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The Dubai Financial Services Authority (DFSA) has unveiled its business plan for 2023-24, which contains four strategic themes aimed at creating an enabling environment for businesses as Dubai and the UAE continue to grow.
The new two-year plan outlines an ambitious roadmap to achieve the DFSA’s statutory objectives for the Dubai International Financial Center (DIFC), including building and maintaining DIFC’s reputation as a leading global financial centre.
DFSA Chairman Fadel Al Ali said: “DFSA’s business plan for 2023-2024 builds on our commitment to international standards, high-quality regulation and best practice to create an enabling environment to support the continued success of DIFC and the economies of Dubai and the UAE. increase.
“As the DFSA marks its 20th anniversary, the national leadership continues to demonstrate a future-focused vision of national prosperity, and this clarity of vision and purpose continues to guide our role and understanding of the role we play.”
As part of the business plan, DFSA will undertake several key projects across several strategic themes. The DFSA will further strengthen its policy framework to safeguard the integrity of the DIFC financial services industry by implementing international standards, continuing to develop support for trading venues and markets, and strengthening its systems for safeguarding client assets.
Fighting financial crime remains a top priority for the DFSA as it continues to support federal authorities in implementing recommendations from the 2020 UAE Financial Action Task Force (FATF) Mutual Evaluation.
The DFSA will continue to actively engage with the regulated community and fellow regulators locally, regionally and internationally. To strengthen the global response needed to achieve the goals of the Paris climate agreement, DFSA will work at country level, providing approaches in corporate governance, disclosure and taxonomy, and continue to work with companies in DIFC to increase engagement and awareness of ESG issues understand.
The DFSA will enhance the use of technology to address regulatory obligations and challenges and enable the regulated community within the DIFC to develop and use new technologies. In addition, the DFSA will continue to update the wider regulatory regime within the DIFC to respond to market developments – risk and innovation – and in line with its vision to be an internationally renowned regulator, leading the way in financial services with a strong regulator. and fair regulation.
“High-quality regulation and oversight, as well as increasing our use of technology and automation, will allow us to further align with the vision of Dubai and the UAE,” Fadel Al Ali added.
“The themes in this business plan reflect the context in which we operate: the continued development of the DIFC as a financial center and the DFSA as a regulator will continue to rely on international standards as the basis of our approach. The population of the center continues to grow and the The depth and breadth of activity has also grown. This continues to require a fine-tuned risk-based approach to regulation to maintain the integrity of the DIFC financial services industry, while we continue our efforts to foster innovation in the industry,”
Internal capabilities will play a key role in realizing all projects under the business plan and laying the groundwork for further development. – trade arab news agency
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