The Dubai Financial Services Authority (DFSA) has launched a consultation on the changes to family office regulation in the Dubai International Financial Centre (DIFC).
The DIFC Authority recently introduced the DIFC Family Arrangements Regulations as part of its family wealth centre initiative.
This means that the DIFC is repealing the DIFC Single Family Office Regulations.
Now, the DIFC wants to revoke the need for a family office to register as a designated non-financial business or profession (DNFBP) with the DFSA- unless it is providing such services to more than one family by way of business.
The DFSA consultation is asking two questions:
- Do you agree with our proposal that family offices in the DIFC should no longer be required to register as DNFBPs? If not, why not?
- Do you agree that family offices acting for a single family should be exempt from financial services regulation? If not, why not?
The regulator wants views of family offices, their advisers, potential applicants for family office status, and other industry participants by 24 March 2023.
