DFSA Signs its First International MOUs
Two Memoranda of Understanding signed to facilitate regulatory cooperation
Dubai Financial Services Authority (DFSA) today took another significant step forward with the signing of its first two Memoranda of Understanding (MOUs) with international Regulators.
Dr. Habib Al Mulla, Chairman of the DFSA, signed the two historic MOUs with the two financial Regulators of the Isle of Man.
The two agreements, which provide a framework for mutual assistance and the Exchange of information in investigations and enforcement matters, pave the way for a high level of co-operation between the DFSA and both the Isle of Man Financial Supervision Commission and the Isle of Man Insurance and Pensions Authority.
The agreements will also enhance each regulator's ability to ensure compliance with applicable Financial Services legislation and to effectively regulate cross border dealings thereby helping to prevent fraud, Money Laundering and other prohibited practices by regulated firms in the Isle of Man and DIFC.
The MOUs were signed for the Isle of Man by John Aspden, head of its Financial Supervision Commission, and by David Vick, head of its Insurance & Pensions Authority.
The signing ceremony took place at the DFSA headquarters and was witnessed by The Honourable Donald Gelling, Chief Minister of the Isle of Man.
Dr. Al Mulla said:
"Financial services markets today are increasingly international in nature. By improving our ability to gather and share information, these memoranda will assist both regulatory jurisdictions in the effective Regulation of our respective Financial Services markets."
"The signing of our first MOUs is a milestone event in meeting our objective of expanding cooperation between financial market Regulators on a global basis and fostering the integrity, efficiency and financial stability of the Financial Services industry in the DIFC."
"These MOUs, the first of many with other international jurisdictions, underscore the importance of cross border cooperation and are critical to the development of the DIFC as an internationally respected financial centre."