The Dubai Financial Services Authority (DFSA) today entered into a Memorandum of Understanding with the New Zealand Securities Commission (NZSC).
The MoU was signed by Mr. David Knott, Chief Executive of the DFSA, and Ms. Jane Diplock, Chair of the NZSC. The signing coincided with a visit to the region by Diplock in her capacity as Chair of the Executive Committee of the International Organisation of Securities Commissions (IOSCO).
Mr. Knott said, “Under Jane Diplock’s leadership, the New Zealand Securities Commission is recognized as being at the forefront of IOSCO’s efforts to foster international cooperation among securities regulators. The DFSA is similarly committed and both the DFSA and the NZSC are signatories to the IOSCO Memorandum of Understanding, an initiative that has set the benchmark for cross-border investigative assistance.
“There is potential for business links between financial firms in New Zealand and the Dubai International Financial Centre and, with the growth of the DIFC and growing participation from Asia Pacific, these links will become increasingly significant making the NZSC an important relationship for the DFSA.”
The signing of today’s broader bilateral MoU has put in place arrangements for cooperation and information sharing between the two regulators. It recognizes that both regulators rely on the quality of regulatory standards administered in the other’s jurisdiction.
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).
