Pepperstone Awaiting DFSA License to Start Business in Dubai

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Pepperstone Awaiting DFSA License to Start Business in Dubai

Pepperstone, the Australian forex and CFD broker, is seeking a license from the Dubai Financial Services Authority (DFSA) having already set up its new subsidiary, Pepperstone Financial Services Limited, in the Dubai International Financial Center (DIFC). The DIFC website states that the status of the new company's registration is "active" while its regulatory application is "pending DFSA authorization".

According to its DIFC-listed directors, a small team headed by Thomas Robert (Group CEO and Business Owner), Gordon Bruce and Tarek Shabib who has spent the past 15 months as the company's president in the Middle East region. The team acquired office space for the new operation at Index Tower, Dubai in the Dubai International Financial Centre.

However, it is not clear if any of the executives have joined Tariq or moved to the UAE to oversee the new operations. If approved, this new license will allow Pepperstone to provide its range of FX and CFD products to retail and professional clients, not only in the UAE, but also in other GCC countries i.e. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and North Africa .

It is worth mentioning that Pepperstone has other branches already licensed by FCA in the UK and ASIC in Australia, and also has several representative offices in other countries.

Forex license in Dubai

The Dubai International Financial Center (DIFC) is a financially free zone, completely separate from the rest of the country and characterized by its legal system and courts. The DFSA is receiving increasing interest from licensed firms and global forex brokers for retail clients in or from the DIFC.

Within the DIFC, the DFSA is the regulatory authority that issues all forex broker licenses and regulates all financial services that take place. However, the DFSA has very strict guidelines in place for obtaining a Dubai forex license, as well as for conducting forex business. Specifically, obtaining a foreign exchange trading license in Dubai is a complex procedure that involves many legal restrictions that revolve around the country's ban on banking activity in local currency as transactions in UAE dirhams are strictly prohibited in the centre. Other than AML compliance, forex brokers also need to have systems and controls in place such as counterparty limits, intra-day and end-of-day settlement, job separation and other risk measures.

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