Citing the recent injunction obtained by the Dubai Financial Services Authority (DFSA) against the operator of a fraudulent Internet investment scheme, Bin Sulaiman said:
"Recently, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, spoke eloquently of the importance of such a proactive and efficient regulatory mechanism. In his 'Dubai Strategic Plan,' Sheikh Mohammed spoke of the emirate's economic competitive advantage and bright outlook for continued growth. In that context, he highlighted the importance of good governance, transparency, accountability and the rule of law. The recent actions taken by the DFSA demonstrate a commitment to realising that vision. I applaud the DFSA for taking such rapid and effective action."
The DIFC Governor continued: "The DFSA is to be commended for successfully obtaining this injunction. The DFSA acted rapidly upon complaints to ensure the closure of the company. This move reinforces the message that our regulatory framework is strong and matches the best in the world. I would like to thank the DFSA for its role in ensuring the very highest regulatory standards, and also thank the local authorities for their role in this process. The DFSA continues to set new benchmarks in the region in terms of financial regulation."
Following the DFSA investigation, the Malaysian Securities Commission in Kuala Lumpur made three arrests and froze USD$350,000 in assets after finding a secondary account linked to the fraudsters. Two of the suspects were later released, while one person is currently being questioned by Malaysian authorities. These actions were taken by the Malaysian authorities to assist the ongoing DFSA investigation
In the past two years, the DFSA has shut down two rogue companies, including one operating out of Japan, in cooperation with the law enforcement authorities of the UAE and other international security agencies.
The DFSA is an Associate Member of the International Organisation of Securities Commissions (IOSCO), the world's leading body of Securities Regulators. In 2006 the DFSA became a signatory to a multilateral MoU with IOSCO. This initiative, covering consultation and cooperation and the exchange of information, began in response to increasing international activity in the securities and derivatives markets, and the corresponding need for mutual cooperation among securities regulators to ensure compliance with, and enforcement of, their laws and regulations. As a signatory, the DFSA joined existing signatories representing the world's major capital markets, including the United Kingdom, France, Germany, the United States, Hong Kong, and Singapore.
The DFSA has signed Memoranda of Understanding or Protocols (MoUs) with some of the world's leading financial services and markets regulators, including the Financial Services Authority of the United Kingdom, BaFin in Germany and CFTC in Washington. These MoUs set out a framework for cooperation and information sharing between the regulators. They recognise that each regulator places reliance on the quality of regulatory standards administered by the others.
Browse
related articles
DIFC Governor highlights strength of DIFC's regulatory environment
- United Arab Emirates: Monday, February 19 - 2007 at 10:15
- PRESS RELEASE
A strong, independent regulator operating at the level of international best practices is key to the success of the Dubai International Financial Centre (DIFC), His Excellency Dr. Omar Bin Sulaiman, Governor of the DIFC, said today.
Related stories
Also consider reading:
Digg
Facebook
LinkedIn
Twitter
Browse
related articles
Log in to request more information from DIFC
Notes and media contacts
Media enquiries:Amira Abdulla
Dubai International Financial Centre
Tel: +971 4 362 2433
Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971 4 362 2432
About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just under two years, over 335 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org) .
Posted by Lara Lynn Golden, News EditorMonday, February 19 - 2007 at 10:15 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Disclaimer:
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
It looks like you are using a Mac - check out our 
Web Feeds