The Dubai Financial Services Authority (DFSA) entered into two important agreements, last week, with the Commissione Nazionale per le Società e la Borsa (Italian Securities and Exchange Commission) or CONSOB and Bank d’Italia (Bank of Italy), in Rome.
CONSOB is the public authority responsible for regulating the Italian securities market and protecting the investing public. It also conducts investigations with respect to potential infringements of insider dealing and market manipulation law.
The Bank of Italy is the central bank of the Republic of Italy and is responsible, among other issues, for the stability and efficiency of the financial system, regulating, co-ordinating, and controlling the provision of credit.
Mr Ian Johnston, Chief Executive of the DFSA said: “The DFSA is very pleased to have settled these protocols with each of Italy's financial supervisors. In doing so, our Italian counterparts have expressed their confidence in the DFSA's equivalence with international standards and our willingness and ability to share information and assist. This is especially important as two of Italy's largest financial institutions have branches in the Dubai International Financial Centre (DIFC). These just completed arrangements will give confidence to investors that both home and host supervisors are working closely together in Dubai and in Rome to ensure sound supervision of these institutions."
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