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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
Sourcebook Modules
Regulatory Policy and Process Sourcebook (RPP) February 2017 Edition
RPP 3 Supervision — Being Regulated
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Financial Markets Tribunal

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  • On-Site Visits

    • RPP 3-2-25

      On-site visits provide the DFSAG with an overview of the Authorised Firm'sG operations and enable it to form a first-hand view of the personnel, systems and controls and compliance culture within the Authorised FirmG as well as identifying and evaluating the risks to the DFSA'sG objectives, taking into account any mitigation by the Authorised FirmG . They enable the DFSAG to test the soundness of the Authorised Firm'sG systems and controls and the extent to which the DFSAG can continue to rely on them and the Authorised Firm'sG senior management to prevent or mitigate risks to the DFSA'sG objectives. On-site visits will also assist the DFSAG to assess the extent of supervision and the use of other supervisory tools required to address certain key risk areas.

      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]

    • RPP 3-2-26

      There are various types of on-site visits by the DFSAG to an Authorised FirmG which differ in their objective and frequency:

      (a) Periodic visits are undertaken at frequencies determined by the DFSAG and focus on the main risk areas within an Authorised Firm as well as providing the DFSAG with a thorough understanding of the Authorised FirmG , its business and any major changes that have taken place within the Authorised FirmG since a previous visit or risk assessment and their probable effects;
      (b) Theme visits are designed to address a current or topical risk or issue either within a particular type of Authorised FirmG or the market place in general. They tend to be short in duration and are focused in their approach. Examples of theme visits are anti-money laundering, client assets and conflict management;
      (c) Follow-up visits are often required to assess the implementation of any action that may have been agreed as part of a risk mitigation programme or to satisfy the DFSAG that the Authorised FirmG has taken appropriate action arising from a previous visit or communication;
      (d) Special visits are unique to a particular Authorised FirmG and are generally scheduled following a particular event or notification from an Authorised FirmG . They are generally short, focused visits usually targeted to a particular area of an Authorised FirmG . These visits allow the DFSAG to review certain high risk areas of an Authorised Firm'sG business in isolation. Occasionally, special visits may be unannounced. These assist in keeping firms alert to the need to maintain a continuously high quality of compliance; and
      (e) The DFSAG may, from time to time, hold high level meetings with an Authorised Firm'sG senior management. Such meetings enable the DFSAG to assess issues including any prudential concerns arising from desk based reviews or elsewhere.
      Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]