Dubai Regulator Signs MoU With Iceland

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

08 August 2007

The Dubai Financial Services Authority has entered into a Memorandum of Understanding (MoU) with the integrated banking, insurance and securities regulator of Iceland.

The MoU signing took place consecutively in Reykjavík and Dubai between Jónas Fr. Jónsson, Director General of the Financial Supervisory Authority (FME) and David Knott of the DFSA.

As Iceland’s single financial services supervisory authority, the FME is entrusted with the supervision of credit institutions, financial services providers, insurance companies and reinsurance companies, as well as the securities market in Iceland.

Commenting on the agreement, Mr Knott, Chief Executive of the DFSA, observed that: “As one of the thirty members of the European Economic Area, Iceland is part of one of the world’s leading financial groupings. As a member of the Committee of European Securities Regulators (CESR), the Committee of European Insurance and Occupational Pension Supervisors (CEIOPS), and the Committee of European Banking Supervisors (CEBS), the FME is among regulators who are at the forefront in establishing and implementing world best practice in financial services regulation.”

He added: “This bilateral agreement reflects the responsibilities of both agencies in the area of banking, insurance and securities. The MoU was established to facilitate the expansion of Icelandic financial institutions into the DIFC by providing for comprehensive and equivalent standards for information sharing and cooperation between the DFSA and the FME.”

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