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DIFC Regulator Signs MoU With Kuwaiti Counterpart

by Lorys Charalambous, Lowtax.net, Cyprus
08 June, 2015

The Dubai Financial Services Authority (DFSA), the regulator of the Dubai International Financial Centre (DIFC), announced on June 7, 2015, that it recently entered into a Memorandum of Understanding (MoU) with the Capital Markets Authority of Kuwait (CMA).

Under the MoU, the two bodies agreed to share regulatory knowledge and experience, while facilitating the entry of Kuwaiti financial institutions into the DIFC.

"Along with its commitments to the international standard-setters and its relationship with key home regulators in Europe, India, and China, the DFSA maintains its focus on the region, particularly its links with counterparts in the Gulf Cooperation Council (GCC)," Ian Johnston, Chief Executive of the DFSA, said. "As relatively young regulators (the DFSA was established in 2004 and the CMA in 2010), the DFSA and CMA see value in developing our capacity as capital markets regulators."

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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