The Dubai Financial Services Authority (DFSA) on August 13 entered into a Memorandum of Understanding (MoU) with the Bank Supervision Department of the South African Reserve Bank.
The MoU was signed on behalf of the DFSA by Chief Executive, Paul Koster, having been signed earlier in Pretoria by Errol Kruger, the Registrar of Banks and Head of Bank Supervision at the South African Reserve Bank.
Mr Koster said: “The Reserve Bank regulates banking activity in the Republic of South Africa, which is a leader among the continent’s economies and has some of the most significant and well established centers for financial services activity in the region. The Reserve Bank is one of the oldest central banks in the world and it continues to play a respected role as a banking regulator regionally and internationally."
According to the DFSA, the MoU should encourage more South African financial institutions with operations in the Middle East to establish in the Dubai International Financial Centre (DIFC). “This initiative reflects each agency’s commitment to co-operation in relation to prudential oversight and inspections,” Koster stated.
The MoU adopts the model for information sharing developed by the Basel Committee on Banking Supervision and follows similar arrangements the DFSA has with other significant banking supervisors in the UK, Germany, France, the US, Singapore, and China. Last year, the DFSA also signed an MoU with the Reserve Bank’s fellow financial regulator, the Financial Services Board of South Africa.
“In these recently turbulent times the importance of effective coordination and cooperation between banking supervisors cannot be overstated,” said Koster.
“We are looking for better ways of working together to resolve current problems and prevent their repetition. Agreements such as this will make a difference,” he concluded.
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