10 Leaves

This podcast is the first of a series that specifically addresses the DFSA Seo Letters that are published from time to time. Today, we have a detailed look into the SEO Letter related to Brokerage Business Models. 

The DFSA conducted risk assessments on brokerage firms to evaluate compliance with regulatory obligations in General (GEN), Conduct of Business (COB), and Anti-Money Laundering (AML) modules. Here are some key findings. 

Today, let's discuss the advisory and arranger license from

DIFC is one of the world’s top ten onshore financial centers and offers a secure and efficient platform for businesses and financial institutions to reach into and out of the emerging markets of the region. The quality and independence of DIFC’s regulator, the prevailing common law framework, excellent infrastructure and tax efficiencies make it the perfect base to take advantage of the rapidly growing demand for financial and business

DIFC fills the time-zone gap for a global financial centre

You can also read all about it here.

You can also read the article here:

https://10leaves.ae/publications/difc/difc-artificial-intelligence-and-web-3-0-licenses

DIFC is building the world-class Campus spanning over 100,000 sq. ft. within the DIFC jurisdiction.

Dubai AI & Web 3.0 Campus’ will attract over US$ 300 million in collective funds, 500+ global AI and Web 3.0 start-ups, and create 3000+ jobs by 2028. 

The Dubai AI & Web 3.0 Campus will provide world-class physical and digital infrastructure including R&D facilities, accelerator programs and collaborative workspaces, to attract, build and scale AI companies.

The DIFC AI and Web 3.0 License is one of the cornerstones of the push towards making the DIFC, and the UAE, a hub of technological innovation and

Firms interested in managing funds from the ADGM are required to submit applications to the Financial Services Regulatory Authority, or FSRA. 

The FSRA has a fast-track process for Fund Manager licenses, which come under Category 3C. The Fund Manager, if approved, can manage domestic professional (Exempt and Qualified Investor Funds) and Foreign Funds in other jurisdictions as well. In case the firm wishes to also engage in discretionary portfolio management services, it has to go through a full-fledged license process.

Did you know that in 2019 alone, criminals moved a whopping $2.8 billion in Bitcoin? Yes, you read that right! Cryptocurrency is now one of the preferred destinations for illicit funds by criminals worldwide. Surprisingly, more than half of this amount was transferred to just two exchange platforms - Binance and Huobi.

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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.