The UAE is, in practical terms, comprised of two separate financial regulatory jurisdictions: the Dubai International Financial Centre (DIFC) and the rest of the UAE.
The DIFC is a 100-acre financial free zone inside the UAE, with its own financial services regulator, the Dubai Financial Services Authority (DFSA); its own securities exchange, the Dubai International Financial Exchange (DIFX); and its own system of codified civil and commercial laws. In addition, a commodities exchange, the Dubai Mercantile Exchange (DME), has applied to become an authorised market institution.
The rest of the UAE retains its own independent financial regulatory system, overseen by the Central Bank of the UAE, the Emirates Securities and Commodities Authority (ESCA) and the Ministry of Economy and Planning (MEP).
The Dubai International Financial Centre
The DIFC was established in 2004 with the aim of creating a world-class financial centre in the Middle East. The DIFC has its own court...