Dubai regulator strikes deal with Banque de France

20 August 2008
The regulator of Dubai International Financial Centre has signed a memorandum of understanding with the French banking supervisor, the supervision division of Banque de France.

The Dubai Financial Services Authority (DFSA) will share information with the French central bank's Commission Bancaire division on financial services companies operating in both countries.

"This initiative reflects each agency's commitment to co-operation in relation to prudential oversight and inspections," says David Knott, chief executive officer of DFSA."It adopts the model for information sharing developed by the Basel committee on banking supervision."

The DIFC regulator already has bilateral agreements with banking regulators in the UK, Germany, the US and China.

The Emirates Securities and Commodities Authority regulates all financial services businesses located outside the DIFC.

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