In order to meet its objectives, the DFSA requires an open, transparent and co-operative relationship between itself and the Authorised Firm.
The DFSA seeks to maintain an up-to-date knowledge of an Authorised Firm’s business. However, an Authorised Firm is also required to keep the DFSA informed of significant events, or anything related to the firm of which the DFSA would reasonably expect to be notified.
The nature and intensity of the DFSA’s relationship with an Authorised Firm will depend on a number of factors. The DFSA’s level of supervision will be proportionate to the risks which the Authorised Firm poses to the DFSA’s objectives and will emphasise the responsibilities of the Authorised Firm’s senior management in identifying, assessing, mitigating and controlling its risks. The greater the impact and probability of the Authorised Firm’s perceived risks, the more intensive the supervisory relationship will be.
The DFSA encourages open and proactive communication with all Authorised Firms. To achieve this, the DFSA follows a multi-channel approach to communication with Authorised Firms:
- Relationship managers are the primary contact point with Authorised Firms, through regular visits and on-site risk assessments.
- From time-to-time, the DFSA issues letters addressed to Senior Executive Officers (SEOs) regarding specific issues. Refer to SEO Letters.
- On a quarterly basis, the DFSA hosts Outreach sessions to discuss specific regulatory issues in an open forum. Refer to Outreach Sessions.
- The DFSA also issues Alerts regarding possible fraud issues and other regulatory warnings. To view or subscribe to Alerts, click here.
- The DFSA reviews its regulatory regime on an ongoing basis and updates its Rulebook as and when required. To view or subscribe to notification of changes, click here.
- Firms are also required to complete regular reports. To access the EPRS system, click here.
- Firms are required to file Suspicious Transaction Reports immediately. To access contact information for filing of STRs, click here
For more information regarding being supervised by the DFSA, please refer to the DFSA Rulebook and the Regulatory Policy and Process Sourcebook.
Expanding your business
An Authorised Firm wishing to change its scope of licence or obtain specific endorsements (Islamic or Retail), should complete the relevant application form available in the AFN Module of the DFSA Rulebook. As a first step, the firm should discuss their intentions with their DFSA relationship manager.
We aim to process such applications in a timely and efficient manner.
The DFSA is committed to open and transparent communication with Authorised Firms. From time-to-time the DFSA issues letters to the Senior Executive Officers (SEOs) of Authorised Firms, which alert firms to specific issues which might arise in the marketplace or as part of our regulatory scope.
Although these letters are not legally binding, we do expect firms to consider their content and react appropriately.
To subscribe to receiving an e-mail update when new SEO letters are issued, please click here.
Current SEO Letters
Previous SEO Letters
Supervised Firm Contact Form
Before you contact us, please read our Frequently Asked Questions page, as it might be able to answer your question.
If you have a complaint, please visit the DFSA Complaints Portal for more information.