Memorandum of Understanding Signed Between Dubai and Turkish Financial Regulators

An important memorandum of understanding between the Capital Markets Board of Turkey (CMB) and the Dubai Financial Services Authority (DFSA) was completed at a signing ceremony in Istanbul on November 8, 2005.

The ceremony was attended by CMB Chairman, Dr. Dogan Cansizlar, and by the DFSA Chief Executive, Mr. David Knott.

CMB is the regulatory authority responsible for the supervision of Securities markets and institutions in Turkey. DFSA is the independent regulator of all Financial Services (banking, asset management, reinsurance and stock exchanges) within the Dubai International Financial Centre. The MoU is designed to enhance information sharing and cooperation between the two agencies, including investigation of international Securities crime.

Commenting on the signing DFSA’s Chief Executive David Knott said: “We are delighted that DFSA’s close relationship with CMB has been formalised in this manner. Both agencies are committed to promoting high standards of market conduct, governance and transparency. Our agreement to co-operate and share information will assist to preserve those high standards in international financial transactions that affect our two jurisdictions.

“I am particularly pleased to have signed the MoU with my friend Dogan Cansizlar against the background of increasingly warm ties between Turkey and the UAE.”