Visit of Chairman of the UK Financial Services Authority to the DFSA

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). Other positions previously held by him include COO of the Australian Prudential Regulation Authority (APRA); CEO of Commonwealth Funds Management; CEO of the Australian Financial Institutions Commission (AFIC) and Director of the Australian Crime Commission.

The Financial Services Authority (FSA) UK, is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000 to regulate the financial services industry in the UK. The FSA has a wide range of rule-making, investigatory and enforcement powers with the aim of promoting efficient, orderly and fair markets; helping retail consumers achieve a fair deal; and improving business capability and effectiveness.

Sir Callum McCarthy was appointed Chairman of the FSA in September 2003 having been Chairman and Chief Executive of the Office of Gas and Electricity Markets. He had previously held Senior positions at Barclays Bank, BZW and Kleinwort Benson, as well Department for Trade and Industry. Sir Callum is an economist and graduate of the School of Business at Stanford University, where he was a Sloan Fellow.