28 May 2008 — DFSA enters into Memorandum of Understanding with South African counterpart
Paris, France, 28 May, 2008: The Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with the Financial Services Board of South Africa (FSB) yesterday.
The signing took place between Mr. David Knott, Chief Executive of the DFSA and Mr. Rob Barrow, the Executive Officer of the FSB during the Annual Conference of the International Organisation of Securities Commissions (IOSCO) being held in Paris.
The FSB supervises the activities of non-bank financial institutions and other financial services in South Africa, including its licensed exchanges, clearing houses, collective investment schemes and all types of insurance and retirement fund activities.
The Chief Executive of the DFSA, Mr. David Knott said: “The Financial Services Board of South Africa is a valued member of IOSCO and a leading participant in the African and Middle East Region, of which the DFSA is also a member. Both the FSB 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 and insurance."
As more South African financial services firms join the Dubai International Financial Centre (DIFC), this relationship will assume increasing importance as regulators rely on the quality of regulatory standards administered in the other’s jurisdiction.