13 March 2006 — DFSA signs MoU with Jersey FSC

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."