The MoU was signed last week by Paul Koster of the DFSA and Mark White, assistant superintendent regulator of the OFSI which is responsible for regulating and supervising all federally chartered, licensed or registered banks, insurance, trust and loan companies, co-operative credit associations and fraternal benefit societies in Canada.
“The attraction of the Dubai International Financial Centre (DIFC) as the domicile of choice for Canadian financial institutions in the Middle East will be further enhanced by this regulatory relationship,” said Koster.
“This initiative reflects each agency’s commitment to co-operation in relation to prudential oversight and inspections. It adopts the model for information sharing developed by the Basel Committee on Banking Supervision and follows similar arrangements the DFSA has with other significant banking supervisors in the UK, Germany, France, the US, Japan, Singapore and China.”
The latest agreement brings to fifty the number of MoUs the DFSA has entered into with both regional regulators and those from around the world since 2005.
