DFSA in Action 2017

The Dubai Financial Services Authority (DFSA) has pubished its DFSA in Action 2017 report. The highlights from the report are below.

As at 30 September 2017:

• 45 new licences issued. 
• 59 applications accepted. 
• 457 Authorised Firms regulated by the DFSA. 
• Regulatory oversight for 16 Registered Auditors, 119 Designated Non-Financial Businesses and Professions, 62 Recognised Members, 34 Reporting Entities and 2 Authorised Market Institutions.

Highlights

• The Dubai International Financial Centre (DIFC) has strongly emerged as a reinsurance hub for the Middle East and Africa benefitting from growing expertise, wider product offerings and increased underwriting capacity.
• There has been a rise in asset management applications.
• Funds activity in the DIFC has increased. The DFSA has processed 11 fund applications so far this year). The Qualified Investor Fund (QIF) regime attracted five Funds, four Exempt Funds and 2 Public Funds including a Real Estate Investment Trust listed on Nasdaq Dubai.
• In May the DFSA introduced the Innovation Testing Licence - a special class of financial services licence that allows FinTech firms to develop and test innovative concepts from the DIFC.
• In August the DFSA introduced a bespoke framework for loan and investment crowdfunding platforms (a first for the GCC).

Reports

The final report of the review of Client Classification and Suitability will be available this quarter. The main findings were:

• Failure to document client assessment in respect of client knowledge and experience.
• Failure to record the sub-category of Professional Client classification assigned to clients in accordance with Section 2 of the COB Rulebook Module. 

The final report of the financial crime thematic review will be available this quarter. The report highlighted the need to improve the quality of Business AML Risk Assessments and transaction monitoring frameworks. 

The outcome from the Survey of Authorised firms in the DIFC to better understand the risk arising from the use of cloud storage will be published soon. 

Consultation Papers issued

• Consultation Paper No. 109 Crowdfunding: SME Financing Through Lending
• Consultation Paper No.110 DFSA Fees (+ Feedback Statement on CP110 DFSA Fees)
• Consultation Paper No.111 Crowdfunding: SME Financing Through Investing
• Consultation Paper No.112 Testing Fintech Innovations in the DIFC 
• Consultation Paper No.113 Capital Requirements Review
• Consultation Paper No.114 Liquidity Requirements Review

HOLT consultancy can help you to set up in the DIFC and obtain a licence from the DFSA to operate as a regulated firm. Contact us now on info@holtconsultancy.com or call +9714 386 6360.

For more information about our services please visit www.holtconsultancy.com

DIFC Arts Night - November 2017

Dubai International Financial Centre (DIFC) held its biannual Arts Night on 1st November and some of the HOLT consultancy team attended. 



The event showcased installations from both local and international artists.  






Thank you to Mackline Martin for providing photographs of some of the installations for our post.

HOLT consultancy is recruiting for a Compliance Officer

Compliance Officer

HOLT consultancy LLC is an award winning professional compliance and risk management service provider, based in the DIFC. It was established in 2012 and this year celebrates its 5th anniversary. Its reputation within the DIFC has attracted some large clients who require expertise in licence applications and outsourced Compliance Officer and Money Laundering Reporting Officer (MLRO) services.

We are a friendly team who work closely together to develop our clients’ businesses through premier quality and expert execution. Our vision is to be the premier choice for companies when selecting a professional compliance and risk management service provider.

HOLT consultancy is growing and an opportunity has arisen for a Compliance Officer to join the team.

In order to be successful, applicants should meet the skills and experience detailed below. 

Applications will only be accepted from candidates who are currently or have been previously registered with the DFSA.

Responsibilities will include:

• Assisting clients in obtaining authorisation with the DFSA;
• Acting as the outsourced Compliance Officer and MLRO for DFSA Authorised Firms;
• Drafting and updating compliance and AML manuals, policies and procedures as well as compliance plans and compliance monitoring programmes;
• Delivering specialist training to clients on compliance, AML and corporate governance;
• Providing compliance and AML related advice to clients;
• Participating in ad-hoc Compliance and AML related projects;
• Keeping abreast of any changes in rules and regulations within the DIFC.

Desired skills and experience:

• At least 3-5 years of experience in a compliance role;
• Currently or previously registered with the DFSA;
• Detailed knowledge of DFSA rules and regulations;
• Very good knowledge of Investment Funds, Private Banking and Investment Banking;
• Strong written and verbal skills in English;
• The ability to work autonomously as well as within a team;
• Excellent interpersonal and relationship management skills;
• Self-directed with an ability to manage multiple tasks and to work under pressure;
• Degree educated.          

Candidates are invited to send a CV to info@holtconsultancy.com. Please ensure you include your contact details along with your current job status and, if relevant, your notice period.

To find out more about HOLT consultancy, our services and the team please visit our website at www.holtconsultancy.com.

HOLT consultancy LLC
Office 418

Liberty House

Dubai International Financial Centre
Dubai
United Arab Emirates

Email: info@holtconsultancy.com
Tel: +971 4 386 6360
Blog: www.holtconsultancy.blogspot.com
Website: www.holtconsultancy.com
Twitter: www.twitter.com/holtconsultancy