DFSA signs MoU with Lebanon

The Dubai Financial Services Authority has entered into a Memorandum of Understanding with Lebanon’s Capital Markets Authority.

In an announcement made earlier today on its website, the influential UAE regulator – which regulates financial services activites that take place within the Dubai International Finance Centre – said that the DIFC agreement was designed to “enhance information sharing and cooperation around supervisory issues”, adding to the existing relationship that had been building between the two markets.

Ian Johnston, chief executive of the DFSA, and Sami Saliba, executive board Member of Lebanon’s CMA, pictured below, signed the MoU in the offices of the DFSA.

The statement added that the agreement also provides the foundation to facilitate the entry of some financial institutions into the DIFC  from Lebanon, through information sharing.

“Building strong frameworks of cooperation with our regional peers has always been a strategic objective for us,” said Johnston. “We have MoUs in place throughout the GCC as well as in Egypt, Jordan and, through our MoU with the Banque du Liban, with Lebanon.

“Today’s MoU affirms the success of our relationship with the Lebanese authorities and recognises the joint oversight of brokerage firms, investment banks and other non-banking financial institutions in the two jurisdictions.”

The DFSA entered into a MoU with the BDL in 2013.

Meanwhile, in May this year, the DIFC hosted the “Lebanese Banks Day in DIFC” under the patronage and in the presence of  Banque du Liban governor Riad Salamé and DIFC governor HE Essa Kazim, which was also attended by senior representatives of the Lebanese banking community. The event had been held to “further build relationships” among the various participants, the DIFC said.

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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