Press Release - 13 March 2006
Regulatory Co-operation with the Dubai Financial Services Authority
The Jersey Financial Services Commission (the “Commission”)
today entered into a Memorandum of Understanding (“MoU”)
with the Dubai Financial Services Authority (“DFSA”).
The MoU was signed by Mr David Carse, Director General of the Commission,
and Mr David Knott, Chief Executive of the DFSA.
The DFSA is an independent, integrated regulatory authority responsible
for the regulation of all financial and ancillary services conducted
in or from the Dubai International Financial Centre (“DIFC”),
including asset management, banking, securities trading, Islamic
finance, re-insurance, and an international financial exchange.
Mr Carse said: “I am delighted to sign this Memorandum of
Understanding with the Dubai Financial Services Authority. It is
the latest in a number established between the Commission and other
regulators around the world and reflects the Commission’s
commitment to cross-border regulatory co-operation.”
Mr Knott said, “The business links between financial firms
in Jersey and the Dubai International Financial Centre are significant
and, with the introduction of trust and collective investment fund
regimes in the DIFC this year, these links will become increasingly
significant making the JFSC an important relationship for the DFSA.”
The signing of today’s MoU has formalised arrangements for
cooperation and information sharing between the two regulators.
It recognizes that both regulators place reliance on the quality
of regulatory standards administered in the other’s jurisdiction.
Dr Habib Al Mulla, Chairman of DFSA, also welcomed completion of
the MoU. “It is pleasing to see closer regulatory ties with
our counterpart in Jersey. The DFSA is actively building effective
working relationships with other regulators, both within our own
region and beyond,’’ he said.
- Ends -
For further information please contact: -
David Carse, Director General
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822011
Fax:+ 44 (0) 1534 822001
Notes to Editors.
The Commission is responsible for the regulation
and supervision of banking, collective investment funds, insurance
business, investment business and trust company business in Jersey.
Mr David Carse has been the Director General of
the JFSC since 3 November 2003. Before joining the Commission, David
Carse was Deputy Chief Executive of the Hong Kong Monetary Authority
where he was responsible for the full range of regulatory, supervisory
and policy issues relating to the banking industry in Hong Kong.
He went to Hong Kong as Commissioner of Banking in 1991, on secondment
from the Bank of England, and became Deputy Chief Executive of the
Hong Kong Monetary Authority in 1993.
The DFSA is a component of the DIFC, a new financial
centre established to position Dubai as a recognised hub for institutional
finance, and the regional gateway for capital and investment to
the Middle East.
The DFSA is an independent, integrated regulatory
authority responsible for the regulation of all financial and ancillary
services conducted in or from the DIFC, including asset management,
banking, securities trading, Islamic finance, re-insurance, and
an international financial exchange. The DFSA has been created using
principle-based primary legislation modelled closely on that used
in London and New York, and the DFSA regulatory regime operates
to standards that meet or exceed those applying in the world's major
Mr. David Knott is a former Chairman of the Australian
Securities and Investment Commission and was Chairman of the Technical
Committee of the International Organization of Securities Commissions
(IOSCO). He was appointed Chief Executive of the DFSA on 21 May
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