DFSA will be hosting the Emerging Markets Committee (EMC) of the International Organisation of Securities Commissions (IOSCO), which represents more than 90% of the world's securities regulators. The EMC is the largest of the IOSCO's three main committees, with members representing more than 80 jurisdictions.
Over 120 regulators from Africa and the Middle East, Asia, South America and Eastern Europe are expected to participate in meetings to discuss the status of IOSCO's work programme in promoting international standards. These discussions will be held in private, but a public session on Thursday, 6 December will discuss challenges for enforcement and key issues for securities market development in emerging markets.
The meeting will be hosted by Mr. David Knott, Chief Executive of the DFSA. Attending will be IOSCO's international leadership group, which comprises of the Chairman of the Executive Committee, Ms. Jane Diplock of New Zealand; the Chairman of the Technical Committee, Mr. Michel Prada of France; and the Chairman of the Emerging Markets Committee, Mr. Meleveetil Damodaran of India. Representatives of the United State's Securities and Exchange Commission (SEC) and the UK's Financial Services Authority (FSA) will also be in attendance.
While in Dubai, regulators will visit the Dubai International Financial Centre (DIFC) to gain first hand knowledge of its business, regulatory and legal environment.
Mr. David Knott, Chief Executive of the DFSA said: "The Emerging Markets Committee is an important forum for the adoption and implementation of international standards for capital market regulators in developing economies and the DFSA is pleased to be hosting in Dubai the Annual Meeting of IOSCO's EMC."
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DFSA hosts international regulators
- United Arab Emirates: Thursday, November 29 - 2007 at 15:43
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The Dubai Financial Services Authority (DFSA) will, for the first time, host a major meeting of international securities regulators in Dubai next week.
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Posted by Lara Lynn Golden, News EditorThursday, November 29 - 2007 at 15:43 UAE local time (GMT+4)
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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
www.dfsa.ae
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, which includes the Securities and Exchange Commission in the United States, the Financial Services Authority in the United Kingdom, and more than 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.
www.iosco.org
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
www.dfsa.ae
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, which includes the Securities and Exchange Commission in the United States, the Financial Services Authority in the United Kingdom, and more than 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.
www.iosco.org
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