Dubai’s Financial Services Authority (DFSA) on March 5 signed a Memorandum of Understanding (MoU) with the Autorité des marchés financiers of France (AMF), the French securities regulator.
The signing took place between Paul Koster, Chief Executive of the DFSA, and Jean-Pierre Jouyet, Chairman of the AMF.
The AMF is France’s independent public body responsible for: safeguarding investments in financial instruments and in all other savings and investment vehicles; for ensuring that investors receive material information; and for maintaining orderly financial markets. The AMF also lends its support to financial market regulation at European and International levels.
Commenting on the signing of the Memorandum, Koster said: “The Autorité des marchés financiers has been a valued member of the International Organisation of Securities Commissions (IOSCO) and an active participant in the work of the Committee of European Securities Regulators, adopting and harmonizing international standards in Europe and continuing to establish world-class standards in the regulation of capital markets. As such, this MoU is a significant initiative, recognizing the importance of these arrangements for co-operation and information sharing between the two regulators.”
Both the AMF and the DFSA are signatories to the IOSCO multilateral MoU, having satisfied the highest standards of co-operation and assistance among IOSCO members. Under the latest agreement, cooperation between the agencies will be further enhanced on a bilateral level.
Regulatory cooperation between France and the United Arab Emirates is already strong, with the signing of an MoU between the Emirates’ Securities and Commodities Authority – the UAE’s federal regulator, and AMF in April 2009, and between the DFSA and Commission Bancaire - France’s banking supervisor, signed in August 2008.
“As a result of this signing, the DFSA now has a bi-lateral and multilateral MoU network with 90 regulators across the globe,” Koster concluded.
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