DUBAI, UAE – The Chairman of the Dubai Financial Services Authority (DFSA), Fadel Al Ali Monday announced the publication of the DFSA’s Business Plan for 2023-24.
The Business Plan has been developed to foster an enabling environment for firms as Dubai and the UAE continue to grow its reputation as a well-regulated and forward-thinking financial services hub.
Encapsulated within four strategic themes, the two-year plan outlines an ambitious roadmap to meet the DFSA’s statutory objectives for the Dubai International Financial Center (DIFC) including establishing and maintaining the DIFC’s reputation as a leading global financial center.
Fadel Al Ali said, “The DFSA’s 2023-2024 Business Plan builds upon our commitment to international standards, high quality regulation and best practices to foster an enabling environment to support the DIFC’s continued growth and that of Dubai and UAE economies.”
He said, “The nation’s leadership continues to demonstrate a future-focused vision for the prosperity of the country and this clarity of vision and purpose continues to guide our role and understanding of the part we play as the DFSA moves towards its 20th anniversary.”
The DFSA will be pursuing several key projects that cut across multiple strategic themes.
The DFSA will further enhance its policy framework through the implementation of international standards, ongoing development of its support for trading venues and markets and strengthening its regime for the protection of client assets to maintain the integrity of the DIFC financial services industry.
Fighting financial crime remains a key priority for the DFSA as it continues to support the federal authorities to implement the recommendations arising from the Financial Action Task Force (FATF) Mutual Evaluation of the UAE in 2020.
The DFSA will remain actively engaged with the community as well as its peer regulators locally, regionally and internationally.
To strengthen the global response required to meet the goals of the Paris Climate Agreement, the DFSA will work at a national level to deliver approaches on corporate governance, disclosure and taxonomy and continue to work with DIFC firms to improve engagement and understanding of ESG issues.
The DFSA will strengthen utilization of technology to address regulatory obligations and challenges, as well as to enable development and use of new technology by the regulated community within the DIFC.
The DFSA will also continue to update the broader regulatory regime within the DIFC so that it addresses market developments – both risks and innovations – and remains in line with its vision to be an internationally respected regulator.
“High quality regulation and supervision, as well as increasing our use of technology and automation will allow us to align further with the visions of Dubai and the UAE,” Al Ali said.
“The themes in this Business Plan reflect the context in which we operate: the continuing evolution of the DIFC as a financial center and the DFSA as a regulator, placing continuing reliance on international standards as the basis of our approach,” he said.
“The depth and breadth of activities conducted by DIFC continues to grow. This continues to demand a finely tuned risk-based approach to regulation, to maintain the integrity of the DIFC financial services industry, while also continuing our efforts to facilitate innovation in the industry,” he added.
Internal capabilities will play a key role in achieving all the projects under the business plan and setting the foundation for further developments.