30 December 2013 — DFSA Signs Agreements With Italian Regulators

Rome, Italy, 30 December 2013: The Dubai Financial Services Authority (DFSA) entered into two important agreements, last week, with the Commissione Nazionale per le Società e la Borsa (Italian Securities and Exchange Commission) or CONSOB and Bank d'Italia (Bank of Italy), in Rome.

CONSOB is the public authority responsible for regulating the Italian securities market and protecting the investing public. It also conducts investigations with respect to potential infringements of insider dealing and market manipulation law.

The Bank of Italy is the central bank of the Republic of Italy and is responsible, among other issues, for the stability and efficiency of the financial system, regulating, coordinating, and controlling the provision of credit.

Mr Ian Johnston, Chief Executive of the DFSA said: "The DFSA is very pleased to have settled these protocols with each of Italy's financial supervisors. In doing so, our Italian counterparts have expressed their confidence in the DFSA's equivalence with international standards and our willingness and ability to share information and assist. This is especially important as two of Italy's largest financial institutions have branches in the Dubai International Financial Centre (DIFC). These just completed arrangements will give confidence to investors that both home and host supervisors are working closely together in Dubai and in Rome to ensure sound supervision of these institutions."

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For further information please contact:

Ms Angharad Irving-Jones
Head of Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Dubai, UAE
Tel: +971 (0)4 362 1661

Editor's notes:

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), a purpose-built financial freezone in Dubai, the United Arab Emirates (UAE).

The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.

In addition to regulating financial and ancillary services, the DFSA is responsible for supervising and enforcing Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) requirements applicable in the DIFC. The DFSA has also accepted a delegation of powers from the DIFC Registrar of Companies (RoC) to investigate the affairs of DIFC companies and partnerships.

Ian Johnston was appointed as Chief Executive of the DFSA in June 2012. Ian joined the DFSA in November 2006, as a Managing Director, to head-up the Policy and Legal Services Division.

Ian was admitted to practice Law in Australia in the early 1980's and spent most of his career in the private sector. He held a number of senior positions within the financial sector and was CEO of one of Australia's major Trustee Companies. During that time, Ian played a leading role in the Trustee industry and served on the National Council of the Trustee Corporations Association.

In 1999, Ian joined the Australian Securities and Investments Commission where he held the position of Executive Director, Financial Services regulation, and spent several terms as an acting Commissioner. In 2005, Ian took up a position with the Hong Kong Securities and Futures Commission as a Special Advisor.

Ian is a past Chairman of the Joint Forum, which comprises representatives of the major international regulatory standard-setters (IOSCO, IAIS and the Basel Committee). He is a member of the Technical Committee of the IAIS, the global standard-setting body for insurance regulation, and is a member of the Board of Directors of the Financial Planning Standards Board (FPSB).

Giuseppe Vegas was appointed Chairman of Commissione Nazionale per le Società e la Borsa (CONSOB) in January, 2011 and has served as a councillor for the Italian Senate, and has also been a journalist, a publicist, and has served as a visiting professor.

He was nominated Undersecretary of the State for the first time under the Dini Government (1995), first for Finances and then for the Treasury, and then later under the Berlusconi Government. He was nominated Undersecretary of the State for Economy and Finance in 2001 and 2008.

He served as the Vice-Minister for the Economy and Finance from 2005 – 2006 and from 2009–2010. From 1996 to 2010 he served in the Parliament, first as a Senator, and then from 2008, as a Member of Parliament. He has always been involved with public finance, in particular in terms of financial manoeuvring and the national budget, including the recent legal reform of public accounting, which he played an active role in developing.

Mr Vegas is the author of a number of publications on legal and economic matters, both scientific and didactic, which include: "Spesa pubblica e confessioni religiose"(1990); "Il bilancio dello Stato" (with D. Da Empoli and P. De Ioanna, 1988, 1995, 2000 and 2005); "Cittadino, economia e Stato" (with A. Pescosolido, 2000, 2001 and 2003); "Il nuovo bilancio pubblico" (2010).