15 September 2007 — DFSA enters into Memorandum of Understanding with Capital Market Commission of Greece
Athens, Greece, 15 September, 2007: The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding (MoU) with the Hellenic Capital Market Commission (HCMC).
The signing took place between Mr. David Knott, Chief Executive of the DFSA, and Dr. Alexios Pilavios, Chairman of the HCMC, at the offices of the Commission in Athens.
The HCMC is Greece’s self-funded independent authority responsible for setting the general conditions of capital market organisation and operation. The HCMC issues the appropriate regulations, enforces the law and ensures the proper functioning of the market.
The Chief Executive of the DFSA, Mr. David Knott said: “The Hellenic Capital Market Commission has been a valued member of the International Organisation of Securities Commissions (IOSCO) and an active participant in the work of the Committee of European Securities Regulators (CESR), adopting and harmonising international standards in Europe and continuing to establish world class standards in the regulation of capital markets. As such this Memorandum of Understanding is a significant initiative, recognising the importance of these arrangements for co-operation and information sharing between the two regulators.”
Both the HCMC and the DFSA are signatories to the IOSCO Multilateral MoU, having satisfied the highest standards of co-operation and assistance among IOSCO members. It is enhanced by today’s bi-lateral agreement which reflects each agency’s responsibilities in the regulation of securities.
As Greek financial services firms join the Dubai International Financial Centre (DIFC), this bi-lateral relationship will assume increasing importance as both regulators rely on the quality of regulatory standards administered in the other’s jurisdiction.