DFSA signs MoU with Netherlands Central Bank

Notes and media contacts

About DFSA:
The Dubai Financial Services Authority (DFSA) is the independent regulator of 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.

About De Nederlandsche Bank:
De Nederlandsche Bank NV (DNB) was founded in 1814 by King William 1. In 2004, DNB merged with the Pension and Insurance Supervisory Authority of the Netherlands (PVK) but retained the name of 'De Nederlandsche Bank'. The supervision of financial institutions in the Netherlands is cross-sectoral. The DNB focuses on the prudential supervision of banks, insurance companies, pension funds and investment- and securities institutions. It is responsible for promoting and maintaining the financial soundness of financial institutions that are subject to supervision.

Paul M Koster was appointed Chief Executive of the DFSA on 1 December, 2008. He is the former Commissioner and Member of the Executive Board of the Autoriteit Financiële Markten (Netherlands Authority for the Financial Markets). Other positions previously held by him include Executive Vice President (Corporate Internal Audit), Royal Philips Electronics 1998-2001; managing Partner Corporate Finance, Coopers & Lybrand 1988-1998; Chief Compliance Officer and Acting Commissioner of Quotations, Amsterdam Stock Exchange 1986-1988; and carried out a number of senior finance functions in his earlier career, having trained as an accountant with Arthur Andersen.

He is a licensed Registered (Chartered) Accountant and served as Chair of CESR-Fin from May 2006-December 2007 and was Chair of SISE (sub-committee on international standards endorsement) within CESR from May 2004-April 2006. He was also a member of the International Organisation of Securities Commissions (IOSCO) and represented the Netherlands on IOSCO's Chairs committees. He is a Dutch national, married and has two adult children.

Mr H J Brouwer has been an Executive Director of De Nederlandsche Bank since 1 July 1997. Mr Brouwer is responsible for banking supervision and supervisory policy. He is a member of the Basel Committee on Banking Supervision (BCBS) and of the Committee of European Banking Supervisors. Henk Brouwer's various additional functions include the chairmanship of the Supervisory Board of the Amsterdam Historical Museum and a seat on the Board of the Vereniging Hendrick de Keyser architectural conservation fund. He is also Chairman of the Advisory Board of the UVW social security adminstrative body.

Prior to his Executive Directorship with DNB, Brouwer held posts in several government Departments. In the 1972-1980 period, he was on the economic staff of the Ministry of Finance; from 1980-1983 he was deputy Director General for government employment policy and an adviser on social and economic issues to the Minister of the Interior. From 1984 until 1989 he was Director General for general policy affairs in the Ministry of Social Affairs and Employment. From 1990 to September 1992, Mr Brouwer sat on the Executive Board of Nederlandse Phillipsbedrijven B.V., which position he left to become Treasurer General in the Ministry of Finance.


For further information, please contact:
Ms Angharad Irving - Jones
Manager, Communications and Strategic Planning
Dubai Financial Services Authority
Level 13, The Gate
Dubai, UAE
Tel: +971 4 362 1661
Mob: +971 50 900 2257
Fax: +971 4 362 0801