Dubai Financial Regulator Signs MoU With Banque De France

by Lorys Charalambous, Tax-News.com, Cyprus

20 August 2008

The Dubai Financial Services Authority (DFSA) has this week entered into an agreement with the French Banking Supervisor, the Commission Bancaire, the supervisory arm of the Banque de France.

The Memorandum of Understanding (MoU) binds the DFSA and Commission Bancaire to information sharing and co-operation in the supervision of financial institutions.

The MoU was signed on behalf of the DFSA by its Chief Executive, Mr. David Knott, and Mr. Jean-Paul Redouin, Deputy Governor of the Banque de France and Chair of the Commission Bancaire.

Mr. Knott commented: “The attraction of the DIFC as the domicile of choice for French financial institutions in the Middle East will be further enhanced by these regulatory relationships. This initiative reflects each agency’s commitment to co-operation in relation to prudential oversight and inspections.

He added: "It adopts the model for information sharing developed by the Basel Committee on Banking Supervision and follows similar arrangements the DFSA has with other significant banking supervisors in the UK, Germany, the United States and China."

The DFSA has been expanding its network of agreements with foreign regulators in recent months, having signed MoUs with Belgium, Ireland and Malta in July, and Cyprus and South Africa in May. It has also signed an Islamic finance agreement with Hong Kong, which is designed to enhance access to Islamic financial products in Hong Kong and the Dubai International Financial Centre (DIFC).

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