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| DFSA Signs MoU With Major US Regulator |
by Lorys Charalambous, Tax-News.com, Cyprus
Wednesday, June 16, 2010
The Dubai Financial Services Authority, the regulator for the Dubai International
Financial Centre, said that it last week entered into a Memorandum of Understanding
(MoU) with the New York State Banking Department, which will significantly enhance
bilateral cooperation between the two regulators, particularly in information
exchange.
The US 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 by the Department amount
to nearly USD2.4 trillion.
One branch of a bank regulated by the Department carries out financial services
in and from the Dubai International Financial Centre, supervised by the DFSA.
The MoU was signed by Paul Koster, Chief Executive of the DFSA, and Richard
Neiman, New York State’s Superintendent of Banks, at the Department’s
headquarters in New York.
Commenting on the signing of the memorandum, 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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