The Dubai Financial Services Authority announced yesterday the launch of several initiatives aimed at providing assistance and important facilities to the regulatory affairs of the financial services sector and all companies operating in the Dubai International Financial Center.
She stated in a statement yesterday that these initiatives come within the framework of her keenness to mitigate the effects of the consequences of the "Covid-19" virus on the financial and business market, pointing out that these initiatives were designed to enable the business community in the Dubai International Financial Center to focus on employee safety and support customers During this difficult period of uncertainty.
Management and protection
"We want to help all licensed and business firms in the Dubai International Financial Center manage their operations and protect their employees during this period of challenges and temporary uncertainty," said Brian Steroet, chief executive of the Dubai Financial Services Authority.
He continued, "While we focus our efforts on the safety of the business community in the DIFC and the entire ecosystem, we confirm our commitment to support all companies and their customers to safely bypass the current ordeal," stressing that the DFSA is fully prepared to consider any reasonable requests related to grants Organizational facilities.
Respond to pressure
In turn, Arif Amiry, CEO of the Dubai International Financial Center Authority, said: “During this period of uncertainty, we were keen to respond quickly to the pressures faced by the companies operating in the center and their employees by putting the needs of our society at the top of our priorities.”
He added: «At the present time, the basis for the concentration of companies and market institutions operating in the center must be to maintain operational and financial flexibility in order to fulfill their obligations to customers, and this includes the safety of their employees.
The authority confirmed that it is currently working with the central bank to provide a set of measures to assist banks in supporting customers, especially those banks that support small and medium enterprises.
Facilities of currently licensed companies
An extension of the time period for submitting a number of reports, including reports related to the internal risk assessment process, the assessment of capital adequacy, the report of the financial controller, and the annual report of the Sharia Supervisory Board.
- Additional time, wherever possible, to submit the annual accounts report and the auditors' report on the financial statements, with the exception of reporting bodies.
Flexibility to meet the obligations of licensed individuals, including extending the time period for temporary coverage.
- Exemption from application fees for licensed personnel, and flexibility when considering workload that can be outsourced to external compliance service providers.
- Temporary cancellation of the capital requirements for companies that do not control or maintain customer assets or hold insurance funds.
Exemption from fees for requests for exemption and amendment for the remainder of 2020.
Exemption from all fees for automated late submissions for the remainder of 2020.
Exemption from listing fees for new SME issues in the center for the remainder of 2020.
New company facilities
- More time to complete the application and licensing procedures and meet the requirements of incorporation in order to start doing business.
50% reduction in application fees for the remainder of 2020 and flexibility in requirements related to permanent headquarters.
Exemption from registration fees for local funds, for the remainder of 2020.