Dubai Regulator Plans Enhancements To DIFC Oversight
by Lorys Charalambous, Lowtax.net, Cyprus
13 March, 2014
The Dubai Financial Services Authority (DFSA), the regulator of the Dubai International Financial Center, is seeking feedback from the public on proposed changes to its regulatory powers.
The DFSA has proposed changes to expand the jurisdiction of the Financial Markets Tribunal to include matters currently falling within the jurisdiction of the Regulatory Appeals Committee, to establish a single tribunal for the review of decisions the DFSA makes when exercising its supervisory powers.
It also intends to make some "minor changes" to its supervisory powers to ensure that the DFSA's regime complies with international standards for financial services regulation.
Both of the proposals outlined in the DFSA's public consultation are intended to promote proper observance of due process procedures when the DFSA exercises its discretionary supervisory powers, so leading to consistent, transparent, and proportionate use of such powers, it said.
The DIFC, one of Dubai's many tax-free zones, offers 0 percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.
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