Jersey And Dubai Regulators Sign Information Exchange Agreement

by Jason Gorringe, Tax-News.com, London

22 March 2006

The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding with the Jersey Financial Services Commission (JFSC).

The MoU was signed by Mr. David Knott, Chief Executive of the DFSA, and Mr. David Carse, Director General of the JFSC. The agreement has formalised arrangements for cooperation 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.

Commenting on the development, Mr. Knott noted that: “The business links between financial firms in Jersey and the Dubai International Financial Centre are significant and, with the introduction of trust and collective investment fund regimes in the DIFC this year, these links will become increasingly significant, making the JFSC an important relationship for the DFSA.”

The DFSA is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange.

Also welcoming the signature of the MoU, Dr. Habib Al Mulla, Chairman of the DFSA, commented that: “It is pleasing to see closer regulatory ties with our counterpart in Jersey. The DFSA is actively building effective working relationships with other regulators, both within our own region and beyond."

Meanwhile, Mr. Carse announced that: “I am delighted to sign this Memorandum of Understanding with the Dubai Financial Services Authority. It is the latest in a number of MoUs established between the Commission and other regulators around the world and reflects the Commission’s commitment to cross-border regulatory co-operation.”

The JFSC is responsible for the regulation and supervision of banking, collective investment funds, insurance business, investment business and trust company business in Jersey.

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