Dubai, Portugal Sign Regulatory Agreement

by Lorys Charalambous, Tax-News.com, Cyprus

11 August 2010

The Dubai Financial Services Authority (DFSA) has announced the recent conclusion of a cooperation agreement with the Portuguese banking supervisor, Banco de Portugal.

The Memorandum of Understanding (MoU) between the two regulators establishes a framework for the sharing of information, and cooperation in the supervision of financial institutions. Paul Koster, the Chief Executive of the DFSA signed the agreement with Carlos da Silva Costa, the Governor of Banco de Portugal.

Commenting on the signing of the agreement, Koster said:

“I am very pleased to have signed this agreement with Governor da Silva Costa as this initiative reflects each agency’s commitment to cooperation in relation to prudential oversight and inspections of authorized institutions in Portugal and the Dubai International Financial Centre (DIFC). It adopts the model for information sharing developed by the Basel Committee on Banking Supervision and acknowledges the call of the G20 and the Financial Stability Board promoting global adherence to international co-operation and information exchange standards.”

“Given the international nature of the Centre, the DFSA has always valued the importance of its links with and trust between supervisors and regulators. We now have a bilateral MoU network with more than 50 fellow regulators, including the central banks and banking supervisors in the UAE, UK, US, Canada, France, Germany, the Netherlands, Belgium, South Africa, Jordan, China, Singapore, and Japan.”

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