RAK Financial Services Authority is specifically accountable for supervising the regulated financial activity within RAK offshore and RAK financial city keeping in mind the end goal to guarantee that RAK offshore can give most extreme adaptability to investors while keeping up strict consistence with nearby and worldwide rules and regulations.
RAK Financial Services Authority analyzes applications from RAK offshore or RAK Financial city and then delivers licenses accordingly. They Issue guidelines to inform registered agents of the appropriate procedures and help enhance the financial services industry in the administrated zones of RAKIA. They also keep track of the effectiveness of the RAKIA financial services on its supervision and regulation of the financial services industry to make sure they match the international standards. Constant reports, advice, assistance and information are given to the government of RAK on the issues that relate to the financial services industry. They also develop appropriate mechanisms to enhance the protection of the public, including investors, whether within or outside the RAKIA administered zones, against financial loss arising out of the dishonesty, incompetence, malpractice or insolvency of persons engaged in the financial services business in the RAKAI administered jurisdictions.
Other duties that RAK Financial Services Authority has are:
- Developing appropriate legal, regulatory and supervisory mechanisms for the efficient administration of the financial services industry.
- Initiating and promoting codes of conduct that should be regulated by everyone
- Developing a system of continuing education for specialists in financial services.
- The factors that affect the financial services industry is informed to the public.
- Promoting and maintaining safe and sound financial services legislation in RAK