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16 Jun 2014, 12:06 pm

DFSA Signs Agreement with UK Financial Regulator

The Dubai Financial Services Authority (DFSA) last week entered into a Memorandum of Understanding with the United Kingdom's Prudential Regulation Authority (PRA). 

At a meeting in London, Mr Andrew Bailey, Chief Executive of the PRA and a Deputy Governor of the Bank of England, and Mr Ian Johnston, Chief Executive of the DFSA, signed the MoU on behalf of their respective authorities. 

The PRA was established in April 2013 and is a part of the Bank of England. It is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.  

Mr Ian Johnston, Chief Executive of the DFSA said: "The strong links between UK financial firms and the Dubai International Financial Centre make the PRA the DFSA's most important regulatory relationship outside the UAE. The PRA is the home regulator of a number of significant firms authorised by the DFSA to conduct business in and from the DIFC.  

"I have already, in April 2013, signed a similar, complementary MoU with my counterpart at the Financial Conduct Authority, which regulates the conduct of financial firms. These formalised arrangements for cooperation and information sharing recognise the reliance placed by us on the quality of regulatory standards administered in our respective jurisdictions," said Mr Johnston.

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