8 October 2008 — DFSA Signs MoUs With Leading Asian Regulators
Dubai, UAE, 8 October, 2008: The Dubai Financial Services Authority (DFSA) has in the last week entered into agreements with two of Asia’s leading regulators, the China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS). These Memoranda of Understanding commit the DFSA and the CSRC to information sharing and co-operation in the supervision of their securities markets and, in the case of MAS, which, like the DFSA is an integrated regulator, the commitment to information sharing and co-operation is to supervision of all financial services.
In both cases the MoUs were signed on behalf of the DFSA by Chief Executive, Mr. David Knott. The Chinese MoU was signed in Beijing by Mr. Shang Fulin, Chair of the CSRC; while the Singapore MoU was signed by Ms. Teo Swee Lian, Deputy Managing Director of MAS. The DFSA had already (in September 2007) signed an MoU with China’s banking regulator, the CBRC.
Mr. Knott said; "Dubai’s strong trading relationship with China is quickly extending to the financial services sector. The establishment of Chinese banks and securities firms within the DIFC will be further accelerated now that the DFSA has MoU arrangements with both national regulators in China. Singapore, like Dubai, is a great international financial centre with a well established and credible regulatory system. By forming this new relationship with MAS we will facilitate capital flows between our two financial hubs."
- Ends -
For further information please contact:
Ms. Angharad Irving-Jones
Manager, Communications and Strategic Planning
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 sole independent regulator of all financial and ancillary services conducted through the Dubai International Financial Centre (DIFC), a purpose-built 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.
David Knott was appointed Chief Executive of the DFSA on 1 June, 2005. He is a former Chairman of the Australian Securities and Investments Commission (ASIC) and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO). Other positions previously held by him include COO of the Australian Prudential Regulation Authority; CEO of Commonwealth Funds Management; CEO of the Australian Financial Institutions Commission; and Director of the Australian Crime Commission.
China Securities Regulatory Commission (CSRC) was established in 1992 and assumed principal regulatory authority for the securities and futures industry in 1998. The CSRC is responsible for the supervision and regulation of the securities and futures industry, stock and futures exchanges, the listing of companies and the funds managements industry in China. It approves and supervises the operations of foreign and foreign-invested securities, futures and fund managements institutions and offices.
Shang Fulin was appointed Chairman of the CSRC on 27 December 2002, having spent most of his career in the finance industry. In 1996 Mr. Shang was vice-president of the People’s Bank of China and the following year became a member of its monetary policy committee. In February 2002 he was appointed president of the Agricultural Bank of China. Mr. Shang is Vice Chairman of the Executive Committee of IOSCO and is a member of the 17th CPC Central Committee.
The Monetary Authority of Singapore (MAS) was established in January 1971 to regulate all aspects on monetary, banking and financial activity in Singapore. In 1977 MAS became responsible for insurance regulation and in 1984 for the securities industry. Consequently, in addition to its role as the central bank of Singapore, MAS is responsible for the integrated supervision of financial services and financial stability surveillance. It is also responsible for developing strategies, in partnership with the private sector, to promote Singapore as an international financial centre.