Regulatory Alerts2017-03-06
DFSA Consultation Paper 112 on Testing Fintech Innovations in the DIFC
The Dubai Financial Services Authority (DFSA) issued Consultation Paper 112 to outline guidance for FinTech operators seeking to test innovative business models within the DIFC regulatory framework. Rather than introducing new rules, the DFSA proposes leveraging existing regulatory flexibility to streamline enquiries and facilitate market entry for qualifying firms. Interested stakeholders are invited to submit feedback using the provided comment table by 5 April 2017.
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06 Mar 2017, 10:03 am
Notice of Consultation Paper Release
TAKE NOTICE THAT:
The DFSA has released the following for Consultation:
Consultation Paper No.112 – Testing Fintech Innovations in the DIFC
The DFSA has been dealing with, and discussing opportunities with, a number of interested FinTech operators. Given the interest received to date, the DFSA believes it would be helpful to current stakeholders and the wider public to set out how enquiries will be dealt with from those interested in establishing a presence in the DIFC for a FinTech business.
We are not proposing to introduce new Rules, but rather we set out in Guidance how we can make use of the flexibility inherent in our regime to facilitate the testing of innovative fintech business models. The fundamentals of this approach are set out below:
This Consultation Paper is the third in a series setting out the DFSA’s approach to the regulation of FinTech activities. To find out more, please visit the DFSA website .
Who is this CP aimed at?
This paper will be of interest to:
• Persons who are operating, or intend to set up, a FinTech business and base themselves in the DIFC; • Authorised Firms already providing financial services in the DIFC, who are developing, or intend to develop, a FinTech business; • Persons providing legal, accounting, audit, oversight of compliance services in the DIFC; and • Potential investors in, or users of, fintech products and services.
What are the next steps?
The DFSA invites interested parties to provide their views and comments on the issues outlined in the Consultation Paper, using the Table of Comments provided, to consultation@dfsa.ae . Please mention the Consultation Paper number (112) in the subject line.
The deadline for providing comments on this consultation is 5 April 2017. This paper can be viewed on the DFSA website or by clicking on the above link.
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