DFSA Strengthens Ties With Indonesian Regulator
by Mary Swire, Lowtax.net, Hong Kong
07 April, 2015
The Dubai Financial Services Authority (DFSA), the regulator of the Dubai International Financial Centre (DIFC), recently agreed to increase cooperation with the Indonesian financial services regulator, the Otoritas Jasa Keuangan (OJK).
The signing followed a meeting a few days earlier in Bangkok between Ian Johnston, the Chief Executive of the DFSA, and Khun Tipsuda Thavaramara, the Deputy Secretary General of the Securities and Exchange Commission, Thailand (SEC).
Thailand's SEC was among the first foreign regulators to sign a Memorandum of Understanding with the DFSA in 2006, and, since then, the DFSA has forged formal links with regulators from the Association of Southeast Asian Nations (ASEAN), including Malaysia's Bank Negara, Malaysia's Securities Commission, and the Monetary Authority of Singapore.
Johnston said: "Both the OJK and the DFSA, as signatories of the Multilateral MoU of the International Organisation of Securities Commissions (IOSCO), have already met the rigorous and respected standards of cooperation between capital market regulators. This enhancement of information sharing and assistance between the OJK and the DFSA – to exchanging views on global regulatory reforms and capacity building – is a critical step to ensuring confidence in each of our regulatory regimes. The DFSA looks forward to working with the OJK for the benefit of both Indonesia and our center in the UAE."
Johnston said that the two regulators will work together to promote and develop the Islamic finance sector, to support the initiative launched by Mohamad Bin Rashid Al Maktoum, the ruler of Dubai, to make the DIFC a center for Islamic finance in the Middle East.
He noted that Indonesia is the world's most populous Islamic finance market and is a founding member of the Islamic Finance Standards Board (IFSB).
The DIFC 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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