Learn more about the structure of the DIFC
Pavitra Shetty- at General
- on Feb 27, 2023 - 09:12
- on Updated: Feb 28, 2023 - 09:18
Affiliated with Dubai Government and founded in accordance with Dubai Law and Federal Law of UAE, the Dubai International Financial Centre (DIFC) is a Federal Financial Free Zone.
Lately, DIFC is acknowledged as the premier financial center for the MENA in the region.
As a global standard-compliant independent financial center, the DIFC is equipped with a number of critical organizations.
The three independent entities that make up the DIFC's framework are the Dubai Financial Services Authority (DFSA), the DIFC Authority (DIFCA), and the Dispute Resolution Authority (which comprises the DIFC Courts, DIFC Arbitration Centre, Academy of Law, and Wills & Probate Registry).
DIFC Authority
The DIFC Authority's primary duty is to monitor and manage the Center while also developing a comprehensive plan.
It is also in charge of business development, marketing, and public relations, as well as acquiring licenses to operate in the DIFC, forming and registering companies there, and developing laws governing non-financial services.
Decision-Making Authority (DRA)
Established in 2014, the DRA looks over the justice and legal services in DIFC.
Currently, the DRA has four divisions: DIFC Courts, DIFC Wills and Probate Registry, Academy of Law, and Dubai Financial Services Authority (DFSA).
DIFC Courts
Dubai's long-standing English-speaking, common law judicial system for business.
DIFC Wills and Probate Registry
The Middle East's first Common Law, English-speaking wills and probate service for non-Muslims
DIFC Academy
The Academy of Law offers the UAE legal community top-notch support and educational programs.
Dubai Financial Services Authority (DFSA)
Activities and professions that take place in or from the DIFC are regulated independently by the DFSA.
The DFSA has established resolute standards in developing a regulatory and legal framework based on the best practices of leading jurisdictions worldwide.
According to Dubai Law No. 9 of 2004, the Dubai International Financial Centre's regulatory framework includes the Dubai Financial Services Authority (DFSA).
A few of its responsibilities include:
- Approving, registering, and licensing financial services and related activities
- Regulating those financial services and related activities
- Keeping track of market developments
To fulfil the targeted goals, it has been given the authority to conduct investigations and enforce laws.
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