Dubai eliminates financial loophole

18 Apr 2011

(MENAFN) The Dubai Financial Services Authority (DFSA) Chief Executive, Paul Koster, announced new rules that cover a loophole which had previously enabled the advertising of unlicensed services, reported The National.

Koster said that only companies regulated by the DFSA or another UAE federal authority can promote for financial services and they have to be in or from the Dubai International Financial Centre (DIFC).

The new rule explicitly states that all communications used to market products have to be regulated by the DFSA.

It is worth noting that the new rule would be active by the end of April.

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