The Dubai Financial Services Authority (DFSA) has finalised an Exchange of Letters with Japan's Financial Services Agency (FSA), setting out terms for information sharing and co-operation.
The signing took place between David Knott, Chief Executive of the DFSA and Dr Takafumi Sato, the FSA Commissioner, in Tokyo following the meeting last week of leading securities regulators from around the world, at the IOSCO Technical Committee Conference hosted by the FSA.
The FSA has broad regulatory authority in Japan over the banking, insurance and securities industries, and has integrated responsibility for financial system planning, the inspection and supervision of financial institutions.
Commenting on the new agreement, Knott stated:
“I am honoured to have concluded these arrangements with Commissioner Sato, who represents one of the world’s most important regulatory agencies."
He concluded: "The Japanese banking system is examining offshore business opportunities with increased confidence and the DIFC has much to offer. Two significant banks have already branched into the DIFC from Tokyo and I am sure others will follow. A close co-operative relationship between our jurisdictions is therefore most welcome.”
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