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| DFSA Strengthens Ties With QFC |
by Lorys Charalambous, LawAndTax-News.com, Cyprus
Friday, February 26, 2010
The Dubai Financial Services Authority (DFSA) has further bolstered regulatory cooperation
between the Emirate and third countries with the signing of a Memorandum of
Understanding (MoU) on February 23, 2010, with the Qatar Financial Centre (QFC) Regulatory
Authority.
The MoU was signed on behalf of the DFSA by Chief Executive, Paul Koster, and
by Phillip Thorpe, on behalf of the QFC Regulatory Authority, in his capacity
as Chairman and Chief Executive Officer, during the 4th GCC Regulators’
Summit, held in Doha.
The QFC Regulatory Authority was established in 2005 as the independent regulatory
body of the Qatar Financial Centre. It has been established to regulate firms
that conduct financial services in or from the QFC.
Paul Koster, Chief Executive of the DFSA said: “The DFSA is keen to
engage with its counterparts in the GCC and I am particularly pleased to be
signing this MoU with Phillip Thorpe, a distinguished and experienced figure
in the world of financial regulation. I am also pleased that we now have a formal
arrangement with the QFC Regulatory Authority, with whom we have much in common.
Both authorities are integrated regulators of international centres striving
to embrace best practice and seeking to reflect the resolutions of the international
standard-setters. This initiative should be seen as a mutual willingness to
co-operate and share information to those standards.”
“In the past year, the importance of effective co-ordination and co-operation
between regulators cannot be overstated. We are looking for better ways of working
together to resolve problems and prevent their repetition. Agreements such as
this will make a difference”, Koster said.
Thorpe welcomed the signing of the MoU stating: “As markets and regulatory jurisdictions
are brought closer together in today’s evermore complex financial environment,
it is increasingly important that regulators share information and working practices
as a means of bolstering their effectiveness. This is especially important in
neighbouring jurisdictions where cross-border activities are, therefore, more
likely to occur and where regulators are, therefore, more likely to need to
communicate.”
“This move marks an important development for both regulators in light
of our clear shared interests. I am delighted that we are able to sign this
MoU with the DFSA and I anticipate that a closer relationship will significantly
benefit both parties.”
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