The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding with the Jersey Financial Services Commission (JFSC).
The MoU was signed by Mr. David Knott, Chief Executive of the DFSA, and Mr. David Carse, Director General of the JFSC.
The JFSC is responsible for the regulation and supervision of banking, collective investment funds, insurance business, investment business and trust company business in Jersey.
While signing today’s MoU Mr. Knott said: “The business links between financial firms in Jersey and the Dubai International Financial Centre are significant and, with the introduction of trust and collective investment fund regimes in the DIFC this year, these links will become increasingly significant making the JFSC an important relationship for the DFSA.”
The signing of today’s MoU has formalised arrangements for cooperation and information sharing between the two regulators. It recognises that both regulators place reliance on the quality of regulatory standards administered in the other’s jurisdiction.
Dr. Habib Al Mulla, Chairman of the DFSA, also welcomed the completion of the MoU. “It is pleasing to see closer regulatory ties with our counterpart in Jersey. The DFSA is actively building effective working relationships with other regulators, both within our own region and beyond,’’ he said.
Mr. Carse said: “I am delighted to sign this Memorandum of Understanding with the Dubai Financial Services Authority. It is the latest in a number of MoUs established between the Commission and other regulators around the world and reflects the Commission’s commitment to cross-border regulatory co-operation.”
The Dubai Financial Services Authority (DFSA) is a central component of the Dubai International Financial Centre (DIFC), a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
The DFSA is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Centre, including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modeled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
Mr. David Knott was appointed Chief Executive of the DFSA on May 21, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
The Jersey Financial Services Commission (JFSC) is responsible for regulation and supervision of banking, collective investment funds, insurance business, investment business and trust company business in Jersey.
Mr David Carse has been the Director General of the Commission since 3 November 2003. He was previously Deputy Chief Executive of the Hong Kong Monetary Authority where he was responsible for the full range of regulatory, supervisory and policy issues relating to the banking industry in Hong Kong. Prior to his appointment in Hong Kong he spent 20 years with the Bank of England.
