DFSA and ESMA agree deal

The Dubai Financial Services Authority (DFSA) and the European Securities and Markets Authority (ESMA) have entered into series of information sharing and co-operation arrangements.

The moves, part of an ongoing general bid to clean up Dubai’s financial services reputation, relate to Dubai International Finance Centre (DIFC, pictured above) based central counterparties (CCPs) compliance, with conditions set out in the European Union’s Market Infrastructure Regulation (EMIR).

The memorandum of understanding was signed on behalf of the DFSA by chief executive Ian Johnston, and by the chairman of ESMA, Steven Maijoor, in Milan, earlier this week.

It follows on from a decision, as reported, published at the end last year by the European Commission, which found the DFSA’s regulatory framework for CCPs as equivalent to that of the European Union.

The European Commission’s decision also confirmed that the DFSA’s framework is compliant with international standards set out under the International Organisation of Securities Commissions’ (IOSCO) Principles for Financial Market Infrastructures, said the DFSA in a statement announcing the deals.

“Today’s signing signals a new phase in the good relationship between the DFSA and ESMA and enables us to cooperate and exchange information in connection with monitoring of DIFC-based CCPs,” said Johnston.

“The DFSA has always placed a high priority on cooperation and its ability to share information and assist fellow regulators; particularly where the DIFC firms have strong links with the European Union market participants,” he said.

100th MoU

The MoU sees the DFSA pass the landmark 100th MoU signed by the organisation and it is the second that it has signed with ESMA. The first MoU between the two regulators was signed in 2013 on cooperation in relation to credit rating agencies.

The DFSA also has MoUs in place with counterparts in France, Germany, the UK, and with most other EU securities regulators through multilateral arrangements, it said.

“The DFSA remains committed to international best practice and continues to work with the EC and ESMA in other areas of their responsibilities,” Johnston added.

Forthcoming Dubai event

On September 27, International Investment is hosting its Dubai Middle East Forum event at the Fairmont Dubai.

Click on the icon, left, to find out more, or to register your interest in attending this exclusive event, please contact Caroline Barhoma at caroline.barhoma@odmpublishing.com or +44(0) 20 3727 9942.

ABOUT THE AUTHOR
Gary Robinson
Deputy Editor, International Investment and Head of Video at Open Door Media Publishing. A fully qualified journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as an IFA.

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