DFSA, Central Bank in pact

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".