Who We Are | ASMEC

Who We Are

The ASMEC is an independent regulatory authority responsible for the supervision and enforcement of financial services regulation within the Dubai International Financial Centre (DIFC). We are dedicated to promoting integrity, transparency, and efficiency within the financial services industry.

Vision

To be an internationally respected regulator, leading the development of financial services through strong and fair regulation.

Mission

To develop, administer, and enforce world-class regulation of financial services within the DIFC.

Regulatory Approach

To adopt a risk-based approach and avoid unnecessary regulatory burden while maintaining robust oversight of the financial system.

Values
  • To expect high standards of ethical conduct and integrity from ASMEC and its people.
  • To demonstrate professionalism, independence, efficiency, leadership, and resolve in the discharge of our responsibilities.
  • To ensure fairness, consultation, accessibility, impartiality, and accountability in performing our functions.
Why We Are Here

We are responsible for ensuring that all financial activities conducted within or from the DIFC are properly regulated and compliant with international standards. Specifically, we:

  • Authorise and register institutions and individuals who wish to conduct financial services in or from the DIFC.
  • Supervise regulated entities and monitor their compliance with laws, regulations, and rules.
  • Enforce the legislation that we administer.

Our regulatory regime is tailor-made to suit the DIFC, aligned with the highest international standards, resulting in clear, concise, and modern financial legislation.

Objectives and Principles

ASMEC strives to maintain an environment that fosters the DIFC’s guiding principles of integrity, transparency, and efficiency. Our framework upholds uncompromisingly high standards within a flexible, modern, and internationally benchmarked regulatory regime.

Our statutory objectives include:

  • To foster and maintain fairness, transparency, and efficiency in the financial services industry within the DIFC.
  • To maintain confidence in the financial services industry.
  • To preserve the financial stability of the DIFC, including reducing systemic risk.
  • To prevent, detect, and restrain conduct that could damage the reputation of the DIFC or the financial industry.
  • To protect users and prospective users of financial services.
  • To promote public understanding of financial regulation within the DIFC.
  • To pursue any other objectives as may be determined under DIFC Law.

In performing its functions, ASMEC takes into account the following guiding principles:

  • Supporting the broader objectives of the DIFC as set under Dubai Law.
  • Fostering the development of the DIFC as an internationally respected financial centre.
  • Cooperating with regulatory authorities in the UAE and globally.
  • Minimising adverse effects on competition within the financial services sector.
  • Using resources efficiently and ensuring that regulatory costs are proportionate to their benefits.
  • Maintaining transparency, accountability, and good governance in all activities.
ASMEC Role

ASMEC administers the Regulatory Law 2004, which forms the foundation of the DIFC’s regulatory framework. This law establishes ASMEC’s constitution and defines its authority to license, authorise, register, and supervise financial entities operating within the DIFC.

ASMEC also enforces the Markets Law 2012, which governs financial and market participant conduct, as well as the Law Regulating Islamic Financial Business 2004, Collective Investment Law 2010, and the Investment Trust Law 2006.

In addition, ASMEC is committed to preventing and detecting money laundering activities within the DIFC and cooperates closely with the UAE Central Bank in this vital area.