The arrangement between the Dubai Financial Services Authority (DFSA) and Cayman Islands Monetary Authority (CIMA) particularly concerns co-operation in banking and insurance sectors.
The DFSA said both it and CIMA were already signatories to the multi-lateral MoU of the International Organisation of Securities Commissions (IOSCO), which deals with capital markets, and noted this bi-lateral arrangement would extend that.
Paul Koster, chief executive of the DFSA said: “Both authorities are integrated regulators striving to embrace best practice and seeking to reflect the resolutions of the international standard-setters.
“Given the international nature of the centre, the DFSA has always valued the importance of its links with and trust between supervisors and regulators.”
He added the DFSA now had a bi-lateral MoU network with 53 regulators, including 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.
