The Dubai Financial Services Authority has named Bryan Stirewalt to replace its long-standing chief executive Ian Johnston, who is to shortly retire from the DIFC-based regulator.
Stirewalt, who takes over on 1 October, spent the last decade with the DFSA and was chosen after what the regulator describes as a “global search”, which began when Johnston announced in late 2017 that he would step down.
This key handover comes in the wake of regulatory challenge caused by DIFC registered Abraaj Capital, one of the largest private equity firms in the Middle East, which in June filed for provisional liquidation in the Cayman Islands.
The DFSA board of directors said in a statement that Stirewalt, who has been managing director for the last eight years, is an “acclaimed financial regulator with a career that spans over 30 years in various public and private sector roles” and would be “further developing its capability as a robust regulator.”
Currently, he is also the co-chair of the Basel Consultative Group (BCG), which provides a forum for deepening the Basel Committee on Banking Supervision’s engagement with country supervisors.
Saeb Eigner, chairman of the DFSA, said: “Bryan has played a vital part in executing the DFSA’s regulatory mandate and developing its risk-based supervision framework. He comes with wide international experience combined with a thorough knowledge of the workings of the DFSA and the context in which it operates.”
Johnston’s achievements
He added: “On behalf of the board, I wish to convey our warm appreciation to Ian for his many achievements, which include his leading role in enhancing the reputation of the DFSA as an internationally respected regulator, driving regulatory policy formation, participating in the work of international standard-setting bodies and managing the DFSA efficiently.
“During his term, the DFSA became a signatory to important international bodies such as the International Organisation of Securities Commissions and the International Association of Insurance Supervisors, to name but two. He has also strengthened our relationship with other UAE regulatory authorities. I am sure that Bryan will build successfully on this legacy.”
