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Nov 15 2005 onwards

DFSA Presents Enforcement Guidelines



Dubai, UAE, November 15, 2005: The Dubai Financial Services Authority (DFSA) held its first enforcement seminar in Dubai and gave an overview of its enforcement powers concerning securities regulation in the Dubai International Financial Centre (DIFC).

David Knott, Chief Executive, DFSA said: “The DFSA intends to respond swiftly where financial crime occurs. The DFSA’s approach to enforcement is to be proactive, act swiftly where there is suspicion of contravention, be transparent, share information where appropriate and ensure ongoing international co-operation.”

The DFSA is serious about enforcing its obligations in the DIFC and also has powers to enable it to conduct investigations, ask witnesses to give statements and request production of documents. It has similar powers to other financial service regulators such as the FSA in the UK, the SFC in Hong Kong and the SEC in the USA.

In addition, the DFSA has powers that enable it to go to court and seek civil orders such as injunctions, freezing orders, disgorgement of profits and orders in relation to censure. The DFSA may bring civil penalty or other civil proceedings before the DIFC court or the Financial Market Tribunal, where it suspects a contravention in relation to its rules and laws.

Knott added: “The DFSA intends to co-operate with its counterparts and is in the process of entering into MoUs with them, in pursuit of its mandate to assist other regulators and international financial agencies.”