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A boutique consultancy in the DIFC and the ADGM.

11 OCT

All about VARA Licenses

Have a listen to know all about setting up with a VARA license in the UAE! The Virtual Assets Regulatory Authority, or V (VARA for short), established in February 2022 under Law No. (4) of 2022, represents and represents a pioneering initiative by the Dubai government to regulate the fast-growing sector of virtual assets. As the world's first dedicated regulatory body for virtual assets, VARA aims to ensure the safe and efficient operation of Virtual Asset Service Providers, or (VASPs, ) within the emirate, thereby positioning Dubai as a leading hub for digital finance and innovation.

21 min
6 AUG

DFSA releases CP-160 - an update to the Client Assets Regime

The proposals in this paper are intended to provide more clarity on what the DFSA requires from: (i) Authorised Firms that fall within the scope of the Client Assets regime; and (ii) Registered Auditors that prepare Client Asset Auditor’s Reports.

3 min
22 JUL

FSRA Fee changes - 2024

The Financial Services Regulatory Authority ("FSRA") released a Consultation Paper in late 2023, and invited feedback from the general public regarding suggested changes, which would mainly affect the General Rulebook ("GEN") and the Fees Rules ("FEES"). This was after a fee benchmarking exercise against other financial centres. The approved changes came into effect on the 1st of January 2024, and are in full effect.

4 min
20 JUL

ADGM reduces its fees from 2025

The Riffle Starting Jan 2025, ADGM Registration Authority will charge lesser fees for approvals and licenses of non-financial and retail business, and a slight increase for financial companies.

2 min
19 JUL

SEO Letter - DFSA Collective Investment Rules Reporting Requirements

Today, we’re going to talk about the key reporting requirements that Fund Managers need to be aware of, the consequences of non-compliance, and why it’s crucial to adhere to these guidelines.

3 min
18 JUL

DFSA Notice of Amendments to Legislation - July 24

Primary Audience – Crowdfunding Platforms and Credit Fund Managers The DFSA has made amendments to legislation, effective from August 1, 2024.

5 min
15 JUL

All about the DIFC Active Enterprises

The older DIFC Prescribed Regulations had provisions wherein Prescribed Companies could avail office space and hire employees. There were also some other offerings such as a technology holding company, that fell in between PCs and Commercial Holding companies. The DIFC has now streamlined their offerings by issuing new Prescribed Companies Regulations, that make PCs pure passive vehicles. The new DIFC Prescribed Company Regulations addresses a significant gap in the offerings from the center, where there was no product comparable to the Special Purpose Vehicle regimes that existed in many comparable jurisdictions. The earlier PC regime required a Qualifying Applicant or a Qualifying Purpose, both of which tied in the product to existing DIFC clients. Under the new regime, Prescribed Companies can be established by qualifying applicants (GCC Persons, DIFC Persons etc.), for a qualifying purpose (aviation, maritime, IP, crowdfunding and structured finance), to hold GCC-registrable assets, or, in case none of these apply, through a DIFC Corporate Service Provider so as to provide the required substance. In essence, this brings a new level of flexibility to the offering – for instance, you can now form a PC if you are from India, to hold an asset in Africa, by appointing a CSP at the DIFC. Since the Prescribed Company cannot have employees, the DIFC has spun off the Qualifying Applicant bit into a different product called Active Enterprises. One can set up Holding Companies, Proprietary Investment Companies and Managing Offices as an Active Enterprise, with visa options, provided that one has a tie-in to the center already.

18 min
15 JUL

All about the new DIFC Prescribed Companies Regulations

The new DIFC Prescribed Company Regulations addresses a significant gap in the offerings from the center, where there was no product comparable to the Special Purpose Vehicle regimes that existed in many comparable jurisdictions. The earlier PC regime required a Qualifying Applicant or a Qualifying Purpose, both of which tied in the product to existing DIFC clients. Under the new regime, Prescribed Companies can be established by qualifying applicants (GCC Persons, DIFC Persons etc.), for a qualifying purpose (aviation, maritime, IP, crowdfunding and structured finance), to hold GCC-registrable assets, or, in case none of these apply, through a DIFC Corporate Service Provider so as to provide the required substance. In essence, this brings a new level of flexibility to the offering – for instance, you can now form a PC if you are from India, to hold an asset in Africa, by appointing a CSP at the DIFC. Also, since the Prescribed Company cannot have employees, the DIFC has spun off the Qualifying Applicant bit into a different product called Active Enterprises. One can set up Holding Companies, Proprietary Investment Companies and Managing Offices as an Active Enterprise, with visa options, provided that one has a tie-in to the center already.

17 min

A boutique consultancy in the DIFC and the ADGM.

Creator

10 Leaves
Years Active

2021 - 2024
Episodes

13
Rating

Clean
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