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).<\/p>\n
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The scope of the sectoral review will assess if Rep Offices:<\/p>\n
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\u2022 operate within the scope of their licence;
\n\u2022 have a sound understanding of their obligations under applicable DFSA Rules; and
\n\u2022 have implemented an appropriate control framework to monitor and ensure compliance with applicable DFSA Rules.<\/p>\n
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This sectoral review is comprised of two phases:<\/p>\n
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Phase 1 – Desk-based review<\/u><\/b><\/p>\n
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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:<\/p>\n
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– the operational setup and business activities;
\n– the types of products and services marketed by the Rep Office, including details of any Funds or other investment types;
\n– the ownership structure;
\n– relations with the head office;
\n– the Principal Representatives\u2019 role and responsibilities; and
\n– matters concerning the Compliance and AML Framework.<\/p>\n
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Phase 2: Follow-up visit<\/u><\/b><\/p>\n
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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\u2019 presence and activity in the DIFC, and will include engagement with the Principal Representative.<\/p>\n
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