DFSA strengthens regulations on financial product promotion

06/05/2011 - Dubai Investment News Posted by Bob Brunskill
DFSA strengthens regulations on financial product promotion

The Dubai Financial Services Authority (DFSA) has strengthened its regulations on financial product promotion.The latest raft of provisions builds upon the current financial promotion restrictions and prohibitions contained in the Collective Investment Law 2010 and the Markets Law 2004.Paul Koster, chief executive of the DFSA, commented: "Our new and enhanced legislation provides greater protection for investors and potential investors against misleading promotions, especially those coming into the DIFC from outside."Of course financial advisors will want to remind their expat clients that the governing regulatory authority is generally wherever the advice takes place.Expats in Dubai should check the firm they are dealing with is one of the 324 regulated and supervised by the DFSA through its website, www.dfsa.ae.In other news, the US-based Institute of International Finance (IIF) has said that Dubai's economy is expected to grow by 3.5 per cent this year.Its report on UAE and Arab nations noted the positive upward trend investors in Dubai will witness over the coming months.