DFSA mulls new rules in wake of Abraaj collapse

DFSADubai’s financial services watchdog is considering new regulations to avoid a repeat of the events which led to the collapse of private equity group, Abraaj. A report from the Dubai Financial Services Authority (DFSA) stated the possibility of strengthened oversight as a result of the Abraaj case. "The collapse of this firm will influence our thinking on corporate governance, on the allocation of responsibilities amongst the senior management of firms, and on the best way to assign responsibility for compliance within regulated firms," said DFSA chief executive Bryan Stirewalt. Should the DFSA’s investigation conclude that “there are lessons to be learned, we will take steps to strengthen our supervisory oversight” added Stirewalt. "We will also be reviewing our risk-based approach to supervision to ensure that it properly captures some of the features of the particular case." The Dubai-based buyout firm was the largest of its kind in the Mena region but collapsed in June 2018 following a dispute with investors over the running of its $1 billion healthcare fund. ©2019 funds global mena

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