DUBAI. The Dubai Financial Services Authority (DFSA) has received a positive assessment from an expert team from the International Monetary Fund and the World Bank under their Financial Sector Assessment Program. The program assessed the DFSA’s observance of the objectives and principles of securities regulation developed by the International Organization of Securities Commissions (IOSCO). The report includes an overall finding that: “The DFSA has established a very impressive set of laws, regulations and rules, and policies and procedures for regulation. Its staff are well qualified and work to international best practice standards.” The DFSA was fully assessed on its conformity to 29 separate IOSCO principles. In 27 cases the DFSA was rated “fully implemented,” which is the top possible rating. The remaining two cases were rated “broadly implemented” (the second highest rating) because the relevant rules are more recent and there has not been enough time to fully demonstrate a track record of performance. David Knott, chief executive of the DFSA, said, “The DFSA made an early commitment to subject itself to the IMF/World Bank assessment and to publish the results. This is consistent within the transparency that we encourage and promote as the DIFC’s financial services regulator.” The DFSA is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Center.

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