CCL will focus on supporting firms applying for authorised status with the DFSA and help regionally-based firms operate in a market with world standard laws and regulations.
Ralph Lindeyer, Chairman, CCL, says the requirements set by the DFSA, a signatory to the International Organisation of Securities Commissions, are complex and demanding. Many firms need independent expert advice in order to meet the continuing high standards demanded by the regulator.
"As the first professional compliance firm to be established in the UK market, CCL brings unparalleled experience in this specialist field together with an intimate understanding of the requirements for operating in a world class regulatory environment. The DFSA has created a legal framework on par with the UK Financial Services Authority, in which we are expertly positioned to advise our banking, fund management and insurance clients.
In addition, firms regulated by the DFSA are the subject of rigorous on-going supervison. CCL is ideally placed to help firms meet these demands."
Established in 1988, CCL service on a current basis some 300 regulated firms and has obtained authorisation for more than 400 firms in the UK. CCL provides professional practitioner advice to a wide range of financial services clients, advising on authorisation and general compliance to anti-money laundering and risk management.
The DIFC, established by the Government of Dubai in September 2004, now boasts 55 authorised firms, including Citigroup, Credit Suisse, Deutsche Bank, HSBC, Morgan Stanley and Merrill Lynch. This number is expected to rise to 75 by the end of 2006.
Assem O. Kabesh, Chief Business Development Officer and Board Member at the DIFC, said the growing number of authorised firms at the centre will ensure ongoing demand for specialist compliance support.
"Newly established firms at the DIFC often need to outsource their compliance requirements or engage additional support depending on deal flow. CCL has recognised this need and will add real value to member firms through its wealth of professional experience", he said.
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CCL becomes first specialist compliance firm at DIFC
- United Arab Emirates: Monday, August 07 - 2006 at 13:46
- PRESS RELEASE
CCL Compliance Consultants (CCL) today became the first specialist compliance firm authorised to operate from the Dubai International Financial Centre (DIFC).
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Log in to request more information from DIFC
Notes and media contacts
Media enquiries:Thomas Lindeyer
Tel +44 20 7626 2000
Mark Bennewith
Dubai International Financial Centre
Tel: +9714 362 2450
Tim Harrison/Lavina Chatterjee,
ASDA'A Financial PR,
Tel: +971-4-3344550,
Amira Abdulla
Dubai International Financial Centre
Tel: +9714 362 2433
CCL Compliance Consultants
CCL is a leading provider of professional compliance consultancy and specialist training services to regulated firms.
As the demands of meeting the requirements of regulation become increasingly complex, the need to draw upon independent, external expertise to meet your compliance requirements has become essential. As experienced, professional consultants, CCL is able to provide you with relevant, practical and appropriate advice and assistance within clearly defined parameters. And because compliance is all we do, you know you've got genuine experts working on your behalf. Our Principals, Senior Consultants and Consultants have worked in every area of the financial services industry - in every area of regulation.
www.ccldubai.com
The Dubai International Financial Centre (DIFC)
The DIFC is an onshore hub for global finance with world-class regulations and standards. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
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. Members benefit from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial and non-financial institutions to the DIFC. (www.difc.ae)
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 modelled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives. The DIFX provides access to regional and international capital and investment opportunities. (www.difx.ae )
The DIFC Courts - An independent court system that upholds the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC.
( www.difccourts.ae )
Posted by Anne-Birte Stensgaard, Senior News EditorMonday, August 07 - 2006 at 13:46 UAE local time (GMT+4)
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