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Dubai And Australia Sign Regulatory Pact

by Lorys Charalambous,, Cyprus

15 September 2006

The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding (MoU) with the Australian Securities & Investments Commission (ASIC).

The MoU was signed in Sydney by David Knott, Chief Executive of the DFSA, and Jeffrey Lucy, Chairman of ASIC.

The signing coincided with a visit to Australia by a delegation from the Dubai International Financial Centre (DIFC), led by the Governor of the DIFC, Dr. Omar bin Sulaiman.

During the signing, Knott commented: “Australia has a well developed capital market and an internationally respected regulatory framework. The strength of the Australian system was demonstrated during the Asian financial crisis in the late 1990s from which Australia emerged largely unaffected."

“Reforms to the Australian regulatory system in the early and mid-1990s, creating a nationally integrated capital markets and regulatory structure, have underpinned Australia’s long period of sustained economic performance.”

Knott added: “As the national companies and securities regulator ASIC plays a key role both within Australia and internationally. A significant part of the DFSA’s securities regulation is based on the ASIC model, adding special significance to this MoU."

“As a former Chairman of ASIC, I am personally delighted to be signing the MoU today on behalf of the DFSA with my friend and former colleague Jeffrey Lucy.”

The signing of today’s MoU has put in place arrangements for cooperation and information sharing between the two regulators. It recognizes that both regulators rely on the quality of regulatory standards administered in the other’s jurisdiction.

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