DFSA, DIFC Announce Temporary Measures to Aid Financial Firms in Dubai

The Dubai Financial Services Authority (DFSA) has introduced temporary regulatory relief measures to support new firms seeking authorization and existing regulated firms in the Dubai International Financial Centre (DIFC).

The DFSA said the measures aim to help firms manage operational challenges while continuing to serve clients and maintain regulatory standards during challenging times.

“DIFC firms have demonstrated great resilience and financial strength during this exceptional period,” said Mark Steward, Chief Executive of the DFSA. “The DFSA wishes to provide assistance to firms, on request, as a bridge to the resumption of normal trading and has developed a framework to provide temporary regulatory flexibility across a range of areas for those seeking DFSA authorization and for existing authorized firms.”

The relief measures include temporary flexibility in authorization, licensing and administrative requirements, adjustments to governance and staffing arrangements as remote work continues, and extended timelines for regulatory reporting and supervisory processes.

Selected regulatory initiatives may also be postponed, provided it would not affect regulatory outcomes. The measures will be applied on a risk-based, proportionate and time-limited basis, depending on the nature and complexity of each firm.

The regulator emphasized that regulatory standards and supervisory expectations remain unchanged and said it would continue to monitor financial and operational conditions across the DIFC.

In a separate move, DIFC has also introduced temporary economic support measures for its business and retail community, effective immediately.

The measures include flexible payment plans for retail and commercial sectors, installment plans for license renewal fees, and additional support for retailers. Grace periods will also be provided for selected administrative payments related to lease contracts, the Registrar of Companies, the Data Protection Department, and employee registration under DEWS.