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21 Feb 2009, 12:02 pm

DFSA Signs MoU With Netherlands Central Bank

The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding (MoU) with the De Nederlandsche Bank (DNB) regarding co-operation and exchange of regulatory information. The DNB is the Netherland’s prudential regulator, responsible for safeguarding financial stability for the country and the supervision of financial institutions and the financial sector.

The MoU was signed by Mr Paul Koster, Chief Executive of the DFSA, and Mr Henk Brouwer, Executive Director of the DNB, following a visit to Sweden where the DFSA entered into another MoU with the Swedish Financial Supervisory Authority.

During the signing, Mr Koster said: “As a former commissioner at the AFM, the Netherlands’ conduct of business regulator, I am delighted to be back in Amsterdam to sign this MoU document with my colleague, Henk Bouwer. Just as the DNB and the AFM have worked together in sharing responsibility for the financial supervision in the Netherlands, the DFSA and the DNB, as co regulators of some of the same institutions operating there and in the DIFC, are committed to enhancing cooperation and information sharing in relation to these firms.”

The signing of this MoU has put in place arrangements for cooperation and information sharing between the two regulators. It recognises that both regulators rely on the quality of regulatory standards administered in the other’s jurisdiction. As a result of this signing we now have a bilateral and multilateral MoU network with 71 regulators across the globe.

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