DIFC Law No. 1 of 2004 (the Regulatory Law) provides that the DFSA shall operate through the Chief Executive and members of his staff and shall be governed by its Board of Directors, duly appointed from time to time by the President of the DIFC.
The Board has established five Committees to assist it in performing its functions: the Legislative Committee, Governance and Nominations Committee, Audit Committee, Risk Committee and Remuneration Committee. Certain Committees may include Members who are not Members of the Board but individuals with specialist expertise who can support the Committees to discharge their responsibilities.
The Regulatory Law requires the DFSA to maintain the Financial Markets Tribunal, a specialist and operationally independent tribunal, which can hear and determine appeals against DFSA decisions, as well as other specified regulatory matters.
The DFSA Values reflect the core DIFC operating principles of Integrity, Transparency and Efficiency and are firmly embedded in the DFSA’s Rules and Procedures and in the DFSA Code of Values and Ethics for employees.
The Code sets appropriate international best practice standards, in relation to the use of confidential regulatory information, conﬂicts of interest and the giving and receiving of gifts and beneﬁts. It is designed to complement the conflict of interest and confidentiality provisions in the Regulatory Law 2004.
The DFSA Board of Directors has adopted a similar Code of Values and Ethics appropriate for members of the Board, Committees and Tribunals and can be viewed here.
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