Dubai: The Dubai Financial Services Authority (DFSA), the independent regulator of banking, wealth and asset management, capital markets, and insurance in Dubai International Financial Centre (DIFC), has announced a package of temporary and proportionate regulatory relief measures. These measures aim to support the DIFC financial services community during the current exceptional operating environment and the period ahead.
According to Emirates News Agency, the DFSA's initiatives are designed to assist regulated firms in continuing to support clients and markets during these challenging times. The relief measures will provide temporary regulatory flexibility across various areas for firms seeking DFSA authorisation and for those already authorised, easing operational challenges while maintaining high regulatory standards.
Mark Steward, Chief Executive of the DFSA, highlighted the resilience and financial strength demonstrated by DIFC firms during this period. He noted that the DFSA aims to assist firms as they transition back to normal trading by offering temporary regulatory flexibility. The relief measures will cover areas such as authorisation, licensing, and administrative requirements, along with governance and staffing arrangements, regulatory reporting, and supervisory processes.
The DFSA's relief initiatives are risk-based, proportionate, and time-limited, tailored to reflect the nature, scale, and complexity of individual firms. Despite the temporary relief, the DFSA emphasised that regulatory standards and supervisory expectations remain unchanged, ensuring compliance and resilience without diluting regulatory requirements.
The DFSA will continue to monitor financial and operational conditions, maintaining active supervisory engagement to safeguard the integrity and reputation of the DIFC's financial services framework. The DFSA is dedicated to collaborating with the DIFC financial community, UAE authorities, and international partners to uphold the DIFC's strength, resilience, and global standing as a leading international financial centre in the MEASA region.