The latest compliance news: regulatory developments, punishments, guidance, permissions and authorisations for new product and service offerings.

DWS
DWS has opened an office in Abu Dhabi Global Market, having secured a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a Category 4 regulated firm.

A Category 4 firm can conduct lower-risk activities, such as providing investment advice or arranging deals in investments. It allows firms to deal with professional clients only, but they can also seek a retail endorsement during, or after the licensing process. Licence holders must have at least $10,000 in capital. (Source: 10 Leaves.)

Obtaining the licence marks a “significant step forward for DWS to offer comprehensive investment solutions in the Middle East,” DWS said in a statement yesterday.

DWS is a major asset manager, with more than €1 trillion ($1.16 trillion) in assets under management as 30 June.

“The Middle East is a strategic growth area for DWS as we look to capitalise on our position as the gateway to Europe, linking clients, markets and opportunities across borders in a region that is future-focused and highly sophisticated,” Stefan Hoops, CEO at DWS said.

As part of the change, Joe Kiwan will relocate from Paris to Abu Dhabi to serve as the senior executive officer of the DWS ADGM branch. He will continue in his current role as head of coverage for the Middle East & Africa, focusing on regional strategy, client relationships and strategic partnerships.