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DFSA delegated new powers by DIFC Registrar of Companies

Wednesday, 15 February 2012
DFSA delegated new powers by DIFC Registrar of CompaniesThe Dubai Financial Services Authority (DFSA) has been devolved new powers by the DIFC Registrar of Companies.http://www.ftseglobalmarkets.com/

The Dubai Financial Services Authority (DFSA) has been devolved new powers by the DIFC Registrar of Companies.

The delegated powers include the power to appoint inspectors to investigate the affairs of companies and partnerships, and to pursue enforcement remedies available to the Registrar under the following Dubai International Financial Centre (DIFC) Laws and their associated Regulations (together, the Registrar of Companies Laws (ROC Laws)):

• Companies Law, DIFC Law No 2 of 2009;
• Limited Partnership Law, DIFC Law No 4 of 2006;
• Limited Liability Partnership Law, DIFC Law No 5 of 2004;
• Insolvency Law, DIFC Law No 3 of 2009; and
• General Partnership Law, DIFC Law No 11 of 2004.

The Registrar continues to have the right to exercise the delegated powers in relation to any matter, whether independent of, or concurrently with, the DFSA. However, the Registrar and the DFSA have agreed that the DFSA will investigate contraventions of the ROC Laws for which penalties of AED 36,700 (US $10,000) or more may be imposed. Contraventions, for which lesser penalties may be imposed, will remain the responsibility of the Registrar (though the DFSA may investigate such contraventions if they are ancillary to any DFSA investigation).

The Registrar will continue to administer the registry functions within the DIFC.

 Khalid Al Zarouni, The Registrar explains the move is “in line with our on-going commitment to develop the DIFC’s legal and regulatory framework while leveraging the expertise and best practices of other DIFC bodies. Both the DIFC Registrar of Companies and the DFSA agree that the delegation will result in a more efficient and effective regulation of the ROC Laws.”

Under the delegation, the DFSA will exercise the delegated powers and functions as it deems necessary or desirable in order to carry out inspections and investigations, make directions, procure court orders, impose penalties or take any other regulatory or enforcement action in relation to the ROC Laws.

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