Business | Banking
DFSA, Central Bank in pact
The Dubai Financial Services Authority (DFSA) yesterday said it has entered into a Memorandum of Understanding (MoU) with the Central Bank of the UAE, regarding co-operation and exchange of regulatory information.
- Staff Report
- Published: 23:46 February 23, 2009
Abu Dhabi: The Dubai Financial Services Authority (DFSA) yesterday said it has entered into a Memorandum of Understanding (MoU) with the Central Bank of the UAE, regarding co-operation and exchange of regulatory information.
The MoU was signed by Paul Koster, DFSA chief executive and Saeed Abdullah Al Hamiz, executive director for Banking Supervision and Examination Department at the Central Bank.
The Central Bank licences and regulates all banks operating in the UAE. The DFSA is the regulator of authorised firms, including banks, insurance companies, investment banks, asset managers and fund administrators, providing financial services in the Dubai International Financial Centre (DIFC).
Koster said, "The signing of today's MoU has formalised arrangements for co-operation and information sharing that already exists between us. It recognises that both regulators place reliance on the quality of regulatory standards administered in the other's jurisdiction.
"Continuing close co-operation and future joint initiatives will reinforce our mutual commitment to ensuring financial stability and promote sound economic growth in the region".
Business Editor's choice
-
China breaks West's solar monopoly
Some countries in the world, especially Germany and the United States, have made considerable efforts to invest in developing solar energy cells
-
Burberry store spree will cut profit
Trenchcoat maker forges ahead with investment strategy targeting emerging markets
-
Laws needed to spur region bond markets
UAE Central Bank calls for creation of a centralised Sharia board to facilitate the sale of sukuk
