A leading UK-established compliance firm is expanding to cope with the increasing demand for authorisation services as firms flock to join the Dubai International Financial Centre (DIFC).
Established less than a year ago as the first specialist compliance firm authorised to operate from DIFC, CCL Limited will double its team of compliance specialists to ten-strong to cope with the demand for its services.
Companies cannot begin trading in the DIFC until Dubai Financial Services Authority (DFSA) authorisation is granted. Delays experienced by companies who do not use specialists in this area result in lost business opportunities, unnecessary expense and wasted time and effort.
CCL supports applicant firms by securing their authorisation and by building a solid foundation on which the company can maintain the high standards demanded by the regulator on a continuing basis.
The firm has experienced high demand for its services since its opening in September 2006 and continues to grow at a steady rate as companies apply to join the DIFC. Since the DIFC's opening in September 2004 its numbers have grown to 125 regulated companies, with around five new firms obtaining DFSA authorisation each month. CCL has grown at a comparative rate, ensuring clients receive the same standard of service and experience when handling the process.
CCL's chairman, Ralph Lindeyer, said: "There has been a real snowball effect within our first year of operation and the high demand for our services has been a welcome surprise. Many of the requirements set by the DFSA are complex and demanding for firms wanting to operate in DIFC and it's our job to ensure success and simplicity.
"The process, which includes applications, documentation and presentation of a business plan, can be complicated and often unnecessarily drawn out for applicants if mistakes are made or if there is improper consideration of the practical implications of regulation. As a result, firms are becoming increasingly aware of their need for independent expert advice in order to meet the continuing high standards demanded by the regulator.
"The DFSA has created a stringent legal framework on a par with the UK Financial Services Authority, within which CCL is expertly positioned to advise its banking, investment and insurance clients. We have been putting firms through authorisation in the UK for 20 years and have already established both excellent contacts and a respected reputation in this field in Dubai.
"Many firms considering authorisation automatically seek out guidance from a legal or accounting firm, however the prime strengths of these professions lie in other areas. Top firms often want the foundation offered by specialist practitioner, not just simply authorisation.
"Knowledge of the rules is not enough and the DFSA has made it clear that they seek understanding of the practical implications of regulation. The rulebooks are only the tip of the iceberg when it comes to practical compliance.
"Compliance requires an in-depth knowledge of the industry, including knowledge of the legal and accounting aspects of the rules. CCL is uniquely placed to project manage applications not only to ensure that the application goes smoothly but that the firm is in a position meet all of its regulatory obligations once authorised. It is this area which has been causing so much concern within the industry. The theoretical documentation does not work when it comes to applying it to the daily needs of the compliance officer. We know this area inside out and can guarantee the authorisation process will go as smoothly as possible every time because we know how to address the regulatory challenges our clients face."
Lindeyer added: "Using a specialist firm for the authorisation streamlines the process because the regulators recognise the value of experienced, proactive advice and support that CCL provides. A specialist will also advise during the initial obligation-free advisory meeting whether the firm is appropriate for authorisation or recommend any areas that need to be improved to fulfil criteria before anything is set in motion.
"Once authorised by the DFSA, firms are the subject of rigorous ongoing supervision and CCL is ideally placed to help firms meet these continuous demands."
Established in 1988, CCL services some 30 regulated firms in DIFC and has been involved in the authorisation process of more than 25 Dubai-based companies. In the UK, CCL handles over 300 regulated firms and has obtained authorisation for more than 600 firms. CCL provides professional practitioner advice to a wide range of financial services clients, advising on authorisation and general compliance matters and offering specialist anti money laundering and risk management services.
The DIFC, established by the Government of Dubai in September 2004, now boasts over 120 authorised firms, including Citigroup, Credit Suisse, Deutsche Bank, HSBC, Morgan Stanley and Merrill Lynch.
