The Dubai Financial Services Authority (“DFSA”) held its Authorisation Roundtable to discuss key aspects of the authorisation process. The discussions also addressed the DFSA’s 2019 priorities for new applicants seeking a licence to provide financial services in or from the Dubai International Financial Centre (“DIFC”). Key regulatory priorities discussed at this event included combating financial crime and digitalisation, in line with the Dubai Government initiatives, whilst ensuring that the services remain outward focused, relevant and responsive to a changing market.

In his opening remarks, Bryan Stirewalt, Chief Executive of the DFSA, said: “Today’s event reflects our commitment to engage with key stakeholders that contribute to building a broader and deeper international Financial Centre.  The event is a fundamental part of the DFSA’s mandate to ensure effective communication with its key stakeholders. We are also keen to discuss evolving trends and the impact they will have on the pipeline of new applicants to the regulated community of the DIFC.”

During the event the DFSA provided several updates including, developments to the DFSA Online Forms, a question and answer session to discuss statistical information, and a comprehensive update on the anti-money laundering (“AML”) and the Financial Action Task Force (“FATF”) Mutual Evaluation. In addition to providing these updates, the DFSA listened to a number of issues, concerns and ideas from the stakeholder community. Each of the concerns raised and the suggestions made will receive consideration in the DFSA’s Business Plan for 2019. 

The event targeted Compliance consultancy firms, law firms, accountancy firms and others supporting new applicants seeking authorisation from the DFSA. Over seventy percent of the external advisors assisting applicants seeking authorisation in the Centre were represented at the event.