Hints and tips:
...When the DFSA imposed its $2mn fine last year it said that an audit of the “expected standard” would have discovered that Abraaj had broken accounting rules and failed to maintain adequate capital....
...The DFSA last year fined Abraaj’s former chief financial officer, Ashish Dave, for deceiving investors in Abraaj’s funds....
...Siddique was knowingly involved in deceiving investors, the DFSA said....
...“Having agreed to settle with the DFSA, Equitativa can now turn its full attention to reinvigorating Emirates Reit and accelerating its plans for growth,” it said....
...The DFSA said he also played a “central and significant” role in deceiving investors....
...The shareholders called on the DFSA to launch an investigation, including an analysis of the manager’s valuations of investment properties and operating expenses, the report said....
...Because of these activities, two funds managed by Aiml had a combined shortfall of at least $180m at the time of its collapse, the DFSA said....
...“The DFSA has taken regulatory actions over the past few months in order to safeguard the interests of investors and the DIFC.”...
...The DFSA also said it was misled by Deutsche during the investigation....
...The DFSA also suspended the family group’s 70-year-old patriarch, Ricardo Espírito Santo Silva Salgado, a director at ES Bankers Dubai, as an authorised individual at the centre....
...The DFSA investigation is another blow to the bank’s reputation....
...When the FMT ruled in the DFSA’s favour, Arqaam appealed the decision to the DIFC Courts....
...Similar management overhauls are needed at the DIFX, the centre’s exchange, which has been struggling to survive, and at the DFSA, the centre’s regulator, which is currently chaired by a non-regulator –...
...It is based in the offshore DIFC and regulated by the DFSA. It is the only exchange operating derivatives in the region and has a large market for Islamic bonds, or sukuk....
...The DFSA found that all the brothers used company funds for personal use, slapping them with a personal penalty of Dh11m....
...The DFSA said banks should conduct risk assessment measures and due diligence on Iranian correspondent banks. They should also treat all transactions with Iranian domiciled clients as “high risk”....
...Yet the fact a need was felt to create the DFSA to serve the DIFC, suggests the Dubai authorities realised the international entities the free zone was seeking to lure might have had little confidence in...
...After five years and faced with these challenges …. here at the DIFC, as DIFCA (the Dubai International Financial Centre Authority) AND DFSA (the Dubai Financial Services Authority) we are reviewing and...
...The DFSA has also changed custody rules to shore up the regulatory regime against potential scandals among the more than 300 entities it regulates....
...DFSA, said....
...The authority launched under a cloud after the DIFC’s governing body sacked the DFSA’s independent chief executive and chairman, who had raised questions about the DIFC’s corporate governance standards....
...The DIFC said it followed United Nations guidance regarding Iranian financial institutions, while the DFSA said it had no specific policy on Iran....
...But the DFSA has no say over financial services firms and markets based outside the DIFC in the UAE, which are regulated by the Abu Dhabi-based Central Bank and securities regulator....
...As the DFSA is recognised by the UK Financial Services Authority and the US Securities and Exchange Commission, funds domiciled in the DIFC can be marketed internationally....
...It joined Credit Suisse, Merrill Lynch, Deutsche Bank and Barclays bank as one of 15 financial services firms licensed by the centre’s in-house regulatory authority, the DFSA....
International Edition