The Dubai Financial Services Authority (DFSA) has in the last week entered into agreements with two of Asia’s leading regulators, the China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS).
These Memoranda of Understanding (MoU) commit the DFSA and the CSRC to information
sharing and co-operation in the supervision of their securities markets and,
in the case of MAS, which, like the DFSA is an integrated regulator, the commitment
to information sharing and co-operation is to supervision of all financial services.
In both cases the MoUs were signed on behalf of the DFSA by Chief Executive,
Mr. David Knott. The Chinese MoU was signed in Beijing by Mr. Shang Fulin, Chair
of the CSRC; while the Singapore MoU was signed by Ms. Teo Swee Lian, Deputy
Managing Director of MAS. The DFSA had already (in September 2007) signed an
MoU with China’s banking regulator, the CBRC.
Mr. Knott said: “Dubai’s strong trading relationship with China
is quickly extending to the financial services sector. The establishment of
Chinese banks and securities firms within the DIFC will be further accelerated
now that the DFSA has MoU arrangements with both national regulators in China."
He added: "Singapore, like Dubai, is a great international financial centre with a well established and credible regulatory system. By forming this new relationship with MAS we will facilitate capital flows between our two financial hubs.”
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