RAK Financial Services Authority

• The responsibilities of RAK Financial Services Authority include:

  To ensure maximum flexibility for investors while maintaining strict compliance with local as well as international rules and regulations, Emirates RAK Free Trade Zone (FTZ) has a dedicated RAK Financial Services Authority (FSA) that is directly in charge of overseeing the regulated financial activity within Emirates RAK Free Trade Zone (FTZ) as well as the RAK FINANCIAL CITY.

  RAKFSA will be fully authorized to carry out off and on-site inspections. On request, it will allow a Emirates RAK Free Trade Zone federal or foreign regulatory authority to participate in its inspections.

  
  » Screen applications received from Emirates RAK Free Trade Zone (FTZ) or RAK FINANCIAL CITY and deliver licenses.
  
  » Grant or revoke licenses and certificates submitted to the FSA by Emirates RAK Free Trade Zone (FTZ) or RAK FINANCIAL CITY
      for financial services.
  
  » Monitor Registered Agents by requesting regular reporting and performing periodical audits at their offices.
  
  » Keep Registered Agents informed of the appropriate procedures by issuing guidelines.
  
  » Supervise and regulate regulated persons, RAK FINANCIAL CITY staff and Emirates RAK Free Trade Zone (FTZ) staff.
  
  » Screen applications received from Emirates RAK Free Trade Zone (FTZ) for Registered Agents and deliver licenses.
  
  » Monitor and regulate Emirates RAK Free Trade Zone (FTZ) and RAK FINANCIAL CITY financial services, in coordination
      with the Central Bank of the United Arab Emirates.
  
  » 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.
  
  » 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.
  
  » Make recommendations to the Government of RAK on needed amendments or revisions to the financial
      services legislation.
  
  » 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 toor 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.
  
  » Protect and enhance the reputation of Emirates RAK Free Trade Zone and the United Arab Emirates as a financial services
      centre; and participate in the fight against financial crime and other unlawful activities relating to the financial
      services industry.