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International Monetary Fund

services industry, including the reduction of systemic risk; and prevent, detect and restrain conduct that causes or may cause damage to the reputation of the DIFC or the financial services industry in the DIFC. The laws, regulations and DFSA rules are all published and available to the public and are found on the DFSA website ( www.dfsa.ae .). The DFSA has the authority to issue guidance and interpretation to regulated persons and has done so. The DIFC is a unique territory within the UAE. Although it is clear that regulation is the sole purview of the DFSA within the

International Monetary Fund. Monetary and Capital Markets Department

gaps in disclosure requirements in relation to qualitative information, for example on corporate governance (except for the relatively few listed companies). Financial information is readily available to policyholders and other market participants, on individual companies and groups, from the Danish Business Authority and to an extent from the DFSA website. The DFSA could also consider extending to the annual report the requirement to make the interim report available to the public. 21 - Countering Fraud in Insurance PO Fraud is a criminal offence under the

International Monetary Fund
This Detailed Assessment of the Observance of International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation for the Dubai International Financial Centre (DIFC) discusses the preconditions for effective securities regulations and principle-by-principle assessment. The Dubai Financial Services Authority (DFSA) has established a very impressive set of laws, regulations, and rules and policies and procedures for regulation. The DFSA has shown a commitment to bring action against those in violation of the law and its rules, and has established robust licensing processes.
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses findings of the Detailed Assessment of Observance of the Insurance Core Principles on Denmark. Insurance regulation in Denmark has a good level of compliance with the Insurance Core Principles. A particular strength of the Danish Financial Supervisory Authority’s approach is its close focus on key risks in the sector and its readiness to require action by companies to address vulnerabilities. Regular, even daily monitoring of market risk sensitivities is carried out on life insurers’ balance sheets. In nonlife insurance, regular testing of a number of key performance ratios helps to highlight potential weaknesses and to support early intervention. There is comprehensive oversight of the reinsurance programs of the nonlife companies in particular.
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses findings of the Report on Observance of Standards and codes for Denmark. Denmark has a high level of compliance with the Basel Core Principles for Effective Banking Supervision. The Danish Financial Supervisory Authority (DFSA) has the appropriate legal authority to carry out supervision effectively, and its risk based approach has focused well on the key elements of risk within its banking system. Its powers and supervisory approach have evolved significantly since the recent global crisis, and the DFSA emerged as a proactive supervisor. Its overall supervisory approach is sound, and the compliance with the credit-risk and capital adequacy related principles is uniformly high.
International Monetary Fund. Monetary and Capital Markets Department
International Monetary Fund

circulated UNSCR 1737 (2006) and UNSCR 1747 (2007) (regarding the UN sanctions program against the I.R. of Iran in relation to non-compliance with the Treaty of Non-Proliferation of Nuclear Weapons and nuclear development program) to DIFC non-regulated entities and real property developers and asked that these entities produce certifications of compliance. 6 As of January 2008, the DFSA is considering providing access to member firms via the DFSA website to OFAC, UK HM Treasury, and the EU sanctions lists. 7 During the course of face-to-face meetings between

groups, from the Danish Business Authority and to an extent from the DFSA website. The DFSA could also consider extending to the annual report the requirement to make the interim report available to the public. 21 - Countering Fraud in PO Fraud is a criminal offence under the Danish Criminal Code, but the DFSA takes no measures at present to assess fraud risk or to require insurers and ©International Monetary Fund. Not for Redistribution DENMARK 28 INTERNATIONAL MONETARY FUND Insurance intermediaries to take effective measures to address those risks, except

International Monetary Fund. Monetary and Capital Markets Department

consolidated levels. The requirements focus on measurement standards and there are gaps in disclosure requirements in relation to qualitative information, for example corporate governance (except for the few listed companies). Financial information is readily available to policyholders and other market participants, on individual companies and groups, from the Danish Business Authority and to an extent from the DFSA website. 21. Countering Fraud in Insurance Fraud is a criminal offence under the Danish Criminal Code, but the DFSA takes no measures at present to