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DFSA Receives 'Highly Positive' IMF Assessment

by Lorys Charalambous, for, Cyprus

22 November 2007

The Dubai Financial Services Authority (DFSA) has received a highly positive assessment from an expert team from the International Monetary Fund (IMF) and the World Bank, under their Financial Sector Assessment Program (FSAP).

The FSAP involved a detailed assessment of the DFSA’s observance of the objectives and principles of securities regulation developed by the International Organisation of Securities Commissions (IOSCO).

The report includes an overall finding that: “The DFSA has established a very impressive set of laws, regulations and rules and policies and procedures for regulation. Its staff are well qualified and work to international best practice standards.”

The DFSA was fully assessed against conformity with 29 separate IOSCO principles. In 27 cases the DFSA was rated “fully implemented”, which is the top rating. The remaining two cases were rated “broadly implemented” (the second highest rating) because the relevant rules are more recent, and insufficient time has been available to fully demonstrate a track record of performance. However, the assessment was positive across all areas examined.

David Knott, Chief Executive of the DFSA announced that: “The DFSA made an early commitment to subject itself to the IMF/World Bank assessment and to publish the results. This is consistent within the transparency that we encourage and promote as the DIFC’s financial services regulator."

"The ratings received from the IMF/World Bank team compare favourably, and in some cases exceed, those of other regulators in established capital markets,” he added.

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