12 November 2007 — DFSA and Financial Services Agency of Japan agree terms of co-operation

The Dubai Financial Services Authority (DFSA) today finalised an Exchange of Letters with the Financial Services Agency (FSA) setting out terms for information sharing and co-operation.

The signing took place between Mr. David Knott, Chief Executive of the DFSA and Dr. Takafumi Sato, the FSA Commissioner, in Tokyo following a meeting last week of leading securities regulators from around the world at the IOSCO Technical Committee Conference successfully hosted by the FSA.

The FSA has broad regulatory authority in Japan over the banking, insurance and securities industries and has integrated responsibility for financial system planning, the inspection and supervision of financial institutions.

The Chief Executive of the DFSA, Mr. David Knott said: "I am honoured to have concluded these arrangements with Commissioner Sato, who represents one of the world’s most important regulatory agencies. The Japanese banking system is examining offshore business opportunities with increased confidence and the DIFC has much to offer. Two significant banks have already branched into the DIFC from Tokyo and I am sure others will follow. A close co-operative relationship between our jurisdictions is therefore most welcome."