To undertake and successfully complete a 2-year period of in-house and external professional training in regulation with a view the developing skills and capabilities required for a permanent appointment within DFSA.
Successfully complete knowledge and skill acquisition primarily in four key areas of DFSA activity:
Licensing - The main function of the Licensing Team is that it determines whether a firm satisfies key threshold conditions to get its License. For a firm, the Licensing Team considers factors such as: business strategy, financial resources, human resources, legal structure, systems and controls. Once a firm is authorised or registered, it becomes the primary responsibility of the Supervision Department.
Supervision - The main function of the Supervision Department is the on-going supervision of firms once they have been authorised by the Licensing Team. The Supervision Department uses a risk-based framework to assess and, monitor the firms and ensure that they follow the DFSA and DIFC rules and laws.
Markets – The main function of the Markets Department is the authorisation and on-going supervision of Authorised Market Institutions, Recognised Bodies and Members and Alternative Trading Systems. It is also responsible for the regulatory supervision of the Nasdaq Dubai and DME within the DIFC for the purposes of identifying and managing potential risks and administering certain laws and rules.
Enforcement - The main function of the Enforcement Department includes drafting legislation (i.e. laws), handling complaints and conducting investigations. It ensures that firms and individuals comply with the laws and operate responsibly and with integrity. If firms and individuals do not comply with the laws then the Department takes enforcement action. The Enforcement Department is empowered to:
obtain books and records
require individuals to participate in interviews under oath.
Policy & Strategy - Understand (a) the underlying rationale of legislation, and the market environment in which the legislation is to operate (b) how to identify the need for policy development, (c) the manner in which policy change is identified and actioned, (c) the role and function of the RPC, (d) how to develop a Policy Change Proposal, (e) the requirements, benefits and processes of consultation, both internal and external, and (f) how change is implemented.
Provide meaningful contribution to (a) research underlying a policy assessment; and (b) an RPC meeting
THE DFSA IS THE INDEPENDENT REGULATOR OF FINANCIAL SERVICES CONDUCTED IN OR FROM THE DIFC, A PURPOSE-BUILT FINANCIAL FREE ZONE IN DUBAI, UAE.
The DFSA’s regulatory mandate includes asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange, and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for supervising and enforcing anti-money laundering (AML) and counter-terrorist financing (CTF) requirements applicable in the DIFC. The DFSA has also accepted a delegation of powers from the DIFC Registrar of Companies (RoC) to investigate the affairs of DIFC companies and partnerships where a material breach of DIFC Companies Law is suspected and to pursue enforcement remedies available to the Registrar.