Business | Banking
DFSA strengthens ties with counterparts in China and Singapore
The Dubai Financial Services Authority (DFSA) has in the last week entered into agreements with two of Asia's leading regulators, the China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS).
- Staff Report
- Published: 14:21 October 8, 2008
Dubai: The Dubai Financial Services Authority (DFSA) has in the last week entered into agreements with two of Asia's leading regulators, the China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS).
These Memoranda of Understanding commit the DFSA and the CSRC to information sharing and co-operation in the supervision of their securities markets and, in the case of MAS, which like the DFSA, is an integrated regulator, the commitment to information sharing and co-operation in the supervision of all financial services.
Chief Executive David Knott signed the MoUs on behalf of DFSA. Shang Fulin, Chair of the CSRC, signed the Chinese MoU in Beijing; while Teo Swee Lian, Deputy Managing Director of MAS, signed the Singapore MoU. The DFSA had in September 2007 signed a MoU with China's banking regulator, the CBRC.
Knott said, "Dubai's strong trading relationship with China is quickly extending to the financial services sector. The establishment of Chinese banks and securities firms within the DIFC will be further accelerated now that the DFSA has MoU arrangements with both national regulators in China. Singapore, like Dubai, is a great international financial centre with a well-established and credible regulatory system. By forming this new relationship with MAS we will facilitate capital flows between our two financial hubs."
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