5 November 2008 — DFSA Signs MoU With Taiwanese Regulator
The Dubai Financial Services Authority (DFSA) has today entered into a Memorandum of Understanding (MoU) with the Financial Supervisory Commission of Chinese Taipei (FSC).
The MoU was signed by Mr. David Knott, Chief Executive of the DFSA and Dr. Gordon Shuh Chen, Chairman of the Financial Supervisory Commission. The signing coincided with a visit by Mr. Knott to speak at the 5th Taipei Corporate Governance Forum.
The FSC is Taiwan’s single financial supervisor responsible for the supervision of all financial institutions, including banks, securities firms and insurance companies.
Mr. Knott said, “The signing of today’s MoU has formalised arrangements for cooperation and information sharing between the two regulators. It recognises that both regulators place reliance on the quality of regulatory standards administered in the other’s jurisdiction.”
“This initiative, together with the FSC’s commitment to promoting good corporate governance, confirms Chinese Taipei’s pragmatic response to dealing with some of the difficulties facing financial services regulators today.”