DFSA signs MoU with Banque de France

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 and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives 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; CEO of Commonwealth Funds Management; CEO of the Australian Financial Institutions Commission; and Director of the Australian Crime Commission.

The Commission Bancaire of France (CB) is part of the Banque de France, which was created on 18 January 1800 by Napoléon Bonaparte. The CB is responsible for the supervision of credit institutions and investment firms. It has statutory powers to take disciplinary action against any breach of the Banking Act. It examines the operations of credit institutions and investment firms and monitors the soundness of their financial situation through periodic returns filed by credit institutions/investment firms and through on-site examinations. The CB is chaired by the First Deputy Governor of the Banque de France.

Jean-Paul Redouin was appointed Deputy Governor of the Banque de France and a member of the General Council in January 2000 and became First Deputy Governor on 1 January 2006. He joined the Banque de France in 1970 and has held senior positions in the Banque, including Director of the Foreign Exchange Division, Deputy General Manager of the Foreign Department, and General Manager of the Credit Department. Mr. Redouin is also a member of the Board of the Autorité des Marchés financiers (Financial Markets Authority) and of the Board of the Autorité de contrôle des assurances et des mutuelles (the insurance supervisory authority).

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

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