Home   Browse contents   View updates   Search  
     Quick search
Go
   

Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Regulatory Law
Rulebook Modules
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

Whole SectionText only Print Print Manager Link


8. The Powers, Functions and Objectives of the DFSA



Whole Section PDF

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

(1) The DFSA has such functions and powers as are conferred, or expressed to be conferred, on it:
(a) by or under the Law; and
(b) by or under any other law made by the Ruler.
(2) The DFSA has power to do whatever it deems necessary for or in connection with, or reasonably incidental to, performing its functions and exercising its powers conferred in accordance with (1).
(3) In performing its functions and exercising its powers, the DFSA shall pursue the following objectives:
(a) to foster and maintain fairness, transparency and efficiency in the financial services industry (namely, the financial services and related activities carried on) in the DIFC;
(b) to foster and maintain confidence in the financial services industry in the DIFC;
(c) to foster and maintain the financial stability of the financial services industry in the DIFC, including the reduction of systemic risk;
(d) to prevent, detect and restrain conduct that causes or may cause damage to the reputation of the DIFC or the financial services industry in the DIFC, through appropriate means including the imposition of sanctions;
(e) to protect direct and indirect users and prospective users of the financial services industry in the DIFC;
(f) to promote public understanding of the regulation of the financial services industry in the DIFC;
(g) to foster and maintain the objectives of the DIFC under Dubai Law in relation to the exercise or performance of any powers or functions conferred upon the DFSA by Dubai Law or DIFC Law; and
(h) to pursue any other objectives as the Ruler may from time to time set under DIFC Law.
(3A) In pursuing the objective referred to in (3)(d) in the context of money laundering, the DFSA shall:
(a) monitor and enforce, or assist other appropriate authorities to monitor and enforce, compliance with Federal Anti-Money Laundering Legislation, as well as legislation administered by the DFSA;
(b) prevent, detect and restrain conduct in so far as it relates to Relevant Persons; and
(c) comply with the provisions of Chapter 2 of Part 4.
(4) In exercising its powers and performing its functions, the DFSA shall take into consideration the following guiding principles, being the desirability of:
(a) pursuing the objectives of the DIFC as set out under Dubai Law in so far as it is appropriate and proper for the DFSA to do so;
(b) fostering the development of the DIFC as an internationally respected financial centre;
(c) co-operating with and providing assistance to regulatory authorities in the State and other jurisdictions;
(d) minimising the adverse effects of the activities of the DFSA on competition in the financial services industry;
(e) using its resources in the most efficient way;
(f) ensuring the cost of regulation is proportionate to its benefit;
(g) exercising its powers and performing its functions in a transparent manner; and
(h) complying with relevant generally accepted principles of good governance.