DFSA authorises 61 new firms in H1 2024

The Dubai Financial Services Authority (DFSA) said on Thursday it had authorised 61 new firms during the first half of the year, marking a 22 per cent increase compared to the same period in 2023.

It brings the total number of regulated entities under the DFSA to 837.

The wealth management sector experienced a 62 per cent surge in authorised entities.

The DFSA contributed to facilitating the growth of the capital markets in the DIFC, which remains the world’s largest ESG sukuk market and the second largest listed sukuk market after Dublin, with a value of $16.6 billion and $90.9 billion respectively.

Additionally, the Centre hosts 199 securities on its official list, valued at $166.3 billion, including 43 ESG securities worth $28.6 billion listed on Nasdaq Dubai, cementing its role as a major player in sustainable finance.

In H1 2024, the DFSA issued six consultation papers on diverse topics, including crypto regulation, the audit regime, crowdfunding, and credit funds. This initiative ensures a robust and adaptive regulatory environment that addresses emerging financial trends and challenges.

The Authority took one enforcement action and issued nine public alerts to consumers and the financial community about common and more sophisticated forms of scams and published four key reports on firm disclosures, brokerage, private banking, and liquidity coverage ratios, providing valuable insights for the industry.

The DFSA has been strengthening its relationships and alliances with regulatory counterparts across the globe and closer to home, while continuing to play an active role in relevant international standard-setting bodies such as the Basel Consultative Group, the International Organisation of Securities Commissions, the International Association of Insurance Supervisors, the Islamic Financial Services Board, the Global Financial Innovation Network, the Network for Greening the Financial System, the International Forum of Independent Audit Regulators, the International Accounting Standards Board, and the Union of Arab Securities Authorities.