Dubai And Swiss Financial Authorities Renew Ties

by Lorys Charalambous, Tax-News.com, Cyprus

28 July 2011

The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding (MoU) with the Swiss Financial Markets Supervisory Authority (FINMA).

The MoU was signed on behalf of the DFSA by Paul M Koster, Chief Executive, and Professor Anne Héritier Lachat, Chair of the Board of Directors of FINMA, in advance of a meeting of the DFSA Board in Zurich.

FINMA was established in June 2007 by Federal legislation, the Swiss Financial Markets Supervisory Authority Act, which merged the Federal Office of Private Insurance, the Swiss Federal Banking Commission and the Anti-Money Laundering Control Authority, into one agency responsible for all financial regulation in Switzerland.

Koster said:

“The DFSA Board meeting in Zurich this week underlines the significant presence of Swiss financial institutions in the Dubai International Financial Centre and the importance the DFSA attaches to Switzerland, which has long been regarded as among the world’s leading international financial centres.”

“FINMA plays a critical role as the national regulator, as did its predecessors, FOPI and the SFBC.”

“As active members of the International Organization of Securities Commissions and the International Association of Insurance Supervisors, FINMA and the DFSA strive to embrace best practice and seek to reflect the resolutions of the international standard-setters.”

“This initiative should be seen as an affirmation of a mutual willingness to co-operate and share information to those standards.”

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