The Dubai Financial Services Authority (DFSA) today imposed an administrative censure (Censure) against Mr Samir Madison-Jammal (Madison-Jammal) a former Authorised Individual of a Firm authorised by the DFSA to provide financial services in the Dubai International Financial Centre (DIFC). The censure arises as a consequence of Mr Madison-Jammal’s failure to notify the DFSA of a material change in the application by the Firm for the granting of its licence to provide financial services in the DIFC. Mr Madison-Jammal is also censured for being knowingly and directly concerned in the failure of the Firm to have mandatory appointments in place from the date of its Licensing in 2009. Firms seeking to provide financial services in the DIFC must appoint individuals who are suitably qualified and experienced to carry out the licensed functions of the Firm, such as the function of Senior Executive Officer, Finance Officer and Compliance Officer. The licensed functions can only be carried out by individuals whom are fit and proper, and authorised by the DFSA, to carry out such functions. Firms must notify the DFSA and seek approval, in advance, of any proposed change of individuals, where either the individuals have been proposed by an application to the DFSA to carry out a licensed function or are currently carrying out licensed functions. Firms that do not have individuals in place to carry out the mandatory licensed functions may be prohibited from carrying on the financial services activities for which they are licensed and may have their licence revoked. Mr Paul Koster, Chief Executive of the DFSA said, “The DFSA aims to ensure that Firms providing financial services within the DIFC are governed only by individuals who are fit, proper, skilled and experienced to carry out their licensed functions.” “Consequently the DFSA must be vigilant to ensure that Firms and people in responsible positions within Firms maintain high standards. The DFSA believes that this can only be achieved if Firms appoint individuals who are suitably qualified to carry out the licensed functions of the Firm.” “Additionally, Firms must at all times be transparent in their dealings with the DFSA and notify it of any changes to individuals whom carry out its licensed functions, including during the licencing process,” Mr Koster said. The administrative censure (which summarises the facts giving rise to the censure) is published on the DFSA website www.dfsa.ae.