The Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) yesterday with its Swedish counterpart, the Finansinspektionen (FI), regarding cooperation and exchange of regulatory information.
The MoU was signed by Paul Koster, Chief Executive of the DFSA, and Martin Andersson, Director General of Finansinspektionen.
The Finansinspektionen is the sole integrated regulator for Sweden covering banking, securities and insurance. Its role is to promote stability and efficiency in the financial system as well as to ensure effective consumer protection. The FI authorises, supervises and monitors all companies operating in the Swedish financial markets.
Mr Koster said, “The signing of today’s MoU was initiated by the joint venture between the Nordic exchange OMX with NASDAQ and Bourse Dubai, which reflects the increasingly global nature of securities and other financial business thus strengthening the importance of links between regulatory authorities.”
“This initiative and our meeting focus on common objectives to improve regulatory standards across all areas of financial services and to increase opportunities for information sharing and co-operation. It also recognises that both regulators place reliance on the quality of regulatory standards administered in the other’s jurisdiction.”
As a result of this signing, the DFSA now has a bilateral and multilateral MoU network with 70 regulators across the globe.
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