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DFSA To Host International Regulators

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

29 November 2007


The Dubai Financial Services Authority (DFSA) will, for the first time, host a major meeting of international securities regulators in Dubai next week.

DFSA will be hosting the Emerging Markets Committee (EMC) of the International Organisation of Securities Commissions (IOSCO), which represents more than 90% of the world’s securities regulators. The EMC is the largest of the IOSCO’s three main committees, with members representing more than 80 jurisdictions.

Over 120 regulators from Africa and the Middle East, Asia, South America and Eastern Europe are expected to participate in meetings to discuss the status of IOSCO’s work programme in promoting international standards. These discussions will be held in private, but a public session on Thursday, 6 December will discuss challenges for enforcement and key issues for securities market development in emerging markets.

The meeting will be hosted by David Knott, Chief Executive of the DFSA. Attending will be IOSCO’s international leadership group, which comprises the Chairman of the Executive Committee, Jane Diplock of New Zealand; the Chairman of the Technical Committee, Michel Prada of France; and the Chairman of the Emerging Markets Committee, Meleveetil Damodaran of India. Representatives of the United State’s Securities and Exchange Commission (SEC) and the UK’s Financial Services Authority (FSA) will also be in attendance.

While in Dubai, regulators will visit the Dubai International Financial Centre (DIFC) to gain first hand knowledge of its business, regulatory and legal environment.

"The Emerging Markets Committee is an important forum for the adoption and implementation of international standards for capital market regulators in developing economies and the DFSA is pleased to be hosting in Dubai the Annual Meeting of IOSCO’s EMC," Knott commented.


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