International regulators to meet in Dubai

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).

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.

IAIS was established in 1994 and represents the insurance regulators and supervisors of some 180 jurisdictions in more than 130 countries, constituting 97% of the world's insurance premiums. It also has more than 100 observers.