulates a wide variety of operations – as diverse as Islamic Finance, banking, reinsurance, securities, asset management, and investments among all other ancillary activities.

For companies operating in Dubai special economic zone, it is important to seek DFSA registration or authorization. A number of companies offer help to businesses in seeking authorization in order to function flawlessly in DIFC.

The services offered by these companies include the following:

  • Initial and detailed consultation on the requirements puts by DFSA for authorisation
  • Advising and selecting the appropriate category for authorisation with DFSA
  • Suggestions and consultation on individual DFSA approval
  • Consultation on creation of DFSA systems and controls
  • Help with implementation of DFSA controls and systems
  • Thorough risk assessment for DFSA Authorisation
  • Completion of DFSA application forms for authorisation
  • Preparation of necessary documents for authorisation
  • Crucial pre-authorisation advice for managers at senior level
  • Full project management for completion of authorisation application
  • Advice and support in the preparation of DFSA Regulatory Business Plan
  • Advice on corporate governance structure and requirements in accordance with DFSA as well as advice on internal organisation structures

These professional service providers supervise and execute processes required for authorisation and ensure that you remain engaged with your core business processes while they plan for smooth transition into DIFC.

DFSA has legislative powers to obtain and retain information on foreign regulators, and to share information with foreign regulators. A professional company offering help with authorisation can help you understand the processes and plan for smooth transition.

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