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DFSA lays out details of its regulatory framework

The Dubai Financial Services Authority (DFSA) has announced the details of its regulatory framework....

The Dubai Financial Services Authority (DFSA) has announced the details of its regulatory framework.

The DFSA has been set up as a key part of the Dubai International Financial Centre (DIFC), which has been created to act as a new financial centre in the Middle East for asset management, banking, securities trading, Islamic finance and reinsurance.

A full legal and regulatory system is now in place to govern all civil and commercial operations within the new financial centre.

Dr Habib Al Mulla, chairman of the DFSA regulatory council, said: "Amazingly, before the DIFC a central time zone of 1.6bn people with an annual GDP of $1.5trn had nowhere to invest locally and build their wealth. It is one of the world's greatest untapped markets and it was clear that creating a new financial centre in Dubai, built to the highest international standards, was the solution."

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