DFSA Signs MoU With Danish Regulator

by Lorys Charalambous, Tax-News.com, Cyprus

13 July 2010

The Dubai Financial Services Authority has announced the signing of a Memorandum of Understanding (MoU) with Finanstilsynet, the Danish Financial Supervisory Authority.

The MoU was signed by DFSA Chief Executive, Paul Koster, and by Ulrik Nodgaard, the Director General of Finanstilsynet.

The Danish FSA is responsible for the supervision of financial institutions, such as banks, mortgage-credit institutions, pension and insurance companies. The Finanstilsynet also supervises the securities markets in Denmark.

Commenting on the agreement, Koster said: “Both the DFSA and Finanstilsynet are pleased to be signatories to the International Organisation of Securities Commissions multilateral MoU, which sets the highest standards for cooperation and assistance among securities regulators. [This] MoU with Finanstilsynet reflects the broader responsibilities of each authority and extends this co-operation beyond the field of securities, and beyond the area of enforcement, to embrace licensing, inspection, surveillance and anti-money laundering functions covering banking, insurance and securities activity in Denmark and the Dubai International Finance Centre.”

"This initiative strengthens the Finanstilsynet and the DFSA’s relationship as home-host regulators of Danish firms and reflects each authority’s commitment to co-operation in relation to supervisory oversight and inspections,” Koster concluded.

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