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2005
ESCA and DFSA Sign MOU on Cooperation and Exchange of Information
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Sep 27 2005 onwards

ESCA and DFSA Sign MOU on Cooperation and Exchange of Information



The Securities and Commodities Authority of the United Arab Emirates (ESCA) and the Dubai Financial Services Authority (DFSA) today signed a Memorandum of Understanding (MOU) to further enhance regulatory cooperation and information sharing between the two agencies.

H.E Abdulla Salem Al Turifi, CEO of ESCA, and Dr. Habib Al Mulla, Chairman of the DFSA, signed the historic MOU today in Abu Dhabi, reiterating the commitment of two of the leading Securities Regulators in the Middle East to work together in ensuring that Securities and commodities markets in the UAE and DIFC are fair, transparent, efficient and regulated to world Class standards.

The MOU cements an already excellent level of co-operation between ESCA and the DFSA, the two independent agencies. Each regulator will be able to rely on the MOU to ensure compliance with applicable legislation and to collaborate in regulating inter jurisdictional dealings as well as share technical know-how and joint training in enhancing the credibility of financial markets and protect investor rights.

H.E. Shaikha Lubna Bint Khalid Al Qassimi, Minister of Economy and Planning and the Chairman of ESCA, said:

“The MOU aims at supporting the national economy and minimising the risk that is usually involved in financial market transactions. Our joint working with DFSA will help prevent fraud, Money Laundering, market manipulation and other prohibited practices in the Securities markets of the DIFC and greater UAE.”

Dr. Al Mulla said:

"Although Securities markets today are increasingly international in nature and accordingly require cooperation at an international level, no Securities markets are more important to the DIFC than those in the UAE. It is for this reason that the DFSA sees this MOU with ESCA as one of the most significant milestones in advancing our common goal of making the DIFC and UAE Securities markets the most dynamic and best regulated markets in the Middle East.

H.E Abdulla Al Turifi confirmed:

“The signing of the MOU comes at a time when financial markets and regulatory entities are facing many challenges. The MOU will greatly support the regulatory legislations of the financial markets in accordance to the highest standards prescribed by IOSCO and global financial markets.”