2 October 2013 — DFSA Signs MoU with Lebanese Counterpart

Dubai, UAE, 2 October 2013: The Dubai Financial Services Authority (DFSA) earlier this week entered into a Memorandum of Understanding (MoU) with the Banque du Liban (BDL), the Central Bank of Lebanon.

The MoU was signed at the DFSA by Mr Ian Johnston, Chief Executive of the DFSA, and Mr Usama R Mikdashi, Chairman of the Banking Control Commission of Lebanon (BCCL), on behalf of the Governor of the BDL.

The BCCL was established in 1967 to supervise banks, financial institutions, money dealers, brokerage firms and leasing companies in Lebanon. The BCCL exercises its supervisory functions independently but in close co-operation with the Governor of the BDL. The BCCL performs its duties through periodic on-site and off-site examinations and evaluates financial soundness of regulated entities.

Mr Ian Johnston, Chief Executive of the DFSA said: "Since its inception, the DFSA has been keen to engage with our counterparts in this region. This MoU confirms a growing relationship between the Dubai International Financial Centre (DIFC) and the Central Bank of Lebanon and reflects the importance of links between neighbouring regulators."

Mr Johnson added: "This agreement will enhance information sharing and co-operation between us and assume increasing importance as both regulators rely on the quality of regulatory standards administered in the other's jurisdiction."