06 September 2006 — DFSA signs important regional cooperation agreement with the Capital Market Authority of Egypt
Cairo, Egypt, September 6, 2006: An important memorandum of understanding (MOU) between the Capital Market Authority of Egypt (CMA) and the Dubai Financial Services Authority (DFSA) was signed today in Cairo.
The MOU was signed by DFSA Chairman, Dr. Habib Al Mulla, and by the Chairman of the CMA, Dr. Hani Sarie-Eldin, at a ceremony hosted by the Minister of Investment, H. E. Dr. Mahmoud Mohieldin.
The CMA is the independent capital markets regulator responsible for regulating and supervising capital markets in Egypt.
The DFSA is the independent regulator of all financial services within the Dubai International Financial Centre.
The MOU is designed to enhance information sharing and cooperation between the two authorities, particularly in their common roles as securities regulators. This document will assist both the CMA and DFSA in important aspects of their particular regulatory roles.
In particular the MoU covers the gathering and sharing of information to enable each authority to assess the suitability of its authorized firms, to work with its exchange in the supervision of trading, and to ensure compliance with its laws.
Commenting on the signing, Dr Habib said: “We are delighted that the DFSA’s relationship with a regional regulator like the Capital Markets Authority of Egypt has been formalised in this manner, and honoured by the presence of the Minister for Investment, H. E. Dr. Mahmoud Mohieldin. It is particularly pleasing for the DFSA, as one of the newest authorities in the region, to be forming closer ties with the regulator of the oldest capital markets in the Middle East. This is a timely initiative as one of Egypt’s largest firms is already authorised and active in the DIFC, and other Egyptian firms are expressing interest in offering financial services from the DIFC.’’
Dr. Habib added: “The signing of today’s MoU formalises arrangements for cooperation and information sharing between the two regulators, and recognises the reliance placed by each regulator on the quality of regulatory standards administered in the other’s jurisdiction. It is also significant because this is the DFSA’s first MoU with another securities regulator in the Middle East, outside the U.A.E. Further cooperative arrangements with neighbouring regulators are being pursued.’’