It was announced this week that the Dubai International Financial Centre (DIFC) will shortly sign a memorandum of understanding (MoU) with the UAE Central Bank regarding information sharing and the participation of local banks in the project.
Speaking to the Gulf News service, the Chief Commissioner of the DIFC Regulatory Agency, Phillip Thorne revealed that banks operating in the Centre will not be permitted to have operations in local currency as well as in retail business, explaining that: 'This will avoid any possible overlap or underlap in the case of local banks intending to have operations from DIFC.'
Mr Thorne also told the news service this week that by ensuring that the regulatory and legal frameworks for the DIFC are of the highest standard, international firms will face no problems from the regulatory bodies in their home countries should they decide to locate in the Centre, as they will be protected in all aspects of their operations.
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