Dubai Financial Services Authority Publishes Code of Market Conduct
Type
E-journal
Date
9 Jan 2015
Jurisdiction
Dubai International Financial Centre
Taxonomy
Financial Institutions, Financial Services & Activities, Regulation & Offences
Copyright
LexisNexis
Relevant company
King & Spalding
Analysis
On 16 December 2014, the Dubai Financial Services Authority (‘DFSA') published its Code of Market Conduct (the ‘Code') which came into effect on 1 January 2015. The Code is intended to provide guidance and clarity to the market abuse regime which, in its current form, has been in place in the Dubai International Financial Centre (‘DIFC') since 2012. At that time, changes were implemented to align the DIFC's market abuse regime with that applicable in the European Union under the Market Abuse Directive, as implemented in the UK.
The Code is the first practical guidance issued by the DFSA on the application of the market abuse regime in the Dubai International Financial Centre (‘DIFC'). Assuming the DIFC regime is the same as that applying elsewhere, especially the UK, is an easy mistake to make. The Code being published presents firms with an opportunity to review current policies, procedures, systems and controls in this area and test them against the DFSA's understanding of the application of the regime.