DFSA and Financial Services Agency of Japan agree terms of co-operation

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 Agency (FSA) of Japan has broad regulatory authority over the banking, insurance and securities industries and has integrated responsibility for financial system planning, the inspection and supervision of financial institutions.

Dr. Takafumi Sato was appointed Commissioner of the FSA in 2007. Commissioner Sato joined the Ministry of Finance (MOF) in 1973 and has held progressively senior positions in the MOF and the FSA. He was Director General of the FSA's Supervisory Bureau from 2004-2007 and was also Director General of the Inspection Bureau from 2002-2004. An expert and author on financial sector issues, Commissioner Sato has written, most recently - in April 2007 - on Basel II and the implications for bank supervision.