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23 February 2009 — DFSA Signs MoU With UAE Central Bank

The Dubai Financial Services Authority (DFSA) entered today into a Memorandum of Understanding (MoU) with the Central Bank of the United Arab Emirates (CBUAE), regarding co-operation and exchange of regulatory information.

The MoU was signed by Mr Paul Koster, Chief Executive of the DFSA, and Mr Saeed Abdulla Al-Hamiz, Executive Director, Banking Supervision and Examination Department, CBUAE. The signing ceremony took place at the Central Bank in Abu Dhabi in the presence of His Excellency Sultan Bin Nasser Al Suwaidi, Governor of the CBUAE; His Excellency Dr Omar Bin Suleiman Vice Chairman of the CBUAE and Governor of the Dubai International Financial Centre (DIFC) and Mr Abdullah Saleh, Chairman of the DFSA.

The CBUAE licenses and regulates all banks operating in the United Arab Emirates. The DFSA is the regulator of authorised firms, including banks, insurance companies, investment banks, asset managers and fund administrators, providing financial services in the Dubai International Financial Centre (DIFC).

Mr Koster said, "The signing of today's MoU has formalised arrangements for cooperation and information sharing that already exists between us. It recognises that both regulators place reliance on the quality of regulatory standards administered in the other's jurisdiction.

Continuing close co-operation and future joint initiatives will reinforce our mutual commitment to ensuring financial stability and promote sound economic growth in the region".