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DFSA signs MoU with Central Bank of Lebanon

United Arab Emirates: Thursday, October 03 - 2013 @ 00:00

The MoU was signed at the DFSA by Mr Ian Johnston, Chief Executive of the DFSA, and Mr Usama R Mikdashi, Chairman of the Banking Control Commission of Lebanon (BCCL), on behalf of the Governor of the BDL.

The BCCL was established in 1967 to supervise banks, financial institutions, money dealers, brokerage firms and leasing companies in Lebanon.

The BCCL exercises its supervisory functions independently but in close co-operation with the Governor of the BDL. The BCCL performs its duties through periodic on-site and off-site examinations and evaluates financial soundness of regulated entities.

Mr Ian Johnston, Chief Executive of the DFSA, said, “Since its inception, the DFSA has been keen to engage with our counterparts in this region. This MoU confirms a growing relationship between the Dubai International Financial Centre (DIFC) and the Central Bank of Lebanon and reflects the importance of links between neighbouring regulators.”

Mr Johnson added, “This agreement will enhance information sharing and co-operation between us and assume increasing importance as both regulators rely on the quality of regulatory standards administered in the other’s jurisdiction.”

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Thursday, October 3- 2013 @ 0:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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