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Relevant links below:

https://home.treasury.gov/news/press-releases/jy1391?utm_source=riffle.beehiiv.com&utm_medium=referral&utm_campaign=from-the-international-desk

https://resources.hummingbird.co/product-updates-and-news/apps?utm_source=riffle.beehiiv.com&utm_medium=referral&utm_campaign=from-the-international-desk

https://www.eba.europa.eu/calendar/consultation-draft-guidelines-amending-risk-based-supervision-guidelines?utm_source=riffle.beehiiv.com&utm_medium=referral&utm_campaign=from-the-international-desk

https://www.gov.uk/government/news/changes-to-reporting-material-discrepancies-to-companies-house?utm_source=riffle.beehiiv.com&utm_medium=referral&utm_campaign=from-the-international-desk

This episode is also available as a blog post: https://riffle.beehiiv.com/p/international-desk

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A Fixed Penalty Regime (FPN) is coming. Put very simply, it works as follows:

Read more here.

This episode is also available as a blog post: https://riffle.beehiiv.com/p/lets-talk-penalties

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The new consultation paper clarifies the DFSA’s stance on Payment Accounts for corporate clients, which allows greater flexibility for money service businesses to offer multiple functionalities to their customers, including larger sums held in Payment Accounts, multi-currency virtual IBANs and issuance of pre-paid cards.

Read the consultation paper here.

And details on the EMI license here.

This episode is also available as a blog post: https://riffle.beehiiv.com/p/money

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What kind of a name is Riffle? Is it Rifle? As in smoking gun?

Err, actually that’s a great alternative name by the way. But no, it’s called Riffle - as in riffling through many pages, turning them over, having a quick look.

AHA. So you don’t go into detail - a casual look at things. 

I wouldn’t put it that way. More like giving you a gist of info, rather than a pile that no one cares to read.

Nice. And why are we having a convo again? Isn’t this serious stuff?

Of course! Compliance and AML are mighty serious, and this is why we came out with the Riffle. To give you a channel to ACTUALLY read stuff that matters, rather than…for lack of a better word - riffle through it.

And yes, a bit of bionic reading thrown in. You know, the bold bits that actually matter and make you read faster?

This episode is also available as a blog post: https://riffle.beehiiv.com/c/about-riffle

This episode is also available as a blog post: https://10leaves.ae/publications/difc/hedge-funds-in-the-difc

During 2022, a record number of hedge funds registered in the Centre, with more expected to open in 2023. It has been reported that over 60 hedge funds are in DIFC's pipeline.

 The global hedge fund sector is still dominated by older, more established centres like London and New York, but the Middle East is a young market where Dubai offers all the necessary circumstances for expansion, especially in the aftermath of the Covid epidemic. Due to the government's successful management of the outbreak and the far less limitations there than in other centers, Dubai had a significant inflow of managers throughout the pandemic. This gave managers the chance to see firsthand the various benefits the emirate provides hedge funds contemplating establishing an office there.

This episode is also available as a blog post: https://10leaves.ae/publications/difc/difc-venture-studio-launchpad-license

The DIFC has now announced the launch of the first global “Venture Studio Launchpad” to assist with the growth of the UAE’s financial ecosystem, and to be a growth partner and business enabler to venture studios, allowing them to set up and scale from the DIFC. The Proposed Venture Studio Regulations provide the legal and regulatory framework under which venture studios, and similar arrangements, and any “spin-off” entities formed by venture studios, can establish and operate in the DIFC. This initiative complements the existing DIFC Venture Fund Manager Framework, and the DIFC Innovation licenseinitiatives, which together will serve to make the DIFC the leading destination for both innovators and their funding partners.

This episode is also available as a blog post: https://10leaves.ae/publications/difc/difc-venture-studio-framework 

Last year, the DIFC announced the launch of the first global “Venture Studio Launchpad” to assist with the growth of the UAE’s financial ecosystem, and to be a growth partner and business enabler to venture studios, allowing them to set up and scale from the DIFC. The Proposed Venture Studio Regulations provide the legal and regulatory framework under which venture studios, and similar arrangements, and any “spin-off” entities formed by venture studios, can establish and operate in the DIFC. This initiative complements the existing DIFC Venture Fund Manager Framework, and the DIFC Innovation license initiatives, which together will serve to make the DIFC the leading destination for both innovators and their funding partners.

The proposed venture studio model enables venture studios to establish a company in the DIFC that acts as both a holding and operating vehicle (“Venture Studio”), licensed to incubate new business ideas (each a “Venture”) and, if they reach a minimum viable product (“MVP”) stage, to convert the Ventures to newly incorporated Venture Studio entities (each a “Venture Studio Company”).

This episode is part of the 10 Academy training series.

Here is a bit about how we at 10 Leaves can help you.

We provide turnkey services for getting authorised, and staying authorised. Our GRC team is at hand to help you with ongoing compliances, prudential reporting and risk management. We also assist you with maintaining good corporate governance in the Firm, one aspect that is much overlooked by most firms that we have consulted. In addition to this, we help with accounting and bookkeeping activities and filing of VAT returns on a regular basis. The newly-issued Tax Laws may also be relevant to the Firm and we will assist you in registering with the authorities and creating tax efficiencies for the business.

Well, that’s it for today. Thank you for listening, and do get in touch with us by writing in to us at [email protected]. Do also visit our website at www.10leaves.ae.

Do contact us for further details!

Wikipedia defines a holding company as “a company that owns other companies' outstanding stock.”

In short, a holding company consolidates investments, be it shares in other companies or property, under a common umbrella, for ease of management and reporting. Such companies do not usually carry out a trade or service – they merely manage existing investments. The management team of the holding company also seeks to make new investments, based on certain pre-determined criteria, to expand their existing portfolios.

The ADGM offers both passive and operational holding companies. ADGM SPVs can only act as passive holding companies, and so cannot avail visas or functional office space in the centre. The advantage is that where there is no operational requirement, an ADGM SPV can act as a holding structure for a relatively low cost, and offer flexibility at the same time.

The SPV in the ADGM can hold any types of securities, including bonds, listed or unlisted shares in downstream entities, stocks, real estate worldwide, cash and commodities, loans, and intangible assets such as Intellectual Property and Patents.

This episode is part of the 10 Academy training series.

Here is a bit about how we at 10 Leaves can help you.

We provide turnkey services for getting authorised, and staying authorised. Our GRC team is at hand to help you with ongoing compliances, prudential reporting and risk management. We also assist you with maintaining good corporate governance in the Firm, one aspect that is much overlooked by most firms that we have consulted. In addition to this, we help with accounting and bookkeeping activities and filing of VAT returns on a regular basis. The newly-issued Tax Laws may also be relevant to the Firm and we will assist you in registering with the authorities and creating tax efficiencies for the business.

Well, that’s it for today. Thank you for listening, and do get in touch with us by writing in to us at [email protected]. Do also visit our website at www.10leaves.ae.

Do contact us for further details!