DFSA enters into Memoranda of Understanding with counterparts in Switzerland and Luxembourg

Notes and media contacts

For further information, please contact:
Ms. Angharad Irving - Jones
Communications and Strategic Planning
Dubai Financial Services Authority
Level 13, The Gate Building, Dubai
Tel: +971 (0) 4 362 1660
Fax: +971 (0) 4 362 0801

Mr. Edward D'Mello
Polaris Public Relations
Dubai, UAE.
Tel: + 971 (0) 4 3415555
Fax:+ 971 (0) 4 3415588

The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.

The Dubai Financial Services Authority (DFSA) is a central component of the DIFC, a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.

Mr. David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).

The Swiss Federal Banking Commission (SFBC) was established in 1934 and is Switzerland's independent federal agency responsible for the supervision of banks, investment funds, securities and derivatives exchanges, securities and derivatives dealers as well as the disclosure of qualified shareholdings in listed companies. It is also responsible for the regulation of public take-over bids.
Mr. Daniel Zuberbühler was elected Director of the SFBC in 1996. Mr. Zuberbühler joined the SFBC in 1976 as a legal officer and has occupied positions of Vice-Director and Deputy Director. He is also a member of the Basel Committee on Banking Supervision at the Bank for International Settlements (BIS).

The Commission de Surveillance du Secteur Financier (CSSF) was established in 1998 and is responsible for the prudential supervision of the entire financial sector in Luxembourg, except for the insurance sector. Its responsibilities also extend to the regulation and supervision of the securities markets.

Mr. Jean-Nicolas Schaus was appointed inaugural Directeur General of the CSSF in December 1998.