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 on Wednesday, Knott commented: “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," he added, going
on to conclude: “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.” .
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