The Dubai Financial Services Authority (DFSA) has signed a new Memorandum of Understanding (MoU) with the Isle of Man Financial Services Authority (IOMFSA) that establishes the framework for cooperation for the consolidated supervision of cross-border financial services activities.
The new MoU was signed by the head of DFSA, Bryan Stirewalt and the chief executive of IOMFSA, Karen Badgerow, and replaces two previous agreements signed in February 2005.
Stirewalt said: "We are delighted to be extending and deepening our cooperation with the Isle of Man's financial regulator, 15 years after the signing of our first bilateral MoU. Collaboration is crucial in enabling the DFSA to maintain the integrity, efficiency and financial stability of the Financial Services industry in the Dubai International Financial Centre (DIFC). This enables us to further strengthen the DIFC's reputation as an internationally respected financial centre, while sharing best practices to drive the further advancement of our industry."
The MoU establishes the framework for cooperation for the consolidated supervision of cross-border financial services activities, including retirement benefits schemes and employee money purchase schemes. It also provides for the exchange of views on global regulatory reforms, crisis management and resolution, and, financial and regulatory technology development. The two authorities will continue working closely together to prevent money laundering, fraud and other prohibited practices in both jurisdictions.
Badgerow added: "The Isle of Man Financial Services Authority is very pleased to sign an updated Memorandum of Understanding with the Dubai Financial Services Authority. This strengthens an already positive and long standing relationship and we look forward to continuing to enhance our co-operation and share experiences."
This strengthens an already positive and long standing relationship and we look forward to continuing to enhance our co-operation and share experiences"
The MoU, which replaces the agreements signed in 2005, reinforces both authorities' commitments to collaboration and their adherence to the highest possible international standards.