DFSA's securities regulation receives highly positive IMF-World Bank assessment

To view the assessment: http://www.imf.org/external/pubs/ft/scr/2007/cr07365.pdf

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.

International Organisation of Securities Commissions (IOSCO) is the worldwide association of national securities regulatory commissions, such as the Securities and Exchange Commission in the United States, the Financial Services Authority in the United Kingdom, and about 100 other similar bodies. The member agencies currently assembled together in the International Organisation of Securities Commissions have resolved, through its permanent structures:
• to co-operate together to promote high standards of regulation in order to maintain just, efficient and sound markets;
• to exchange information on their respective experiences in order to promote the development of domestic markets;
• to unite their efforts to establish standards and an effective surveillance of international securities transactions;
• to provide mutual assistance to promote the integrity of the markets by a rigorous application of the standards and by effective enforcement against offenses.

The IMF and World Bank team visited the DFSA/DIFC in January 2007.

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