Description

• DFSA provides a series of significant regulatory relief measures
• Measures allow financial services firms to focus attention on protecting the wellbeing of staff and helping their customers

Impact

New firms coming into the DIFC will:

• Be given more time to complete the application and authorisation processes and meet the setup requirements to commence business;
• Receive a 50% reduction in Application Fees for the remainder of 2020 and flexibility in requirements for permanent premises;
• In the case of Domestic Funds, receive a waiver of Registration Fees for the remainder of 2020.

Existing Authorised Firms will be able to obtain:

• An extension of time for filing a number of returns and reports, including both IRAP and ICAAP returns, the Controllers Report and the Annual Report of the Shari’a Supervisory Board, where applicable;
• Additional time, where reasonable, for submitting Annual Accounts and Financial Statement Auditors Report, with the exception of Reporting Entities;
• Flexibility in meeting Authorised Individual obligations, including extending the amount of time that temporary cover can be in place.
• A waiver of fees for applications relating to Authorised Individuals and flexibility in considering the workload that may be carried by those offering outsourced compliance services;
• Temporary relief from Capital Requirements for those firms which do not hold or control Client Assets or hold Insurance Monies;
• A waiver of DFSA fees for applications for waivers and modifications for the remainder of 2020 and DFSA will waive all automated late return fees for the remainder of 2020, and,
• A waiver of the listing fees for new SME issuers in the DIFC for the remainder of 2020.

In addition, where DFSA believes that they should proceed with a particular regulatory change, policy consultation periods will be extended, as will time for DFSA authorised firms to meet any new requirements.