15 March 2006 — DFSA signs MoU with Thai SEC
Earlier this week the Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding with the Securities & Exchange Commission of Thailand (SEC).
The MoU was signed by Mr. David Knott, Chief Executive of DFSA and Mr. Thirachai Phuvanatnaranubala, Secretary General of the Thai SEC.
Established in 1992, the SEC is an independent regulatory body under the Securities and Exchange Act. Its roles are to promote, develop and supervise the Thai capital market.
The agency is also responsible for the authorization, registration and supervision of issuance, offer or sale of securities and derivatives, market intermediaries related to securities and derivatives, exchange, and clearing and settlement entities.
While signing the MoU Mr Knott said, "The Dubai International Financial Centre's links with Asia are increasing and Thailand is an important economy in that region. The SEC of Thailand has a strong international focus and has shown a firm commitment to regulatory cooperation. Both the SEC and the DFSA are active members of the Emerging Markets Committee of the International Organisation of Securities Commissions (IOSCO) and recognise the importance of these arrangements for cooperation and information sharing between the two regulators."
Mr. Knott added: "This is the DFSA's first MoU with a fellow regulator in Asia and indicates the reliance that both regulators place on the quality of regulatory standards administered in the other's jurisdiction."
Dr Habib Al Mulla, Chairman of DFSA, also welcomed the signing of the MoU. "It is pleasing to see closer regulatory ties with our Thai counterpart. It underlines the DFSA's goal to build effective working relationships with regulators in other regions, as well as our own," he said.
Mr Phuvanatnaranubala said: "This bilateral cooperation is timely and important. We are pleased to have the DFSA as our first MoU partner in the Middle East and look forward to our mutual assistance in the exchange of information and the promotion of international standards to foster favorable investment environments and orderly markets in Asia. East Asian countries are among the fastest growing regions of the world. We have a lot of good quality investment products both Islamic and non-Islamic that can attract interest of Middle Eastern investors, and Thailand intends to be active in offering them."
He added: "We select Dubai as our first point of linkage because we have full confidence in the development plan for regulatory oversight here. The SEC of Thailand is confident of DFSA's aim to uphold international standards in order to enhance the confidence of investors in Dubai market both domestic and worldwide, which is similar to ours."