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9 July 2008 — DFSA Expands International Network
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Jul 9 2008 onwards

9 July 2008 — DFSA Expands International Network



The Dubai Financial Services Authority (DFSA) is this week entering into three important agreements with international regulators in Ireland, Belgium and Malta. In each case the relevant Memorandum of Understanding (MoU) binds the DFSA and its counterpart regulator to information sharing and co-operation in the supervision of financial institutions and the conduct of enforcement investigations.

The MoU's have been signed on behalf of the DFSA by its Chief Executive, Mr. David Knott, with:-

•  The Irish Financial Services Regulatory Authority (Mr. Con Horan, Prudential Director);
•  The Banking, Finance and Insurance Commission of Belgium (Professor Jean-Paul Servais, Chairman); and
•  The Malta Financial Services Authority (Professor Joe Bannister, Chairman).

Speaking from Brussels today, Mr. Knott said:

"The financial turmoil of the past 12 months has reinforced the importance of close dialogue and collaboration between financial services regulators. We must find better ways to work together to resolve current problems and prevent their repetition. Agreements of this kind will help that process."

"Since 2005 the DFSA has placed a high priority on building its information network. By doing so we demonstrate the UAE's commitment to the operation of internationally accepted practices within the DIFC."

"As a result of this week's signings we now have a bilateral and multilateral MoU network with 63 regulators across the globe. This is a powerful recognition of the DIFC's growing status as the leading international financial centre in the Middle East."