Dubai Regulator Signs Information Exchange Agreement With Korea

by Lorys Charalambous, Tax-News.com, Cyprus

14 April 2006

The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding with the Financial Supervisory Commission of the Republic of Korea (FSC).

The MoU was signed by Mr David Knott, Chief Executive of DFSA and Mr Jeung-Hyun Yoon, Chairman of the Financial Supervisory Commission and Governor of the Financial Supervisory Service, after a meeting in Seoul.

Mr Knott explained that the MoU formalizes arrangements for cooperation and information sharing between the two regulators, and recognizes the reliance placed by each regulator on the quality of regulatory standards administered in the other’s jurisdiction.

“This is a timely initiative as Korean firms are expressing interest in offering financial services from the DIFC," Mr Knott observed.

"The FSC is, like the DFSA, an integrated regulator and an agreement that covers all of the financial sectors is a significant one," he added.

The MoU is the second such agreement that the DFSA has signed with an Asian regulator, but it is the first that the Korean FSC has concluded with a Middle Eastern regulator - a fact that, according to Jeung-Hyun Yoon makes the MoU "all the more significant".

"I hope the signing of the MoU will serve as an opportunity to stimulate mutual exchange and enhance financial cooperation between the two authorities," he added.

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