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DFSA Signs MoU With Australian Regulator

by Lorys Charalambous, Lowtax.net, Cyprus
07 August, 2015

The Dubai Financial Services Authority (DFSA), the regulator of the Dubai International Financial Centre, announced on August 6, 2015, that it has entered into an agreement with the Australian Prudential Regulation Authority (APRA).

The Memorandum of Understanding commits the DFSA and APRA to information sharing and co-operation in the supervision of financial institutions.

The MoU was signed on behalf of the DFSA by Chief Executive Ian Johnston and by the Chairman of APRA, Wayne Byres, in Sydney on the side-lines of the Boao Forum for Asia, at which they were both speaking.

Ian Johnston said: "I am very pleased to sign this MoU with APRA." He noted APRA's membership of the International Association of Insurance Supervisors (the IAIS) and Byres' membership of the Basel Committee on Banking Supervision (BCBS). "As a member of the IAIS and as an Observer on the Basel Committee, the DFSA also appreciates the importance of international standards in the insurance and banking sectors," Johnston said.

He added: "This bilateral MoU with APRA reflects the presence of a number of Australian firms offering financial services in the Dubai International Financial Centre and reflects each Authority's commitment to co-operation in relation to their regulation. It also follows similar arrangements the DFSA has with other significant supervisors in the UK, Germany, Italy, France, the US, India, China, Japan and Singapore, as well as in the region."

The Dubai International Financial Centre offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.

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