Regulatory Updates

DFSA GEN Rulebook Update April 2024

DFSA has issued updates to General Rulebook (GEN) and has clarified Fixed Penalties.

FSRA Thematic Review – Client Money 

Financial Services Regulatory Authority (FSRA) via their letter dated 01st May 2024 issued updates pertaining to the Thematic Review on Client Money Controls.

DFSA Thematic Review – Complaints Handling 

The Dubai Financial Services Authority (DFSA) conducted a thematic review during 2023-2024 to assess the processes of complaints handling among Authorized Firms (AFs).

FATCA & CRS Portal is Now Open

Data Submission and Risk Assessment Questionnaire in the FATCA/CRS System (“System”) for the Calendar Year 2023 (“CY2023”) is now open.

DFSA Financial Promotion – Thematic Review

Dubai Financial Services Authority (DFSA) via their letter dated 11 June 2024 issued updates pertaining to the Thematic Review on Firm Disclosures. ‘Disclosures’, include all client communications, including, but not limited to, Financial Promotions and other marketing materials.

DFSA Risk Assessment Update – Brokerage

In 2023, the Dubai Financial Services Authority (DFSA) conducted risk assessments on brokerage
business models, focusing on compliance with regulatory obligations.

DFSA Cyber Thematic Review 2024

The 2024 Cyber Thematic Review conducted by the Dubai Financial Services Authority (DFSA) assesses the cyber risk management maturity of firms within the Dubai International Financial Centre (DIFC).

FATCA & CRS Self Certification Forms Guidance

Guidance notes was issued for the Reporting Financial Institutions (RFIs) in the Abu Dhabi Global
Market (ADGM) regarding the procedures for conducting validity and reasonableness checks on Self-Certification Forms (SCFs).