DFSA Enters Into MoU With South African Counterpart

by Mary Swire, for LawAndTax-News.com, Hong Kong

29 May 2008

It was announced on Wednesday that the Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding (MoU) with the Financial Services Board of South Africa (FSB).

The signing took place between David Knott, Chief Executive of the DFSA, and Rob Barrow, the Executive Officer of the FSB, during the Annual Conference of the International Organisation of Securities Commissions (IOSCO) being held in Paris.

The FSB supervises the activities of non-bank financial institutions and other financial services in South Africa, including licensed exchanges, clearing houses, collective investment schemes and all types of insurance and retirement fund activities.

Speaking with regard to the MoU, David Knott commented that:

“The Financial Services Board of South Africa is a valued member of IOSCO and a leading participant in the African and Middle East Region, of which the DFSA is also a member."

"Both the FSB and the DFSA are signatories to the IOSCO Multilateral MoU, having satisfied the highest standards of co-operation and assistance among IOSCO members. It is enhanced by today’s bi-lateral agreement which reflects each agency’s responsibilities in the regulation of securities and insurance.”

As more South African financial services firms join the Dubai International Financial Centre (DIFC), this relationship will assume increasing importance, as regulators rely on the quality of regulatory standards administered in the other’s jurisdiction.

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