Regulator of Dubai’s financial hub DIFC proposes relief measures for firms

The Dubai Financial Services Authority, the regulator of Dubai’s tax-free financial centre DIFC, proposed relief measures to support new and existing entities at the business hub amid the coronavirus pandemic.

For new firms:

* Additional time for completing application and authorisation processes

* 50 per cent reduction in application fees for the remainder of 2020 and flexibility in requirements for permanent premises

* Waiver of registration fees for the remainder of 2020 in the case of domestic funds

For existing firms:

* Time extension for filing a number of returns and reports, including both IRAP and ICAAP returns, the controllers report and the annual report of the Shariah Supervisory Board

* Additional time 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 a waiver of all automated late return fees for the remainder of 2020

* A waiver of the listing fees for new SME issuers in the DIFC for the remainder of 2020

The tax-free DIFC business park is home to the regional offices of banks including Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley.