The Dubai Financial Services Authority (DFSA) has issued Consultation Paper No. 160 proposing amendments to its Client Assets regime. This regime applies to Authorized Firms holding or controlling Client Assets or providing custody services. Fundamental to this regime is the imperative for such Authorised Firms to safeguard client assets and money, in accordance with the responsibility it has accepted.

To enhance clarity and compliance, the DFSA has undertaken a comprehensive review of the regime, building upon previous updates made through Consultation Papers 61, 104, 106 and 117. The proposed changes aim to, among other objectives, introduce new requirements for crisis preparedness and establish a proportionate regulatory framework aligned with associated risks.

The DFSA invites public comments on the consultation paper until 20 October 2024. Following this, the DFSA will implement necessary changes, update its Rulebook modules, and disseminate this information via a public notice on its website.