26 February 2007 — DFSA signs MoU with New Zealand Securities Commission
Dubai, UAE, 26 February 2007: The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding with the New Zealand Securities Commission (NZSC).
The MoU was signed by Mr. David Knott, Chief Executive of the DFSA, and Ms. Jane Diplock, Chair of the NZSC. The signing coincided with a visit to the region by Diplock in her capacity as Chair of the Executive Committee of the International Organisation of Securities Commissions (IOSCO).
Mr. Knott said, “Under Jane Diplock’s leadership, the New Zealand Securities Commission is recognized as being at the forefront of IOSCO’s efforts to foster international cooperation among securities regulators. The DFSA is similarly committed and both the DFSA and the NZSC are signatories to the IOSCO Memorandum of Understanding, an initiative that has set the benchmark for cross-border investigative assistance.
“There is potential for business links between financial firms in New Zealand and the Dubai International Financial Centre and, with the growth of the DIFC and growing participation from Asia Pacific, these links will become increasingly significant making the NZSC an important relationship for the DFSA.”
The signing of today’s broader bilateral MoU has put in place arrangements for cooperation and information sharing between the two regulators. It recognizes that both regulators rely on the quality of regulatory standards administered in the other’s jurisdiction.