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01 Feb 2017, 02:02 am

DFSA to co-host the 11th Annual MENA Regulatory Summit

The Dubai Financial Services Authority (DFSA) will be delighted to co-host the 11th Annual MENA Regulatory Summit with Thomson Reuters at the JW Marriott Marquis, Dubai, UAE on February 5 and 6. The Summit will be held under the patronage of H.E. Sultan bin Saeed Al Mansouri, the UAE Minister of Economy, and is the region’s leading forum for the regulatory and governance, risk and compliance (GRC) communities.

Formerly known as the GCC Regulators' Summit, this year’s event has been renamed to reflect the interest from the GRC community across the MENA region, and to create a dialogue with neighbouring countries that share the same risks, challenges and regulatory outlook.

Delegates will hear from a distinguished panel of experts, who will discuss the latest developments in global compliance and regulation, as well as the implications of the changing political landscape; economic sanctions; terrorist financing and emergent financial crime risk; withdrawal of corresponding banking; supply chain management; and the threat to cyber security.

H.E. Essa Kazim, Governor of the Dubai International Financial Centre and H.E. Dr. Obaid Al Zaabi, acting Chief Executive, Emirates Securities and Commodities Authority, will provide opening remarks on the first day of the two-day Summit. They will be joined by DFSA executives, including Chief Executive Ian Johnston; William G. Rich, Attaché to the UAE and Sultanate of Oman, US Department of the Treasury; and Dr. Badr El Banna, Regional Advisor, Anti-Money Laundering and Combating the Financing of Terrorism, International Monetary Fund.  

Mr Johnston said: “It is encouraging to see the strong momentum behind the region’s regulators and compliance community to ensure that the financial services sector is developing sustainably, and in line with international best practice. By co-hosting this year’s event, which now includes attendees from across the MENA region, we hope to be able to share our own insights of developing the regulatory framework for the region’s leading financial centre with the new entrants in the market.”

Mr Johnston will participate in a panel discussion with chief executives at financial institutions and corporate entities who will discuss the importance of corporate culture in shaping financial conduct. He will provide an overview of the structural changes that shaped a culture of risky short-termism, and the need for a partnership approach between the industry and regulators, to prevent a repeat of the financial crisis.

Bryan Stirewalt, Managing Director, Supervision, at the DFSA, will share his view on the implications of recent political developments, and the emerging compliance and conduct risks arising from the digital revolution in financial services. He will address the supervisory challenges being presented by these significant structural shifts at both a global and local level.      

Peter Smith, Managing Director, Policy and Strategy, at DFSA, will delve further into innovations in financial technology and its applications including RegTech and Big Data. Mr Smith will also discuss the risks and opportunities of digitalisation and the DFSA’s approach to regulating FinTech.

The 2016 summit attracted over 500 registered delegates from the GRC community in addition to regional and international regulators and industry practitioners. This year’s Summit has some 1,000 registered participants. 

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