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DIFC, UK Regulators Sign Cooperation Pact

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

The Dubai Financial Services Authority (DFSA), the regulator of the Dubai International Financial Centre (DIFC), has entered into a Memorandum of Understanding (MoU) with the United Kingdom's Prudential Regulation Authority (PRA).

The PRA was established in April 2013, and is a part of the Bank of England. It is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers, and major investment firms.

Ian Johnston, Chief Executive of the DFSA, said: "The strong links between UK financial firms and the Dubai International Financial Centre make the PRA the DFSA's most important regulatory relationship outside the United Arab Emirates. The PRA is the home regulator of a number of significant firms authorized by the DFSA to conduct business in and from the DIFC."

"I have already, in April 2013, signed a similar, complementary MoU with my counterpart at the Financial Conduct Authority, which regulates the conduct of financial firms. These formalized arrangements for cooperation and information sharing recognize the reliance placed by us on the quality of regulatory standards administered in our respective jurisdictions."

The DIFC is a free zone located in Dubai, the United Arab Emirates. It 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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