11 April 2006 — DFSA signs MoU with FSC of the Republic of Korea

The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding with the Financial Supervisory Commission of the Republic of Korea (FSC).

The MoU was signed by Mr David Knott, Chief Executive of DFSA and Mr Jeung-Hyun Yoon, Chairman of the Financial Supervisory Commission and Governor of the Financial Supervisory Service after a meeting in Seoul where Mr Knott is to address the FT Asian Financial Centres Summit.

The FSC has overall responsibility for financial supervision in Korea, particularly licensing financial business and revising and drafting financial regulations, in addition to supervising the Financial Supervisory Service, which undertakes the supervision and examination of all financial institutions in Korea.

Mr Knott said, "This is a timely initiative as Korean firms are expressing interest in offering financial services from the DIFC. The FSC is, like the DFSA, an integrated regulator and an agreement that covers all of the financial sectors is a significant one."

"The signing of today’s MoU formalizes arrangements for cooperation and information sharing between the two regulators and recognizes the reliance placed by each regulator on the quality of regulatory standards administered in the other’s jurisdiction."

Dr Habib Al Mulla, Chairman of DFSA, also welcomed completion of the MoU. "It is pleasing to see closer regulatory ties with our counterpart in the Republic of Korea. This is the DFSA’s second MoU with a regulator in Asia and reflects its desire to build effective working relationships within our own region and beyond," he said.

Mr Jeung-Hyun Yoon said "The MoU between FSC and DFSA is all the more significant in that it is the first MoU the Korean financial supervisory authorities concluded with their Middle Eastern counterparts. I hope the signing of the MoU will serve as an opportunity to stimulate mutual exchange and enhance financial cooperation between the two authorities."