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Dubai Regulator Signs Agreement With Oman

by Lorys Charalambous,, Cyprus

30 October 2008

The Dubai Financial Services Authority (DFSA) on Thursday entered into a Memorandum of Understanding (MoU) with the Capital Market Authority (CMA) of the Sultanate of Oman.

The MoU was signed by Abdullah Saleh, Chairman of the DFSA and Yahya Bin Said Al Jabri, Executive President of the CMA, and coincided with Al Jabri's first visit to the Dubai International Financial Centre (DIFC).

The CMA was established on November 9, 1998 with a mission to create a fair, efficient, and transparent Capital Market in Oman. The role of the CMA is to achieve fair and sound trading, to protect investors as well as enhancing confidence in the market and attract investments through developing and improving systems and regulations, and surveillance over entities and institutions operating in that market.

The CMA and the DFSA are active members of the Africa and Middle East Regional Committee of the International Organisation of Securities Commissions (IOSCO) and both authorities acknowledge the importance of developing and applying common international standards to address current global difficulties.

In welcoming the CMA chief, Saleh said: “The signing of today’s MoU confirms a growing relationship between the DIFC and the Sultanate of Oman and reflects the importance of links between regulatory authorities in the region. This initiative and our meeting focus on common objectives to improve regulatory standards across all areas of financial services and to increase opportunities for information sharing and co-operation.

He added: "It also recognises that both regulators place reliance on the quality of regulatory standards administered in the other’s jurisdiction.”

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