DFSA Announces Temporary Regulatory Relief Measures To Support DIFC Financial Services Community

(MENAFN- Khaleej Times) The Dubai Financial Services Authority (DFSA), the independent regulator of banking, wealth & asset management, capital markets, and insurance in Dubai International Financial Centre (DIFC), on Thursday 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 measures are intended to assist regulated firms in continuing to support clients and markets, during the current circumstances, pending their conclusion.

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The DFSA's relief initiatives include targeted, temporary flexibility across a number of 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,” a DFSA statement said.

The DFSA emphasised that any relief provided will be temporary, subject to appropriate governance and oversight, and designed to support compliance and resilience rather than dilute regulatory requirements.

Mark Steward, Chief Executive of the DFSA, said:“DIFC firms have demonstrated great resilience and financial strength during this exceptional period. These measures will ease operational challenges while ensuring our high regulatory standards continue to be met. 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.”

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