The Dubai Financial Services Authority (DFSA) announced, today, that His Highness Sheikh Mohammed Bin Rashid Al Maktoum, in his capacity as Ruler of Dubai, has enacted amendments to the Regulatory Law 2004 which further enhance the requirements and prohibitions relating to financial services marketing (“financial promotions”). These amendments, and the rules made under the law, provide greater clarity as to who can make a Financial Promotion in the Dubai International Financial Centre (DIFC) and under what circumstances.

The new provisions build upon the current financial promotion restrictions and prohibitions contained in the Collective Investment Law 2010 and the Markets Law 2004 which will continue to apply.

The new legislation provides the DFSA with a greater degree of regulatory oversight and control over who may conduct Financial Promotions in or from the DIFC, and in particular oversight of the standards which such promotions must meet with respect to retail investors. The DFSA will also have greater scope to bring enforcement action in a Financial Promotion case when it deems it necessary in light of its statutory objectives.

Mr Paul M Koster, Chief Executive of the DFSA said, “Our new and enhanced legislation provides greater protection for investors and potential investors against misleading promotions, especially those coming into the DIFC from outside.”