Dubai FSA Signs Agreement With Netherlands Regulator

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

14 March 2007

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

The MoU signing coincided with a visit to the DIFC by Arthur Docters van Leeuwen, chairman of the AFM and inaugural chairman of the Committee of European Securities Regulators (CESR).

Established on 1 March 2002, the AFM is responsible for supervising the conduct of the entire financial market sector: savings, investment, insurance and loans. By supervising the conduct of the financial markets, AFM aims to make a contribution to the efficient operation of these markets.

Chief Executive of the DFSA, David Knott, commented:

“I am particularly pleased that my friend Arthur Docters van Leeuwen has come to Dubai to sign this MoU. As the founding Chairman of CESR, Mr. Docters van Leeuwen has led European regulators in adopting and harmonising international standards. The AFM, which he also chairs, is one of Europe’s pre-eminent financial services authorities. As such this memorandum of understanding is a most significant initiative, recognising the importance of these arrangements for cooperation and information sharing between the two regulators.”

"Today’s bilateral agreement reflects each agency’s responsibilities, not just for securities, but as a conduct of business regulator of its banking and insurance sectors."

"As Dutch financial services firms join the DIFC this bilateral relationship will assume increasing importance as both regulators rely on the quality of regulatory standards administered in the other’s jurisdiction.”

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