Dubai FSA Signs MoU With Taiwanese Regulator

by Lorys Charalambous, Tax-News.com, Cyprus

06 November 2008

The Dubai Financial Services Authority (DFSA) on Wednesday entered into a Memorandum of Understanding with the Financial Supervisory Commission of Chinese Taipei (FSC).

The MoU was signed by David Knott, Chief Executive of the DFSA and Gordon Shuh Chen, Chairman of the Financial Supervisory Commission.

The FSC is Taiwan’s single financial supervisor responsible for the supervision of all financial institutions, including banks, securities firms and insurance companies. Knott said on the occasion:

“The signing of today’s MoU has formalized arrangements for co-operation and information sharing between the two regulators. It recognises that both regulators place reliance on the quality of regulatory standards administered in the other’s jurisdiction.

“This initiative, together with the FSC’s commitment to promoting good corporate governance, confirms Chinese Taipei’s pragmatic response to dealing with some of the difficulties facing financial services regulators today.”

The signing coincided with a visit and a speech made by Knott to the 5th Taipei Corporate Governance Forum attended by many international self-regulatory organizations. The forum focused on how employing good corporate governance mechanisms improves the vitality of the corporate sector and was a chance to offer advice and experience between the continents.

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