The Dubai Financial Services Authority (DFSA) entered into Memoranda of Understanding this week with the national banking and securities regulators in Switzerland and Luxembourg.
The MoU signings coincided with a visit to Berne and Luxembourg by David Knott, Chief Executive of the DFSA. On April 30 in Berne, Mr. Knott met with Mr. Daniel Zuberbϋhler, Director of the Swiss Federal Banking Commission (the SFBC). Today in Luxembourg Mr. Knott met with Mr. Jean-Nicolas Schaus, Directeur General of Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).
The SFBC was established in 1934 and is Switzerland’s independent federal agency responsible for the supervision of banks, investment funds, securities and derivatives exchanges, securities and derivatives dealers as well as the disclosure of qualified shareholdings in listed companies. It is also responsible for the regulation of public takeover bids.
Established in 1998, the CSSF is responsible for the prudential supervision of the entire financial sector in Luxembourg, except for the insurance sector. Its responsibilities also extend to the regulation and supervision of the securities markets.
Knott said: “Switzerland and Luxembourg have long been regarded as among Europe’s leading international financial centres and the SFBC and CSSF have played an important role as the regulators of these centres.
“As such, each of these memoranda of understanding is a most significant initiative, recognising the importance of these arrangements for cooperation and information sharing between the two regulators,” he added.
“This week’s bilateral agreements reflect each agency’s responsibilities, in the area of banking and securities,” Knott said.
“There are already a number of significant Swiss financial institutions operating from the DIFC and there is a level of interest from financial entities in Luxembourg. In addition, there is a possibility of the development of additional business between traded markets in the DIFC and Luxembourg. These two bilateral relationships will assume increasing importance as each regulator relies on the quality of regulatory standards administered in the other’s jurisdiction,” Knott pointed out.
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 Dubai International Financial Centre (DIFC), 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 Dubai Financial Services Authority (DFSA) is a central component of the 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).
The Swiss Federal Banking Commission (SFBC) was established in 1934 and is Switzerland’s independent federal agency responsible for the supervision of banks, investment funds, securities and derivatives exchanges, securities and derivatives dealers as well as the disclosure of qualified shareholdings in listed companies. It is also responsible for the regulation of public take-over bids.
Mr. Daniel Zuberbühler was elected Director of the SFBC in 1996. Mr. Zuberbühler joined the SFBC in 1976 as a legal officer and has occupied positions of Vice-Director and Deputy Director. He is also a member of the Basel Committee on Banking Supervision at the Bank for International Settlements (BIS).
The Commission de Surveillance du Secteur Financier (CSSF) was established in 1998 and is responsible for the prudential supervision of the entire financial sector in Luxembourg, except for the insurance sector. Its responsibilities also extend to the regulation and supervision of the securities markets.
Mr. Jean-Nicolas Schaus was appointed inaugural Directeur General of the CSSF in December 1998.
