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27 Jul 2011, 12:07 pm

DFSA Renews Ties With Swiss Counterpart

The Dubai Financial Services Authority (DFSA) yesterday entered into a Memorandum of Understanding (MoU) with the Swiss Financial Market Supervisory Authority (FINMA).

The MoU was signed on behalf of the DFSA by its Chief Executive, Mr Paul M Koster and Professor Anne Héritier Lachat, Chair of the Board of Directors of FINMA, in advance of a meeting of the DFSA Board in Zurich.

FINMA was established in June 2007 by Federal legislation, the Swiss Financial Market Supervisory Authority (FINMASA) Act, which merged the Federal Office of Private Insurance (FOPI), the Swiss Federal Banking Commission (SFBC) and the Anti-Money Laundering Control Authority into one agency responsible for all financial regulation in Switzerland.

Mr Paul M Koster, Chief Executive of the DFSA said, “The DFSA Board meeting in Zurich this week underlines the significant presence of Swiss financial institutions in the Dubai International Financial Centre and the importance the DFSA attaches to Switzerland, which has long been regarded as among the world’s leading international financial centres. FINMA plays a critical role as the national regulator, as did its predecessors, FOPI and the SFBC. In fact, this initiative reflects FINMA’s status as an integrated financial services regulator and in adding co-operation in relation to insurance supervision; it enhances an existing relationship by extending the reach of an MoU which the DFSA and the SFBC have had in place since April 2007. 

As active members of the International Organisation of Securities Commissions and the International Association of Insurance Supervisors, FINMA and the DFSA strive to embrace best practice and seek to reflect the resolutions of the international standard-setters.  This initiative should be seen as an affirmation of a mutual willingness to co-operate and share information to those standards.”

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