An important memorandum of understanding (MOU) between the Capital Market Authority of Egypt (CMA) and the Dubai Financial Services Authority (DFSA) was signed in Cairo.
The MOU was signed by DFSA Chairman, Dr. Habib Al Mulla, and by the Chairman of the CMA, Dr. Hani Sarie-Eldin, at a ceremony hosted by the Minister of Investment, H. E. Dr. Mahmoud Mohieldin.
The CMA is the independent capital markets regulator responsible for regulating and supervising capital markets in Egypt.
The DFSA is the independent regulator of all financial services within the Dubai International Financial Centre.
The MOU is designed to enhance information sharing and cooperation between the two authorities, particularly in their common roles as securities regulators. This document will assist both the CMA and DFSA in important aspects of their particular regulatory roles.
In particular the MoU covers the gathering and sharing of information to enable each authority to assess the suitability of its authorized firms, to work with its exchange in the supervision of trading, and to ensure compliance with its laws.
Commenting on the signing, Dr Habib said: “We are delighted that the DFSA’s relationship with a regional regulator like the Capital Markets Authority of Egypt has been formalised in this manner, and honoured by the presence of the Minister for Investment, H. E. Dr. Mahmoud Mohieldin. It is particularly pleasing for the DFSA, as one of the newest authorities in the region, to be forming closer ties with the regulator of the oldest capital markets in the Middle East. This is a timely initiative as one of Egypt’s largest firms is already authorised and active in the DIFC, and other Egyptian firms are expressing interest in offering financial services from the DIFC.”
Dr. Habib added: “The signing of today’s MoU formalises arrangements for cooperation and information sharing between the two regulators, and recognises the reliance placed by each regulator on the quality of regulatory standards administered in the other’s jurisdiction. It is also significant because this is the DFSA’s first MoU with another securities regulator in the Middle East, outside the U.A.E. Further cooperative arrangements with neighbouring regulators are being pursued.’’
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 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.
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.
Dr Habib Al Mulla was appointed Chairman of the DFSA in June 2004. Dr. Al Mulla holds an LLB in Shari’a and law from the UAE University; LLM from Harvard Law School and a Ph.D. from the University of Cambridge. He is also the Managing Partner of Habib Al Mulla & Company, a leading law firm based in Dubai. Dr Al Mulla has been a Member of the UAE Federal National Council since 2002.
The Capital Market Authority, Egypt is the independent securities regulator responsible for regulating and supervising the capital markets in Egypt. Established in 1979, the CMA performs a major role in creating a satisfactory environment to secure a transparent and credible market for investors in Egypt and to ensure that compliance with the Capital Markets Law.
Dr. Hani Sarie-Eldin was appointed Chairman of the Capital Market Authority of Egypt by the Prime Minister in July 2005. Dr Sarie-Eldin holds a PhD in international commercial law from the University of London’s Queen Mary College and was previously a senior official at the Dubai-based Majid Al-Futtaim Group (MAF) and had served as supervisor of its activities in Egypt. Before joining MAF in February 2003, Dr Sarie Eldin was a partner at Shalakany Law Office and headed its capital market and financing team.
