New powers mean that the DFSA may now appoint inspectors to investigate the affairs of companies and partnerships and to pursue enforcement remedies.
Types of companies Dubai's Financial Services Authoirty (DFSA) may now inspect include those under the Companies Law, Limited Partnership Law, Limited Liability Partnership Law, Insolvency Law and General Partnership Law.
Dubai’s Registrar of Companies retains the right to exercise the delegated powers in relation to any matter, whether independent of, or concurrently with, the DFSA. But under this new arrangement, the Registrar and the DFSA have agreed that the latter will investigate contraventions of the Registrar of Companies (ROC) Laws for which penalties of AED 36,700 (US $10,000) or more may be imposed.
Contraventions, for which lesser penalties may be imposed, will remain the responsibility of the Registrar. The DFSA points out that it is authorised to investigate such contraventions if they are ancillary to any DFSA investigation. The Registrar continues to administer the registry functions within the DIFC.
Announcing these changes, Registrar Khalid Al Zarouni, said, “This move comes in line with our ongoing commitment to develop the DIFC’s legal and regulatory framework while leveraging the expertise and best practices of other DIFC bodies. Both the DIFC Registrar of Companies and the DFSA agree that the delegation will result in a more efficient and effective regulation of the ROC Laws.”
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