Dubai clarifies financial regulation

The regulatory authority of the Dubai International Finance Centre has published four consultation papers concerning the risks and licensing boundaries of financial regulation in the country. The first paper concerns the principles for authorised firms and principles for authorised individuals. Prudential rules for insurers are addressed in the second paper. This describes the capital adequacy regime for insurers, the systems and controls requirements, as well as certain restrictions on the way insurance business can be conducted. Risk-based regulations are addressed in the t...