DIFC forum discusses new markets regulations

The Dubai International Financial Centre, known as DIFC, on Wednesday discussed the introduction of new markets rules as part of the new Markets Law 2012, which came into effect on July 5, 2012. The DIFC, the financial and business hub connecting the region’s emerging markets with the markets of Asia, Europe and the Americas, hosted on Wednesday its third knowledge series event this year discussing the introduction of new markets rules as part of the new Markets Law 2012, which came into effect on July 5, 2012. In her opening remarks, Roberta Calarese, chief legal officer, DIFC Authority, said: “As the DIFC continues to strengthen its position as global financial hub, we have an obligation to keep pace with how international markets are evolving. The new Markets Law is designed to further align this market with other international markets, particularly in Europe, and more broadly to give investors a greater degree of protection.” In a panel moderated by Gerald Santing, managing director, Markets, Dubai Financial Services Authority (DFSA), the panellists discussed a number of significant changes brought with the new Markets Law 2012, including changes to prospectus disclosure, what activities constitute an offer, market misconduct provisions, corporate governance and oversight of auditors. As part of the changes, DFSA undertook regulatory oversight of auditors of publicly listed companies. This fulfils the EU requirement, which states that if the auditors of a listed company in an EU member state are from a jurisdiction outside the EU they must be overseen by a regulator of equivalent quality and status. Therefore, auditors of publicly listed companies now need to be registered with the DFSA before providing any assurance services to listed companies. From : Khalij