14 November 2019 — DFSA extends MoU with Chinese regulatory body CBIRC
Dubai, UAE, 14 November 2019: The Dubai Financial Services Authority (DFSA) today signed an extension to their Memorandum of Understanding (MoU) with the China Banking and Insurance Regulatory Commission (CBIRC). The MoU was signed by ZHOU Liang, Vice Chairman of the CBIRC and Bryan Stirewalt, Chief Executive of the DFSA, during a visit by a CBIRC delegation to the DIFC.
The initial MoU, signed in Beijing on 24 September 2007, facilitated co-operation and information sharing between banking supervisors. The extended MoU reflects the CBIRC's supervisory mandate for insurance activities and provides a platform for both entities to share supervisory information and enhance co-operation in the field of banking and insurance regulation in order to ensure prudent operations of cross-border insurance organisations of mutual interest.
Bryan Stirewalt, Chief Executive of the DFSA, said: "We are proud to strengthen our relationship with CBIRC to enable an exchange of information, expertise, and resources across the banking and insurance sectors. The Chinese banks operating in the DIFC constitute a significant presence in the Centre's financial community. As such, the relationship between the CBIRC and the DFSA is critically important. The DFSA has enjoyed a strong, working relationship with the CBIRC for many years. Further, the UAE and China enjoy a fruitful bilateral relationship and we look forward to building on that relationship."
ZHOU Liang , Vice Chairman of the CBIRC, said: "CBIRC is a ministerial institution authorised by the Chinese State Council to conduct administration, supervision, and regulation of the Chinese banking and insurance market. The new partnership will allow banking and insurance organisations under both parties to exercise adequate and effective control over the operations of their cross-border branches and subsidiaries."
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For further information please contact:
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Tel: +971 (0)4 362 1612
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose-built financial free-zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies in the DIFC. Please refer to the DFSA's website for more information.
Bryan Stirewalt was appointed Chief Executive of the DFSA on 1 October, 2018, after nearly 8 years as the DFSA's Managing Director of the Supervision Division. In his role as Chief Executive, Bryan will take the lead in steering the work of the DFSA and further developing its capability as a robust regulator delivering world-class financial regulation in the DIFC. Bryan has played a vital part in executing the DFSA's regulatory mandate and developing its risk-based supervision framework. Bryan plays an active role in supporting the work of international standard-setting bodies. He now serves as the Co-Chair of the Basel Consultative Group (BCG), which provides a forum for deepening the Basel Committee on Banking Supervision's engagement with nonmember, global supervisors on banking supervisory issues. Through this role, Bryan also serves as an Observer at the Basel Committee on Bank