DFSA enters into memorandum of understanding with South African Reserve Bank

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.


Paul M Koster is the Chief Executive of the Dubai Financial Services Authority (DFSA). Mr Koster's priorities as Chief Executive include enhancing the DFSA's standing as an internationally respected regulator; building capability, particularly in relation to developing regulatory skills in the UAE; and further developing the DFSA's approach to risk-based regulation

Prior to becoming Chief Executive, he was Commissioner and Member of the Executive Board of the Autoriteit Financiële Markten (Netherlands Authority for the Financial Markets), the national, integrated conduct of business financial services regulator for the Netherlands where he was identified as one of the four leaders shaping the conscience of Dutch business. Mr Koster joined the AFM in March 2001 and in addition to his duties as a Commissioner he chaired, from May 2006 until December 2007, CESR Fin, the permanent working party of the Committee of European Securities Regulators that co-ordinates the endorsement and enforcement of financial reporting standards in Europe. For the previous two years he had chaired CESR's Subcommittee on International Standards Endorsement. During his time with the AFM, he was also a member of the International Organisation of Securities Commissions (IOSCO) Chairs' Committee and, as Chief Executive of the DFSA, he remains actively involved in the work of IOSCO.

Mr Koster previously served as Executive Vice President (Corporate Internal Audit) at Royal Philips Electronics (1998-2001); as Managing Partner Corporate Finance, Coopers & Lybrand (1988-1998); and as 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.

Mr Koster is a licensed Register (Chartered) Accountant having qualified through the Royal Dutch Institute of Chartered Accountants in 1977 and been certified RA in 1983.

In May 2009 Mr Koster joined the Advisory Board of Emirates Securities and Commodities Authority (SCA), the UAE's federal securities regulator, and in July 2009 he was appointed to the Consultative Advisory Groups of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).

Paul Koster is a Dutch national, married and has two adult children.

The South African Reserve Bank was established in 1921 as the Central Bank of the Republic of South Africa. The Bank's primary goal in the South African economic system is "the achievement and maintenance of price stability".

The Reserve Bank is also responsible for bank regulation and supervision in South Africa. The purpose is to achieve a sound, efficient banking system in the interest of the depositors of banks and the economy as a whole.

This function is performed by issuing banking licences to banking institutions, and monitoring their activities in terms of the Banks Act and Mutual Funds Act.

The Bank was only the fourth Central Bank to be established in the world, following the United States of America, Japan and Java.

Errol Kruger was appointed the Registrar of Banks and Head of Bank Supervision of the Reserve Bank on 1 October 2003. He had been Deputy Registrar since 1 September 2003. Mr Kruger has worked in the Bank Supervision Department for almost 23 years and has been an employee of the South African Reserve Bank for 31 years.

The primary responsibility of the Registrar is to ensure and promote the safety and soundness of banks and banking groups registered in South Africa through the effective application of international regulatory and supervisory standards.

For further information please contact:
Ms. Angharad Irving - Jones
Manager, External Communications
Dubai Financial Services Authority
Level 13, The Gate
Dubai, U.A.E.
Tel: +971 (0)4 362 1661
Fax: +971 (0)4 362 0801

Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com

Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.

For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions