tax & jurisdiction
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 third paper. The fourth paper concerns the boundaries of regulation. This provides an overview of the proposed regulatory regime for the DIFC and describes what financial services and ancillary activities will be permitted in the DIFC.
Phillip Thorpe, chief executive of the DIFC's Regulatory Authority, said: 'The publication of these papers is significant for two reasons ' firstly the regulatory authority is now able to provide specific detail about key elements of the DIFC's Regulatory Rulebook and secondly, it starts to provide a flavour of the regulatory philosophy that will underpin the work of the authority.
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