The Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with the Cayman Islands Monetary Authority (CIMA), last week.

The MoU was signed on behalf of the DFSA by Chief Executive, Mr Paul Koster, having been signed earlier in Grand Cayman by the Managing Director of CIMA, Mrs Cindy Scotland. The ceremony in the Dubai International Financial Authority (DIFC) took place during a State Visit by the Premier of the Cayman Islands, The Honourable McKeeva Bush, Government representatives and business leaders, in the presence of the Governor of the DIFC, His Excellency Ahmed Humaid Al Tayer, and senior officials from DIFC Authority and the DFSA.

CIMA was established in 1997 as the single regulatory authority for banks insurance companies, mutual funds, securities business and all other financial services operating in the Cayman Islands. CIMA also manages the Cayman Islands currency, and advises the Cayman Islands government on financial-services regulatory matters.

Mr Paul Koster, Chief Executive of the DFSA said, “The DFSA is pleased to have entered this formal arrangement with the Cayman Islands Monetary Authority. Both authorities are integrated regulators striving to embrace best practice and seeking to reflect the resolutions of the international standard-setters. Both the DFSA and CIMA are already signatories to multi-lateral MoU of the International Organisation of Securities Commissions (IOSCO) which reflects the highest standards of co-operation and assistance among capital market regulators. This bi-lateral initiative extends that commitment to the banking and insurance sectors.”

“Given the international nature of the Centre, the DFSA has always valued the importance of its links with and trust between supervisors and regulators. We now have a bi-lateral MoU network with 53 fellow regulators, including the central banks and banking supervisors in the UAE, the United Kingdom, the United States, Canada, France, Germany, the Netherlands, Belgium, South Africa, Jordan, China, Singapore and Japan.”, Mr Koster said.