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Dubai Enhances Bank Regulatory Ties With China

by Lorys Charalambous,, Cyprus

18 May 2012

The regulator of the Dubai International Financial Centre, the Dubai Financial Services Authority (DFSA) has announced that it has entered into a supplementary agreement to further boost cooperation with the China Banking Regulatory Commission (CBRC).

The signing took place during a meeting between the Chairman of the CBRC, Shang Fulin and the Chairman of the Board of Directors of the DFSA, Saeb Eigner, and coincided with a visit to Beijing by a DFSA delegation attending the 2012 Annual Conference of the International Organization of Securities Commissions.

The agreement was signed, on behalf of the DFSA, by Paul Koster, the Chief Executive of the DFSA, and on behalf of the CBRC, by Chairman Shang Fulin.

Welcoming the agreement, which will further boost Dubai's ties with the important Eastern market, Koster said: “This initiative confirms a close and effective relationship between our two authorities. It grew from the response to the global financial crisis by the Basel Committee on Banking Supervision, which issued specific guidelines to enhance cross-border co-operation on crisis management. As active participants in the work of the Basel Committee, the CBRC and DFSA have entered into this agreement conscious of the need to implement international best practice and the commitment to ensure efficient and effective supervision of banks we both supervise.”

The CBRC supervises all banks and non-bank financial institutions, including foreign and foreign invested financial institutions and offices, with the aim of safeguarding legitimate and sound functioning of the banking industry in China.

Eigner added: “I am very pleased that the CBRC and the DFSA have, with this supplementary agreement, enhanced the terms of the Memorandum of Understanding we put in place on September 24, 2007. Together with the existing MoU, this latest agreement reflects each agency’s commitment to co-operation in relation to prudential oversight and inspections in all situations and should ensure continued supervisory confidence as a number of significant banks from China enter the Dubai International Financial Centre.”

TAGS: investment | banking | China | offshore | agreements | offshore banking | memorandum of understanding (MOU) | regulation | International Organisation | Dubai

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