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DIFC, Egypt Enhance Financial Regulatory Ties

by Lorys Charalambous, Lowtax.net, Cyprus
02 June, 2014

The regulator of Dubai International Financial Centre (DIFC), a free zone in the United Arab Emirates, has finalized a memorandum of understanding (MoU) with the Egyptian Financial Supervisory Authority (EFSA).

The agreement is designed to enhance information sharing and co-operation between the two authorities in important aspects of their particular supervisory roles, the Dubai Financial Services Authority (DFSA) said. The EFSA was established in 2009 and is responsible for supervising and regulating non-banking financial markets and instruments including the Capital Market, the Exchange, Insurance Services, Mortgage Finance, Financial Leasing, Factoring and Securitization. The EFSA performs its duties to ensure markets' stability and the protection of its participants.

The DFSA is the independent regulator of all financial and ancillary services conducted through the DIFC, a financial free zone connecting markets in the Middle East and North Africa with the rest of the world. The DIFC offers a number of business incentives, including 100 percent foreign ownership, zero percent tax on income and profits for 50 years, and an international legal system based on English Common Law.

Ian Johnston, Chief Executive of the DFSA, said: "The DFSA and the Egyptian regulator have enjoyed a good and co-operative relationship since the Dubai International Financial Centre was established. The DFSA and the Capital Market Authority of Egypt signed our first MoU as early as September 2006. It was the DFSA's first MoU with another securities regulator in the Middle East, outside the UAE."

He continued: "We are delighted that this supplementary arrangement, reflecting the broader jurisdiction and additional responsibilities of the CMA's successor, the EFSA, reconfirms this link. It is particularly pleasing that the DFSA, as one of the youngest authorities in the region, has such ties with the regulator of the oldest capital markets in the Middle East."

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