5 April 2011 — DFSA Strengthens Ties With its Cayman Islands Counterpart
Dubai, Tuesday, 5 April 2011: The Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with the Cayman Islands Monetary Authority (CIMA), last week.
The MoU was signed on behalf of the DFSA by Chief Executive, Mr Paul Koster, having been signed earlier in Grand Cayman by the Managing Director of CIMA, Mrs Cindy Scotland. The ceremony in the Dubai International Financial Authority (DIFC) took place during a State Visit by the Premier of the Cayman Islands, The Honourable McKeeva Bush, Government representatives and business leaders, in the presence of the Governor of the DIFC, His Excellency Ahmed Humaid Al Tayer, and senior officials from DIFC Authority and the DFSA.
CIMA was established in 1997 as the single regulatory authority for banks insurance companies, mutual funds, securities business and all other financial services operating in the Cayman Islands. CIMA also manages the Cayman Islands currency, and advises the Cayman Islands government on financial-services regulatory matters.
Mr Paul Koster, Chief Executive of the DFSA said, “The DFSA is pleased to have entered this formal arrangement with the Cayman Islands Monetary Authority. Both authorities are integrated regulators striving to embrace best practice and seekingto reflect the resolutions of the international standard-setters. Both the DFSA and CIMA are already signatories to multi-lateral MoU of the International Organisation of Securities Commissions (IOSCO) which reflects the highest standards of cooperation and assistance among capital market regulators. This bi-lateral initiative extends that commitment to the banking and insurance sectors.”
“Given the international nature of the Centre, the DFSA has always valued the importance of its links with and trust between supervisors and regulators. We now have a bi-lateral MoU network with 53 fellow regulators, including the central banks and banking supervisors in the UAE, the United Kingdom, the United States, Canada, France, Germany, the Netherlands, Belgium, South Africa, Jordan, China, Singapore and Japan.”, Mr Koster said.
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For further information please contact:
Angharad Irving-Jones (Ms)
Head of Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate
Tel: +971 (0)4 362 1661
Fax: +971 (0)4 362 0801
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 purposebuilt financial free-zone in Dubai. 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.
Paul M Koster was appointed Chief Executive of the DFSA on 1 December 2008. Prior to becoming Chief Executive, he was Commissioner and Member of the Executive Board of the Autoriteit Financiële Markten (AFM), the national, integrated conduct of business financial services regulator for the Netherlands, where he was identified as one of the four leaders shaping the conscience of Dutch business. Mr Koster joined the AFM in March 2001 and in addition to his duties as a Commissioner, he chaired, from May 2006 until December 2007, CESR-Fin, the permanent working party of the Committee of European Securities Regulators that co-ordinates the endorsement and enforcement of financial reporting standards in Europe.
For the previous two years he had chaired CESRs Sub-committee on International Standards Endorsement. During his time with the AFM, he was also a Member of the IOSCO Chairs' Committee and, as Chief Executive of the DFSA, he remains actively involved in the work of IOSCO.
Mr Koster previously served as Executive Vice President (Corporate Internal Audit) at Royal Philips Electronics 1998 to 2001; as Managing Partner Corporate Finance, Coopers & Lybrand 1988 to 1998; and as Chief Compliance Officer and Acting Commissioner of Quotations, Amsterdam Stock Exchange 1986 to 1988; and carried out a number of senior finance functions in his earlier career, having trained as an accountant with Arthur Andersen. Mr Koster is a licensed Registered (Chartered) Accountant having qualified through the Royal Dutch Institute of Chartered Accountants in 1977 and certified as a registered auditor in 1983.
In May 2009, Mr Koster joined the Advisory Board of the Emirates Securities and Commodities Authority (SCA), the UAE's federal securities regulator, and in July 2009, he also became a Member of the Consultative Advisory Groups of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).
In September 2010, Mr Koster won the 'CEO of the Year for Financial Services' award and was voted one of the most influential expatriates living and working in the region today.
The Cayman Islands Monetary Authority (CIMA): CIMA was established on 1 January 1997 as the primary financial services regulator of the Cayman Islands. Its regulatory role encompasses regulation and supervision of financial services, the monitoring of compliance with money laundering regulations, the issuance of a regulatory handbook on policies and procedures and the issuance of rules and statements of principle and guidance. It also has a cooperative role that contemplates the provision of assistance to overseas regulatory authorities, including the execution of memoranda of understanding to assist with consolidated supervision. CIMA also manages the Cayman Islands currency, and advises the Cayman Islands government on financial-services regulatory matters. Further details are available on its website, www.cimoney.com.ky
Cindy Scotland was appointed Managing Director of the CIMA in June 2002. In this role she oversees the implementation of policies to ensure the sound management of the Cayman Islands' currency and the effective supervision of the more than 14,000 regulated entities operating in and from the Cayman Islands. She also has responsibility for the development and maintenance of strong working relationships between CIMA and other international regulatory bodies. Joining the Authority at its inception in January 1997 as the Head of Currency Operations, Mrs. Scotland was appointed General Manager six months later. She had previously spent six years with one of CIMA's predecessors, the Cayman Islands Currency Board, the last three of those years as the Board's Manager she represents the jurisdiction extensively on regulatory matters to organisations including the Offshore Group of Banking Supervisors, the International organisation of Securities Commissions, the International Monetary Fund and the Caribbean Financial Action Task Force, as well as on a regulator-to-regulator basis.
Mrs Scotland holds a number of board and committee posts. She is chairman of the Cayman Islands Guidance Notes Committee, a member of the Cayman Islands Stock Exchange Authority board, and the Anti-Money Laundering Steering Committee of the Private Sector Consultative Committee.
She was the 2004 recipient of the Young Caymanian Leadership Award and was made a life member of the International Association of Business Leaders in 2005. A notary public, Mrs. Scotland holds a Bachelor of Arts degree in economics from Macalester College (1991) and a certificate with distinction and diploma with merit, both in offshore business management, from the Institute of Chartered Secretaries and Administrators (2001).