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RPP 1-7-1



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The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

The DFSAG is structured into a number of divisions and departments. For the purpose of this Sourcebook, the most relevant are as follows:

Supervision

(a) The Supervision Division authorises firms and individuals to conduct Financial ServicesG in or from the DIFCG . This Division also registers DNFBPsG and Registered AuditorsG (see Chapter 2).
(b) This Division also conducts supervisory oversight on all Authorised FirmsG , DNFBPsG and Registered AuditorsG , including by conducting risk assessments. The scope and frequency of such assessments are dictated by the nature of the firm's activities and its perceived risks. From time to time, Supervision carries out thematic reviews inspired by topical events which have both local and international relevance (see Chapter 3).

Markets

(c) The Markets Division licenses and supervises Authorised Market InstitutionsG in the DIFCG (see Chapters 2 and 3).
(d) The Division also recognises those financial markets that operate an exchange or clearing house outside the DIFCG without having a physical presence in the DIFCG but make their services available to PersonsG in the DIFCG . Trading and Clearing members of an Authorised Market InstitutionG who operate in a jurisdiction other than the DIFCG and do not have a physical presence in the DIFCG are also recognised by the Division.
(e) The Division is also responsible for regulating OffersG of SecuritiesG in or from the DIFCG , and supervises Reporting EntitiesG by monitoring their ongoing market disclosures and compliance with RulesG .

Enforcement

(f) The primary function of the Enforcement Division is to prevent, detect and restrain conduct that causes or may cause damage to the reputation of the DIFCG or the financial services industry in the DIFCG . Consequently, the Enforcement Division is responsible for:
(i) liaising and co-operating with international regulatory and enforcement agencies under relevant multilateral memoranda of understanding or bilateral arrangements in relation to investigation and enforcement matters;
(ii) conducting investigations commenced under Article 78 of the Regulatory LawG in respect of contraventions of DFSAG administered Laws and RulesG ; and
(iii) the taking of enforcement action in circumstances where contraventions of DFSAG administered Laws and RulesG pose an unacceptable risk to the DIFCG .
(g) The DFSAG has a range of remedies to enforce the legislation that we administer see Chapters 4 and 5.

Policy and Strategy Division

(h) The Policy and Strategy Division is responsible for the DFSA'sG policy framework, including its maintenance and development, as well as providing advice on the intent of the policy framework to Divisions of the DFSAG .
(i) The Division also oversees the DFSA'sG risk framework and its approach to strategic planning.

Legal Department

(j) The Legal Department provides advice and legal opinions on matters affecting the DFSAG . This includes advising the operational divisions on the supervision and enforcement of the Laws and Rules administered by the DFSAG and on the application of legislation and associated jurisdiction issues. It is also responsible for drafting and maintaining the DIFC Laws and Rules administered by the DFSAG and for consulting with the Dubai Government and the DIFC Authority on DIFCG , Dubai and Federal legislation.
(k) The Department also provides litigation management and advice for the DFSAG on matters which are, or could be, before the DIFC Courts or the Financial Markets TribunalG .
(l) The General Counsel is responsible for managing and supervising the Legal Department, advising the DFSAG Board and its committees, investigating complaints against the DFSA and overseeing the DFSA'sG ethics programme.
Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
Amended by Notice of Updates (Made 5th July 2012). July 2012 Edition
Amended by Notice of Updates (Made 20th December 2012). December 2012 Edition
Amended by Notice of Updates (Made 14th July 2013). July 2013 Edition
Amended (Made 21st August 2014). August 2014 Edition
Amended by Notice of Updates (Made 28th January 2016). February 2016 Edition