The European Commission granted the DFSA’s audit monitoring system ‘equivalent status’ with European Union Member States. The DFSA issued a report on its key findings of audit inspections conducted by the DFSA from January 2008 to December 2012. It was the first public report issued by the DFSA on its monitoring programme of Auditors registered in the DIFC.
As part of the DFSA’s commitment to Corporate Social Responsibility, DFSA staff and their families put together care packages for those in need during Ramadan.
The Lord Mayor of London made his annual visit to the DFSA, emphasising the ties between the City of London and the DIFC.
Confirming its commitment to regional collaboration and capacity building, the DFSA became a signatory to an MoU between members of IOSCO’s Africa and Middle East Regional Committee.
The DFSA signed an important MoU with the European Securities and Markets Authority.
The DFSA launched ‘Bawabaty,’ a financial services awareness initiative for the UAE National community.
The DFSA celebrates 10 years as a regulator in pursuit of its mission to develop, administer and enforce world-class regulation of financial services within the DIFC.
The DFSA’s financial regulation training programme for young UAE Nationals entered its eighth successful year in 2014. 21 UAE Nationals have completed the programme since it began in 2006. Today, graduates of the TRL Programme have joined other UAE Nationals in key positions within the DFSA, now representing more than 30% of the regulatory workforce and comprising the largest national group in the organisation.
In June 2014, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai,reappointed the Chairman and members of the DFSA Board.
By September 2014, the DFSA had licensed and was supervising 355 Authorised Firms.
As at 30 September 2014, DFSA staff had an average length of service of 5.33 years. These images represent staff who have been employed with the DFSA for ten years or more, and those recruited in the last year.
Since its inception the DFSA has recruited experienced staff from around the globe. As at 30 September 2014, DFSA staff numbered 135, representing 22 nationalities. Regulatory staff have an average of 9.75 years’ regulatory experience.
As the UAE celebrated 40 years of nationhood, the DFSA signed an MoU with the UAE Insurance Authority, completing MoU arrangements with all three UAE federal financial regulators.
DFSA staff gathered under The Gate as a farewell to Paul Koster.
In October 2011, the DFSA assumed the responsibility for maintaining the Official List of Securities from NASDAQ Dubai.
The DFSA also introduced a new Markets Law.
The DFSA received a delegation of powers from the DIFC Registrar of Companies under which the regulation of DIFC’s anti-money laundering and counter-terrorist financing requirements for Designated Non-Financial Businesses and Professions (DNFBPs) in the DIFC was transferred from the DIFC Authority to the DFSA.
On 17 June 2012, Ian Johnston assumed duties as Chief Executive Succeeding Paul Koster.
On 14 February 2012, the DFSA was honoured with a visit from His Highness Sheikh Mohammad bin Rashid Al Maktoum whose vision it was to establish the DIFC.His Highness, accompanied by the Crown Prince of Dubai, met with the Chairman and Members of the DFSA Board.
In September 2010, the DFSA and the Institute of Chartered Accountants in England and Wales (ICEAW) hosted a Breakfast Briefing, ‘The Future of Audits’.
The DFSA became a signatory to the IAIS multi-lateral MoU, a first for the GCC.
The DFSA introduced a new regime for Financial Services Marketing to provide greater clarity with regard to financial promotion in the DIFC.
The DFSA successfully hosted the 17th Annual Conference of the IAIS in Dubai.
On 1 August 2011, Mr. Saeb Eigner was appointed Chairman of the DFSA, succeeding Mr. Abdullah Saleh.
By 2009, the Enforcement Division, led by Stephen Glynn, had a team of six and during that year received and assessed some 83 allegations of misconduct. A review conducted in 2009 found a robust Enforcement Framework with some minor recommendations to enhance its effectiveness.
On 4 October 2010, the DFSA launched an Arabic version of its website. Pages including About the DFSA, Doing Business with the DFSA, Tomorrow’s Regulatory Leaders,Islamic Finance, and Legal Framework were made available in the language of the region, meeting the needs of local stakeholders and broadening dialogue with the broader market. Since then, most DFSA publications are also produced in Arabic and English.
The DFSA’s Communications team has produced an in-house magazine, 13th Story, since 2007, sharing news, views, personal stories – even recipes. 13th Story, now retitled CONNECT, has fostered a greater sense of family among the DFSA community and given a voice to anyone wanting to communicate an experience, an opinion or a good cause.
In November 2008, the DFSA licensed its 300th Regulated Firm within the DIFC.
On 11 December 2008, Paul Koster assumed duties as Chief Executive succeeding David Knott.
The DFSA established a Market Practitioner Panel to review its Collective Investment Funds regime.
By the end of 2008, the DFSA workforce was comprised of 13% UAE National staff - almost a 100% increase from just under 7% at the end of 2005 prior to the launch of the TRL Programme.
2009 proved a challenging year for regulators across the globe. The DFSA, now in its fifth year, calmly navigated the choppy waters, working closely with fellow supervisors and its firms.
The DFSA signed two important MoU’s with the UAE Central Bank and the Anti-Money Laundering Suspicious Cases Unit regarding co-operation and exchange of regulatory information.
The DFSA’s Finance Department won the DIFC ‘Distinguished Department of the Year” Award 2009 in recognition of their outstanding commitment to excellence.
In November 2007, the DFSA licensed its 200th Regulated Firm within the DIFC. It also reached 100 employees for the first time.
The DFSA issued its Hedge Fund Code of Practice, the first of its kind to be issued by a regulator and a landmark code in the regulation of the international Hedge Fund industry.
In December 2007, the DFSA hosted the IOSCO Emerging Markets Committee Annual Conference,representing more than 90% of the world’s securities regulators.
The DFSA became a signatory to the Boca Declaration, the multi-lateral MoU on co-operation and supervision of International Futures Markets and Clearing organisations.
The DFSA commenced a joint regulatory initiative with the Securities and Futures Commission of Hong Kong to enhance access to Islamic financial products in Hong Kong and the DIFC.
In October 2006, the DFSA licensed its 100th Regulated Firm.
On 26 April 2007, the DFSA licensed the Dubai Mercantile Exchange Limited (DME) as an Authorised Market Institution in the DIFC.
The DFSA’s securities regulation received a highly positive assessment following the visit of an expert team from the International Monetary Fund and the World Bank under their Financial Sector Assessment Programme.
On 17 June 2007, Mr. Abdullah Saleh was appointed Chairman of the DFSA, succeeding Dr Habib Al Mulla.
In November 2007, the DFSA won the “Best Regulator for Islamic Funds” award during the 5th Annual Islamic Funds World Conference, recognising the DFSA’s efforts to facilitate cross-border marketing of Islamic investment funds.
On 20 September 2005, the DFSA authorised the Dubai International Financial Exchange (now NASDAQ Dubai).
Cooperation with fellow regulators and supervisors would be an abiding goal. On 27 September 2005, the DFSA’s signing of a Memorandum of Understanding with our federal counterpart, the UAE Securities and Commodities Authority (SCA), was a significant milestone.
The DFSA received the “Best Government Initiative of the Year” award from the Society of Trust and Estate Practitioners for the excellence of its Trust Law.
Every year since its launch in May 2006, the DFSA’s Tomorrow’s Regulatory Leaders Programme has trained and developed sustainable career opportunities for UAE Nationals.
The DFSA and the Securities Commission, Malaysia announced a joint project to remove regulatory barriers to Islamic Finance transactions between the two jurisdictions.
In July 2006, the DFSA became the first GCC regulator to sign IOSCO’s multilateral MoU.
The DFSA was appointed a member of the Technical Committee of the IAIS.
The Dubai Financial Services Authority is born. On 13 September 2004, the Ruler of Dubai, His Highness Sheikh Maktoum bin Rashid Al Maktoum, enacted the Dubai Law creating the DFSA as an independent entity within the DIFC.
On 1 October 2004, the DFSA Regulatory Council (soon to be the DFSA Board) met for the first time under the new Law.
By the year’s end, seven financial services firms and three ancillary services providers had been licensed and registered. This was made possible by having a comprehensive Rulebook in place allowing our executive to license, register and supervise.
In pursuit of its mission to develop, administer and enforce world-class regulation, the DFSA joined the first two of its standard-setters, becoming a member of the International Association of Insurance Supervisors (IAIS) and the Islamic Financial Services Board (IFSB).
On Sunday 24 April 2005, the 48 members of the DFSA moved across the road from Emirates Tower to its headquarters on Level 13 of The Gate building.
In May 2005, David Knott commenced his term as Chief Executive.
In 2005, the DFSA entered its first enforcement action by assisting law enforcement agencies in closing down a rogue investment firm.
In July 2005, the DFSA became a member of the International Organisation of Securities Commissions (IOSCO).