16 March 2007 — DFSA enters into Memorandum of Understanding with Guernsey Financial Services Commission

St. Peter Port, Guernsey, March 16, 2007: The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding with the Guernsey Financial Services Commission (GFSC).

The MoU was signed by Mr. David Knott, Chief Executive of the DFSA, and Mr. Peter Neville, Director General of the GFSC.

The GFSC is responsible for regulation and supervision of banking, collective investment funds, insurance, reinsurance and investment business in Guernsey.

Mr. Knott said, "The business links between financial firms in Guernsey and the Dubai International Financial Centre will become increasingly significant, especially with the introduction last year of trust and collective investment fund regimes in the DIFC, making the GFSC an important relationship for the DFSA."

The signing of this MoU has formalised arrangements for co-operation and information sharing between the two regulators.

Mr. Knott added, "Today’s bilateral agreement reflects each agency’s responsibilities, not just for securities, but as an integrated regulator of its banking and insurance sectors. It recognises that both regulators place reliance on the quality of regulatory standards administered in the other’s jurisdiction."