DFSA signs MoU with Australian Securities & Investments Commission

Notes and media contacts

The Dubai Financial Services Authority (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.

The 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 modeled 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.

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).

The Australian Securities & Investments Commission (ASIC) was established in 1991 as an independent Commonwealth government body, operating under the direction of three full time Commissioners. ASIC is responsible for enforcing and regulating company and financial services laws in Australia to protect consumers, investors and creditors. In that context, ASIC regulates Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit.

Mr. Jeffrey Lucy was appointed Chairman of ASIC in May 2004, having acted in the position since the retirement of David Knott in December 2003. Mr. Lucy had been Deputy Chairman of ASIC since 24 February 2003. Prior to that, he was Chairman of the Financial Reporting Council. Mr. Lucy is a chartered accountant and experienced financial consultant. He is a Fellow of the Institute of Chartered Accountants in Australia, CPA Australia, the National Institute of Accountants, and the Australian Institute of Company Directors.

For further information, please contact:

John Gilchrist
Director, Communications and Strategic Planning
Dubai Financial Services Authority
Level 13, The Gate
Tel: +971 (0) 4 362 1660
Fax: +971 (0)4 362 0801

Amber Dale / Lina Zain
Polaris Public Relations
Dubai, UAE.
Tel:+ 9714 - 3348520
Fax:+ 9714 - 3341326