Have you been selected by the DFSA for the Representative Office Sectoral Review and need support? If yes, we can help!

The Dubai Financial Services Authority (DFSA) is conducting a sectoral review of Authorised Firms licensed to provide the regulated Financial Service activity of Operating a Representative Office (Rep Office).

The scope of the sectoral review will assess if Rep Offices:

• operate within the scope of their licence;
• have a sound understanding of their obligations under applicable DFSA Rules; and
• have implemented an appropriate control framework to monitor and ensure compliance with applicable DFSA Rules.

This sectoral review is comprised of two phases:

Phase 1 – Desk-based review

Following the completion of the Rep Office questionnaire, a desk-based review is conducted by the DFSA. This questionnaire incorporates various topics concerning the activities of the Rep Office, such as:

– the operational setup and business activities;
– the types of products and services marketed by the Rep Office, including details of any Funds or other investment types;
– the ownership structure;
– relations with the head office;
– the Principal Representatives’ role and responsibilities; and
– matters concerning the Compliance and AML Framework.

Phase 2: Follow-up visit

Based on the information collected in Phase 1, the DFSA will select a sample of Rep Offices for a follow-up visit. In this stage, the DFSA aims to obtain a detailed understanding of the Rep Offices’ presence and activity in the DIFC, and will include engagement with the Principal Representative.

If your firm requires any support in relation to the sectoral review, please contact us at [email protected].