Following public consultation with the trust services industry, the DFSA Board of Directors made new rules relating to the regulation of trust service providers in the DIFC. The rules are now in force and trust service providers must apply to the DFSA for a licence to provide trust services in the DIFC.
Commenting on this development, the Chief Executive of the DFSA, Mr. David Knott said “The DFSA believes that trust service providers, like other financial service providers in the DIFC, must be subject to robust regulatory oversight. This accords with the DFSA’s strong commitment to transparency, integrity and efficiency and the anti money laundering recommendations established by FATF.”
The Dubai Financial Services Authority (DFSA) is a central component of the Dubai International Financial Centre (DIFC), a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
The DFSA is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Centre, including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange.
The DFSA has been created using principle-based primary legislation modeled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
Mr. David Knott was appointed Chief Executive of the DFSA on May 21, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
