DUBAI - The Dubai Financial Services Authority has signed a Memorandum of Understanding with the Central Bank of Egypt to enhance the relationship and cooperation between both institutions and facilitate the performance of their respective supervisory tasks.
Under the new agreement, the two sides will also work to promote the safety and soundness of banks in their respective jurisdictions. This includes, but is not limited to, combatting financial crime, conducting consolidated supervision of common firms and discussing crisis management.
The MoU was signed in Dubai on 28th July 2019 by Bryan Stirewalt, DFSA Chief Executive and by Tarek Amer, CBE Governor, in Egypt.
Stirewalt said, "We are honoured to be working hand in hand with the Central Bank of Egypt. This MoU will enhance the cooperation and relationship between the two parties by promoting stable and transparent financial services in our respective jurisdictions as well as contribute to strengthening investor confidence." Amer stated, "The MoU signed with the DFSA will help facilitate the exchange of information and performance of the supervisory tasks as well as promote the safety and soundness of banks in our respective jurisdictions, exchanging staff experience and training in the scope of banking supervision."
The Dubai Financial Authority has enjoyed a close working relationship with its Egyptian counterparts for many years. In September 2006, the Capital Markets Authority of Egypt (the predecessor to the Egyptian Financial Supervisory Authority) was the first regulator outside the UAE to sign a MoU with the DFSA. In 2014, the DFSA signed a MoU with the then newly established Egyptian Financial Supervisory Authority, which has a broad regulatory remit for supervising and regulating non-banking financial markets and instruments, including capital markets, securities exchange, insurance services, mortgage finance, financial leasing, factoring and securitisations.
This agreement is the seventh MoU signed by the Authority with a regional central bank. Most recently, in March 2019, the DFSA signed a MoU with Bank Al Maghrib, in addition to MoUs with the Central Bank of Bahrain and the Central Bank of Oman in 2018. This builds upon MoUs signed with the Central Bank of the UAE in 2009, Banque Du Liban in 2013, and the Central Bank of Jordan in 2007.
The Financial Authority has signed 110 bilateral MoUs with national, regional and global regulators and five multilateral MoUs as members of the key international financial standard setters, demonstrating its commitment to enhanced regulatory cooperation and engagement in global financial markets.
© Copyright Emirates News Agency (WAM) 2019.
