The Dubai Financial Services Authority

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The Dubai Financial Services Authority
By Staff writer
Thu 30 Nov 2006 08:00 PM

The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding (MoU) with the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), the Federal Financial Supervisory Authority of Germany.

The MoU signing coincided with a visit to the DIFC by Mr. Jochen Sanio, President of the BaFin.

Chief Executive of the DFSA, Mr. David Knott said: “The BaFin is one of Europe’s pre-eminent financial services authorities. As such this memorandum of understanding is a most significant initiative, recognising the importance of these arrangements for cooperation and information sharing between the two regulators.”

Established on May 1, 2002 as an integrated regulator of banks and financial service providers, insurance undertakings and securities trading, the BaFin is an independent public-law institution subject to the legal and functional oversight of the Federal Ministry of Finance. BaFin’s primary objective is to guarantee the proper functioning, stability and integrity of the German financial system.

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