DFSA enters into Memorandum of Understanding with counterpart in Iceland

For further information please contact:

Ms. Angharad Irving - Jones
Manager, Communications and Strategic Planning
Dubai Financial Services Authority
Level 13, The Gate
Dubai, U.A.E.
Tel: +971 (0)4 362 1661
Fax: +971 (0)4 362 0801

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 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.

David Knott was appointed Chief Executive of the DFSA on June 1, 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).

The Financial Supervisory Authority (FME) was established as the single integrated regulator for Iceland on 1 January 1999. Its mission is to promote a stable financial services market, maintain solid foundations of the financial services market, and promote credible and lawful operations. Parties subject to its supervision are commercial banks, savings banks, credit undertakings (investment banks), deposit departments of co-operative societies, securities companies, securities brokerages, management companies of UCITS, stock exchanges, central securities depositories, pension funds, insurance companies and insurance brokers licensed to operate in Iceland.

www.fme.is

Mr. Jónas Fr. Jónsson was appointed Director General of the FME on 18 July 2005. Mr. Jónsson who has an LLM from Cambridge University and an MBA, was previously Director of the Internal Market Affairs Directorate at the European Free Trade Association (EFTA) Surveillance Authority.

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