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DFSA enters into MoU with United States Banking Supervisors

  • United Arab Emirates: Wednesday, October 24 - 2007 at 08:12
  • PRESS RELEASE
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The Dubai Financial Services Authority (DFSA) today entered into an historic Memorandum of Understanding with the United States Banking Supervisors.

The signing at the Board of Governors of the Federal Reserve coincided with a visit of Mr. David Knott, Chief Executive of the DFSA, to Washington where the International Monetary Fund (IMF) held its annual meeting over the weekend. The four federal U.S. agencies principally responsible for banking supervision in the United States - the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS) have all joined as parties to a comprehensive statement of co-operation with the DFSA.

The Chief Executive of the DFSA, Mr. David Knott said:

"This is an historic event in the development of the DFSA. Never before has a regulator from the Middle East entered into such a comprehensive co-operative arrangement with the U.S. regulators. The attraction of the Dubai International Financial Centre (DIFC) as the domicile of choice for U.S. financial institutions in the Middle East will be further enhanced by these regulatory relationships."


This initiative reflects each agency's commitment to co-operation in relation to prudential oversight and inspections. It adopts the model for information sharing developed by the Basel Committee on Banking Supervision and follows similar arrangements the DFSA has with other significant Banking Supervisors such as the UK Financial Services Authority (FSA) and Germany's Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).
Left to right: Mr. Mark Levonian, Office of the Comptroller of the Currency (OCC), Mr. Michael Zamorski, Managing Director, Supervision, DFSA, Robert. L. Clarke, Board Member of the DFSA, Mr. David Knott, Chief Executive, DFSA, Dr. J. Andrew Spindler, Board Member of the DFSA, Roger T. Cole, Federal Reserve, Richard B. Gaffin, Office of Thrift Supervision (OTS) and George French, Federal Deposit Insurance Corporation (FDIC). Photograph taken in the Federal Reserve Board Room - Washington. 
Left to right: Mr. Mark Levonian, Office of the Comptroller of the Currency (OCC), Mr. Michael Zamorski, Managing Director, Supervision, DFSA, Robert. L. Clarke, Board Member of the DFSA, Mr. David Knott, Chief Executive, DFSA, Dr. J. Andrew Spindler, Board Member of the DFSA, Roger T. Cole, Federal Reserve, Richard B. Gaffin, Office of Thrift Supervision (OTS) and George French, Federal Deposit Insurance Corporation (FDIC). Photograph taken in the Federal Reserve Board Room - Washington.
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Related site: http://www.dfsa.ae
Anne-Birte Stensgaard Posted by Anne-Birte Stensgaard, Senior News Editor
Wednesday, October 24 - 2007 at 08:12 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

Notes and Media Contacts »

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 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 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).

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