DFSA signatory to IOSCO memorandum of understanding: a first for the GCC

Notes and media contacts

For further information, please contact:

John Gilchrist
Director communications and strategic planning
Dubai, UAE.
Tel: + 9714 3621660
Fax: + 9714 3620801

The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Centre, including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.

The DFSA is a central component of the Dubai International Financial Centre (DIFC), a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.

Mr. David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).

Dr Habib Al Mulla was appointed Chairman of the DFSA in June 2004. He is also the Managing Partner of Habib Al Mulla & Company, a leading law firm based in Dubai. Dr Al Mulla has been a Member of the UAE Federal National Council since 2002.

IOSCO is the primary forum for international cooperation among securities regulators from more than 100 jurisdictions and is recognised as the international standard-setter for the securities sector. The DFSA was admitted as an associate member of IOSCO in April 2005.
The IOSCO Technical Committee is made up of fifteen agencies that regulate some of the world's larger, more developed and internationalised markets. Its objective is to review major regulatory issues related to international securities and futures transactions and to coordinate practical responses to these concerns.

The IOSCO multilateral MoU requires that its signatories have the legal ability and willingness to gather information key to investigating and prosecuting enforcement matters; to provide information to foreign counterparts for their legitimate use; and to protect the confidentiality of information.
The list of existing signatories to the IOSCO multilateral MoU represent the following jurisdictions: * Alberta, Australia, Belgium, British Columbia, France, Germany, Greece, Hong Kong, Hungary, India, Isle of Man, Italy, Jersey, Lithuania, Malta, Mexico, New Zealand, Ontario, Portugal, Poland, Québec, Singapore, Slovakia, South Africa, Spain, Sri Lanka, Turkey, United Kingdom, United States of America.