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Dubai And Germany Sign Regulatory Cooperation Agreement

by Lorys Charalambous, Tax-News.com, Cyprus

04 December 2006


The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding (MoU) with the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin), the Federal Financial Supervisory Authority of Germany.

The MoU signing coincided with a visit to the DIFC by Jochen Sanio, President of the BaFin last week.

Established in 2002 as an integrated regulator of banks and financial service providers, insurance undertakings and securities trading, the BaFin is an independent public-law institution subject to the legal and functional oversight of the Federal Ministry of Finance. BaFin’s primary objective is to guarantee the proper functioning, stability and integrity of the German financial system.

“The BaFin is one of Europe’s pre-eminent financial services authorities. As such this memorandum of understanding is a most significant initiative, recognising the importance of these arrangements for cooperation and information sharing between the two regulators," observed Chief Executive of the DFSA, David Knott.

“Although both the BaFin and the DFSA are signatories to the International Organisation of Securities Commissions (IOSCO) Multilateral MoU, today’s bilateral agreement reflects each agency’s responsibilities, not just for securities, but as an integrated regulator of its banking and insurance sectors. As German financial services firms join the DIFC this bilateral relationship will assume increasing importance as both regulators rely on the quality of regulatory standards administered in the other’s jurisdiction,” he added.

The signing followed a visit last week to the DIFC by Germany’s Finance Minister, Per Steinbrueck.

“The MoU is most timely," noted Mr Sanio, "and thanks to it, cross-border supervision between Germany and the DIFC will be enhanced."


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