RAK Financial Services Authority

RAK Financial Services Authority

 

RAK Financial Services Authority is directly in charge of overseeing the regulated financial activity within RAK offshore and RAK financial city in order to ensure that RAK offshore can provide maximum flexibility for investors while maintaining strict compliance with local as well as international rules and regulations.

The responsibilities of RAK Financial Services Authority are:

  • Screen applications received from RAK offshore or RAK Financial city and deliver licenses.
  • Issue guidelines to inform registered agents of the appropriate procedures
  • Ensure that the supervised financial institutions provide the FSA with all information and documents that are relevant to carry out its supervisory functions.
  • Develop the financial services industry in RAKIA administrated zones, including the conduct of surveys relating to the industry.
  • Monitor the effectiveness of the RAKIA financial services legislation in providing for the supervision and regulation of the financial services industry as per internationally accepted standards.

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  • Provide the Government of RAK with periodic reports, advice, assistance and information in relation to any matters relating to the financial services industry as may be necessary.
  • Develop appropriate legal, regulatory and supervisory mechanisms for the efficient administration of the financial services industry.
  • Encourage the development of high professional standards within the RAK financial services industry, in coordination with the Central Bank of the United Arab Emirates.
  • Initiate and promote codes of conduct for regulated persons.
  • Develop a system of continuing education for practitioners in financial services.
  • Inform the general public on its functions and on matters relating to or affecting the financial services industry.
  • Promote and maintain safe and sound financial services legislation in RAK, under the guidance of the Central Bank of the United Arab Emirates.
  • 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.