DFSA enters into Memorandum of Understanding with Cyprus SEC

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 the sole independent regulator of all financial and ancillary services conducted through the Dubai International Financial Centre (DIFC), a purpose-built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking, securities, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities exchange.

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 Cyprus Securities and Exchange Commission (CYSEC) was established in 2001 and is an independent public administrative body entrusted with the supervision of the capital market in Cyprus, securing its smooth operation and methodical development and the monitoring of the transactions in transferable securities in Cyprus. It licenses, monitors and regulates investment firms, regulated markets, collective investments schemes and their management companies. It monitors and supervises the issuers of securities listed on the regulated markets and exercises the responsibilities and powers granted to it by the Takeover Bids Law, the Insider Dealing and Market Manipulation (Market Abuse) Law and the Public Offer and Prospectus Law. It also supervises the fulfilment of the obligations of the investment firms pursuant to the Prevention and Suppression of Money Laundering Activities Laws.
www.cysec.gov.cy

Mr. Georgios Charalambous was appointed Chairman of the CYSEC for a five-year term, on August 1st 2006. An economist, Mr. Charalambous, was previously Vice Chairman of the Board of Directors of the Cyprus Development Bank and has held senior positions at the Central Bank of Cyprus. Mr. Charalambous also served as a Board Member of various financial institutions as well as to the Board of the Social Insurance Fund and also as a Chairman of the Cyprus Economic Society.