Relief initiatives include targeted, temporary flexibility across several areas
The Dubai Financial Services Authority (DFSA) has recently announced a package of temporary and proportionate regulatory relief measures to support the DIFC financial services community during the current exceptional operating environment and over the period ahead, the regulator stated in a press communication.
The measures are intended to assist regulated firms in continuing to support clients and markets, during the current circumstances, pending their conclusion.
“We will continue to review the situation, as it unfolds, and will provide additional measures to assist firms, if needed, including assistance in returning to normal trading conditions,” assured Mark Steward, Chief Executive, DFSA.
Headline areas of relief
The DFSA’s relief initiatives include targeted, temporary flexibility across several areas, including:
- Authorisation, licensing, and administrative requirements, including flexibility where appropriate in application and supervisory timelines.
- Governance and staffing arrangements, reflecting evolving staff location dynamics and the continued integration of remote working practices.
- Regulatory reporting and supervisory processes, including extended timelines, to allow firms additional capacity to manage operational challenges and prioritise critical activities.
- Implementation timelines for selected regulatory initiatives, where postponement would not undermine regulatory outcomes.
These measures are intended to be risk‑based, proportionate, and time‑limited, and will be applied in a manner that reflects the nature, scale, and complexity of individual firms, the press statement concluded.
