The Department is the primary regulator for state-licensed and state-chartered financial entities, including domestic banks, foreign agencies, branches and representative offices, savings institutions and trust companies, credit unions and other financial institutions operating in New York including mortgage bankers and brokers, check cashers, money transmitters, and licensed lenders, among others.
Total assets of the institutions regulated are nearly Dhs8.8 trillion ($2.4 trillion). A branch of one of these banks is authorised to carry out financial services in and from the Dubai International Financial Centre (DIFC) and is supervised by the DFSA.
The MoU was signed by Mr Paul Koster, Chief Executive of the DFSA, and Mr Richard Neiman, New York State's Superintendent of Banks, at the Department's headquarters, in New York.
The Chief Executive of the DFSA, Mr Paul Koster said: "I am very pleased to have concluded this arrangement with Superintendent Nieman and the DFSA is honoured to have formalised its relationship with the oldest banking regulatory agency in the United States. As co-supervisors of a common institution operating in New York and in the DIFC, the State Banking Department and the DFSA are committed to enhancing co-operation and information sharing in relation to this bank, and any others that may follow in future.
"This memorandum was drafted in light of the Basel Principles for Effective Banking Supervision and complements another MoU established by the DFSA in October 2007 with the four US Federal banking supervisors - the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTC), to ensure a co-ordinated approach between home and host supervisors of a number of significant US banks."
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Dubai Financial Services Authority signs MoU with leading US banking regulator
- United Arab Emirates: Tuesday, June 15 - 2010 at 11:04
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The Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with the New York State Banking Department regarding co-operation and exchange of information, last week.
Photo caption from right to left: The MoU was signed by Mr Paul M Koster, Chief Executive of the DFSA, and Mr Richard H Neiman, New York State's Superintendent of Banks, at the Department's headquarters, in New York.
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Posted by Rima Ali Al MashniTuesday, June 15 - 2010 at 11:04 UAE local time (GMT+4)
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For further information please contact:
Ms. Angharad Irving - Jones
Manager, 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
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial and ancillary services conducted in or from 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 also became a Member of 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.
Richard H Neiman was appointed by the Governor of New York on March 5, 2007 to serve as New York State's 43rd Superintendent of Banks. Mr Neiman has extensive experience in the financial industry from a range of perspectives in executive, regulatory, and legal roles.
On November 14, 2008 Mr Neiman was appointed by House Speaker Nancy Pelosi to serve on the five-member Congressional Oversight Panel created to oversee the implementation of the Emergency Economic Stabilization Act. Mr Neiman also serves on the Board of the Conference of State Bank Supervisors (CSBS) and Chairs Governor Paterson's HALT (Halt Abusive Lending Transactions) Task Force to address the housing and foreclosure crisis. In this capacity, Mr Neiman has taken an expanded leadership role and is responsible for a wide range of initiatives, including enforcement, legislative, consumer outreach and encouraging loss mitigation efforts.
Mr Neiman began his career with the Office of the Comptroller of the Currency in Washington, DC, where he served as Special Assistant to the Chief Counsel. After the Comptroller's Office, he spent 10 years at Citicorp, where he held a variety of legal and regulatory positions, including General Counsel of its Global Equities Group. Mr Neiman then returned to Washington, DC, to serve as Director of Regulatory Advisory Services for Price Waterhouse.
In 1994, Mr Neiman joined TD Waterhouse Group, Inc., a bank holding company and global online financial services firm, as Executive Vice President and General Counsel. He remained with TD Waterhouse until its acquisition by Ameritrade in 2006.
Immediately prior to joining the Banking Department, Mr Neiman served as President and CEO of TD Bank USA, N.A., a subsidiary of The Toronto-Dominion Bank that provides banking services to the customers of TD Ameritrade.
Mr Neiman holds a BA degree in Political Science from American University, School of Government and a JD degree from Emory University School of Law.
Mr Neiman is on the Board of Directors and a Vice President of the Henry Street Settlement, one of New York's oldest social services organisations and provider of shelters for the homeless. He also serves on the Board of the Harlem Educational Activities Fund, a mentoring and college preparatory organisation serving students in Harlem and Washington Heights.
Mr Neiman is married and has two young daughters.
Ms. Angharad Irving - Jones
Manager, 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
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial and ancillary services conducted in or from 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 also became a Member of 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.
Richard H Neiman was appointed by the Governor of New York on March 5, 2007 to serve as New York State's 43rd Superintendent of Banks. Mr Neiman has extensive experience in the financial industry from a range of perspectives in executive, regulatory, and legal roles.
On November 14, 2008 Mr Neiman was appointed by House Speaker Nancy Pelosi to serve on the five-member Congressional Oversight Panel created to oversee the implementation of the Emergency Economic Stabilization Act. Mr Neiman also serves on the Board of the Conference of State Bank Supervisors (CSBS) and Chairs Governor Paterson's HALT (Halt Abusive Lending Transactions) Task Force to address the housing and foreclosure crisis. In this capacity, Mr Neiman has taken an expanded leadership role and is responsible for a wide range of initiatives, including enforcement, legislative, consumer outreach and encouraging loss mitigation efforts.
Mr Neiman began his career with the Office of the Comptroller of the Currency in Washington, DC, where he served as Special Assistant to the Chief Counsel. After the Comptroller's Office, he spent 10 years at Citicorp, where he held a variety of legal and regulatory positions, including General Counsel of its Global Equities Group. Mr Neiman then returned to Washington, DC, to serve as Director of Regulatory Advisory Services for Price Waterhouse.
In 1994, Mr Neiman joined TD Waterhouse Group, Inc., a bank holding company and global online financial services firm, as Executive Vice President and General Counsel. He remained with TD Waterhouse until its acquisition by Ameritrade in 2006.
Immediately prior to joining the Banking Department, Mr Neiman served as President and CEO of TD Bank USA, N.A., a subsidiary of The Toronto-Dominion Bank that provides banking services to the customers of TD Ameritrade.
Mr Neiman holds a BA degree in Political Science from American University, School of Government and a JD degree from Emory University School of Law.
Mr Neiman is on the Board of Directors and a Vice President of the Henry Street Settlement, one of New York's oldest social services organisations and provider of shelters for the homeless. He also serves on the Board of the Harlem Educational Activities Fund, a mentoring and college preparatory organisation serving students in Harlem and Washington Heights.
Mr Neiman is married and has two young daughters.
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