DFSA Enters Into Memorandum of Understanding With French Markets Authority

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Paris, France, 7 March 2010: The Dubai Financial Services Authority (DFSA)The Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with the Autorité des marchés financiers of France (AMF), the French securities regulator, on Friday.

The signing took place between Mr Paul Koster, Chief Executive of the DFSADFSA, and M Jean-Pierre Jouyet, Chairman of the AMF.

The AMF is France's independent public body responsible for safeguarding investments in financial instruments and in all other savings and investment vehicles; for ensuring that investors receive material information; and for maintaining orderly financial markets. The AMF also lends its support to financial market regulation at European and International levels.

The Chief Executive of the DFSADFSA, Mr Paul Koster said: "The Autorité des marchés financiers has been a valued member of the International Organisation of Securities Commissions (IOSCO) and an active participant in the work of the Committee of European Securities Regulators (CESR), adopting and harmonising international standards in Europe and continuing to establish world-class standards in the regulation of capital markets. As such, this MoU is a significant initiative, recognising the importance of these arrangements for co-operation and information sharing between the two regulators."

DFSADFSA

This initiative reflects France's continuing commitment to the UAE, as the AMF already enjoys a significant and warm relationship with our federal counterpart, the Emirates' Securities and Commodities AuthoritySecurities and Commodities Authority (SCASCA), having signed a bi-lateral MoU in April 2009. Reflecting its status as an integrated regulator, the DFSADFSA also has an MoU with Commission Bancaire, France's banking supervisor, signed in August 2008.

DFSADFSA

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Editor's notes:
The Dubai Financial Services Authority (DFSA)The Dubai Financial Services Authority (DFSA) is the independent regulator of financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), a purpose-built financial free-zone in Dubai. The DFSADFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.

Paul M Koster is the Chief Executive of the Dubai Financial Services Authority (DFSA)Dubai Financial Services Authority (DFSA). Mr Koster's priorities as Chief Executive include enhancing the DFSADFSA's standing as an internationally respected regulator; building capability, particularly in relation to developing regulatory skills in the UAE; and further developing the DFSADFSA's approach to risk-based regulation

Prior to becoming Chief Executive, he was Commissioner and Member of the Executive Board of the Autoriteit Financiële Markten (Netherlands Authority for the Financial Markets), the national, integrated conduct of business financial services regulator for the Netherlands where he was identified as one of the four leaders shaping the conscience of Dutch business. Mr Koster joined the AFM in March 2001 and in addition to his duties as a Commissioner he chaired, from May 2006 until December 2007, CESR-Fin, the permanent working party of the Committee of European Securities Regulators that co-ordinates the endorsement and enforcement of financial reporting standards in Europe. For the previous two years he had chaired CESR's Subcommittee on International Standards Endorsement. During his time with the AFM, he was also a member of the International Organisation of Securities Commissions (IOSCO) Chairs' Committee and, as Chief Executive of the DFSADFSA, he remains actively involved in the work of IOSCO.

Mr Koster previously served as Executive Vice President (Corporate Internal Audit) at Royal Philips Electronics (1998-2001); as Managing Partner Corporate Finance, Coopers & Lybrand (1988-1998); and as Chief Compliance Officer and Acting Commissioner of Quotations, Amsterdam Stock Exchange (1986-1988); and carried out a number of senior finance functions in his earlier career, having trained as an accountant with Arthur Andersen.

Mr Koster is a licensed Register (Chartered) Accountant having qualified through the Royal Dutch Institute of Chartered Accountants in 1977 and been certified RA in 1983.

In May 2009, Mr Koster joined the Advisory Board of Emirates Securities and Commodities AuthoritySecurities and Commodities Authority (SCASCA), the UAE's federal securities regulator, and in July 2009 he also became a Member of the Consultative Advisory Groups of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).

Paul Koster is a Dutch national, married and has two adult children.

The Autorité des marchés financiers (AMF) The AMF was established by the Financial Security Act of 1 August 2003. It was formed from the merger of the Commission des opérations de bourse (COB), the Conseil des marchés financiers (CMF) and the Conseil de discipline de la gestion financière (CDGF). The objective in amalgamating these bodies was to improve the efficiency of France's financial regulatory system and to give it greater visibility. The AMF is an independent public body with legal personality and financial autonomy. It is responsible for regulation, authorisation, supervision, and enforcement and its remit is to: safeguard investments in financial instruments and in all other savings and investment vehicles; to ensure that investors receive material information; and to maintain orderly financial markets.

Jean-Pierre Jouyet, was appointed Chairman of the AMF on 15 December 2008. Immediately prior to his appointment as Chairman, he was Minister of State responsible for European Affairs, following two years as Head of the Service de l'Inspection générale des finances. In 2005, he was non-executive chairman of Barclays Bank, France. In 2004, M. Jouyet was appointed Ambassador with responsibility for international economic issues at the French Foreign Ministry, after four years as Head of the French Trésor Directorate, Ministry for the Economy, Finance and Industry, where he had first worked in 1980.

Apart from two years (1995 - 1997) as Partner of the French business law firm, Jeantet and Partners, M. Jouyet was, from 1988 to 1995, successively Deputy Principal Private Secretary and Principal Private Secretary to the Minister of Industry and then the President of the European Commission before becoming Deputy Principal Private Secretary to the Prime Minister (1997-2000).

M. Jouyet has also had a distinguished career as an academic. He has been Director of Studies, Paris Institut d'études politiques, a lecturer at ENA in 1982 (and since 2006), a lecturer (1996-1997) then Visiting Professor (since 2006) at the Paris Institut d'études politiques (IEP). He is also a member of the Board of Directors, France Telecom (2002-2004 and since 2006), and of the board of the Fondation nationale des sciences politiques since 2006.

M. Jouyet is the author of N'enterrez pas la France (with Philippe Mabille) in 2007 and Une Présidence de crises (with Sophie Coignard) in 2009.

He has been honorary Chairman of the Témoin Club since 1999 and was Chairman of the Démocratie Club in 2000. From 2000 until 2005, M. Jouyet was President of the Paris Club.

For further information please contact:
Ms. Angharad Irving - Jones
Manager, External Communications
Dubai Financial Services Authority
Level 13, The Gate
Dubai, U.A.E.
Tel: +971 (0)4 362 1661
Fax: +971 (0)4 362 0801
Email: airvingjones@dfsa.ae
www.dfsa.ae

© Press Release 2010