The DFSA’s strategic planning process covers several areas of activity, including the annual business planning cycle, agreement on strategic themes and the setting of regulatory priorities.
The DFSA has close engagement with the DIFC Authority, as regards the development of the DIFC, as well as with other Dubai and Federal government bodies on Emirate and national strategic developments
As part of the DFSA’s strategic outlook, the economic function produces an analysis of the broader macroeconomic environment and risks to the DIFC and DFSA.
The maintenance of the DFSA’s policy framework includes primarily providing guidance on the intent underlying the framework to different Divisions of the DFSA or to external stakeholders.
Policy developments are largely driven by changes in national and international standards, market dynamics and the need to regulate appropriately new business models and financial services activity to facilitate the development of a stable and evolving financial services industry in the DIFC.
In order to keep up with the developments of international standards by international standard setters and represent the views of jurisdictions such as the DIFC, the DFSA closely monitors these developments and engages directly in the work of these bodies, where beneficial and appropriate to the DIFC.
Quarterly reports on international regulatory developments, which are relevant to the DIFC, are produced and circulated internally.
The DFSA also participates in various bodies at the steering or working group levels:
DFSA PARTICIPATION IN INTERNATIONAL BODIES
|Basel Committee on Banking Supervision (BCBS)
Basel Committee (Observer)
|International Association of Insurance Supervisors (IAIS)
|International Organisation of Securities Commissions (IOSCO)
|Islamic Financial Services Board (IFSB)
|International Accounting Standards Board (IASB)
|Union of Arab Securities Authorities (UASA)
|International Forum of Independent Audit Regulators (IFIAR)
|Emerging Regulators Group (Chair)
|Global Financial Innovation Network (GFIN)
|Member of Coordination Board
|Network for Greening the Financial System (NGFS)
The DFSA sets appropriate policies to manage risks to the DFSA’s operations and the achievement of its objectives and seeks regular assurance that risks are managed in accordance with these policies.
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