By Hossam Abougabal
The Dubai Financial Services Authority (DFSA) has finalised an important Memorandum of Understanding (MoU) with the Egyptian Financial Supervisory Authority (EFSA).
The MoU was signed in Dubai by Mr Ian Johnston, Chief Executive of the DFSA and by Mr Sherif Samir Samy, Chairman of EFSA, in Cairo.
The EFSA was established in 2009 and is responsible for supervising and regulating non-banking financial markets and instruments including the Capital Market, the Exchange, Insurance Services, Mortgage Finance, Financial Leasing, Factoring and Securitisation. The EFSA performs its duties to ensure markets’ stability and the protection of its participants.
The agreement is designed to enhance information sharing and co-operation between the two authorities in important aspects of their particular supervisory roles.
Mr Ian Johnston, Chief Executive of the DFSA said: “The DFSA and the Egyptian regulator have enjoyed a good and co-operative relationship since the Dubai International Financial Centre (DIFC) was established. The DFSA and the Capital Market Authority of Egypt signed our first MoU as early as September 2006. It was the DFSA’s first MoU with another securities regulator in the Middle East, outside the UAE. We are delighted that this supplementary arrangement, reflecting the broader jurisdiction and additional responsibilities of the CMA’s successor, the EFSA, reconfirms this link. It is particularly pleasing that the DFSA, as one of the youngest authorities in the region, has such ties with the regulator of the oldest capital markets in the Middle East.”
Mr Sherif Samy, Chairman of the EFSA said: “We were keen to sign this agreement due to the DFSA’s growing role and activity witnessed from companies across both jurisdictions.” He added, “I look forward to closer co-operation between the two regulators.”