Dubai, UAE, 1 December 2010:  The Dubai Financial Services Authority (DFSA) holds its annual Tomorrow's Regulatory Leaders (TRL) Awards later today. The purpose of the awards is to congratulate Emirati employees who have completed the DFSA's two-year TRL Programme.

The programme prepares newly graduated UAE Nationals to become financial services regulators. A combination of in-house training and coaching by experts from international financial centres and examinations from the Chartered Institute of Securities and Investments (UK) makes the TRL Programme a unique development programme. Graduates join as TRL Associates and over the two years undergo over 400 hours of class room training along with on-job coaching from their more experienced DFSA colleagues. They also benefit from regular mentoring and industry placements within Dubai International Financial Centre (DIFC) Firms.

Mr Paul Koster, Chief Executive of the DFSA said, "We take our obligations to the financial services community very seriously. To be a good regulator is to understand the challenges and market conditions your regulated community is facing. This is difficult at any stage of a regulator's career but more so when you are first starting out. DFSA is working closely with many DIFC-based Firms to provide our trainees with the opportunity to work in financial services institutions as part of the TRL Programme, so they can better understand our regulated community.

Almost 95% of the TRL Programme is delivered by our regulatory colleagues who write and deliver training material or coach our trainees on a daily basis, where they benefit from a wealth of regulatory experience and gain an international perspective. In our awards today we not only celebrate the success of our young Emirati colleagues, but also recognise the considerable efforts and enthusiasm our trainers and coaches have shown over the last year.

In line with our core regulatory mission, the TRL Programme is one of our most important strategic initiatives. We place great importance on developing the next generation of regulatory leaders."

Mr Abdullah Saleh, Chairman of the DFSA said, "We are proud to say that 26% of our regulators are UAE Nationals. Since inception we have graduated nine managers with another ten trainees currently going through the Programme. The success of this programme is very important to the DFSA and we will continue our efforts to deliver sustainable and enduring benefits to the UAE, by developing young Emiratis for long-term careers in financial services regulation." 

-Ends- 

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 DFSA'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.

Abdullah M Saleh was appointed as Chairman of the DFSA and its Board of Directors on 17 June 2007, having served as a director of the DFSA since 2004. Mr Saleh is the Vice Chairman of Emirates NBD PJSC, the largest banking entity in the Middle East. Emirates NBD PJSC was formed by the merger of National Bank of Dubai (NBD) and Emirates Bank International (EBI). Mr Saleh was one of NBD's founders in 1963, and then the Managing Director from 1982 until January 2004 and thereafter Chairman from 2005 till the merger with EBI.

Mr Saleh is a former adviser on financial matters to the Late Ruler of Dubai, HH Sheikh Rashid Bin Saeed Al Maktoum. Mr Saleh served as an Arbitrator on the Paris-based High Board of the Euro-Arab Arbitration Centre, from 1988 to 2000. He is a Board Member of the Dubai Chamber of Commerce and Industry. He has been a Member of the Board of Qatar Fuel Additives Company since 1990 and has been Chairman of International Octane Limited since 1990. He is a Director and major shareholder of Dubai Transport Company LLC (DUTCO), the holding company of the DUTCO Group of Companies. He has been Chairman of MARSH INSCO (insurance brokers) since 1976.

He was educated in Sharjah and London and also attended the Institute of Bankers after completing his academic studies.

Paul M Koster is the Chief Executive of the Dubai Financial Services Authority (DFSA). Mr Koster's priorities as Chief Executive include enhancing the DFSA's standing as an internationally respected regulator; building capability, particularly in relation to developing regulatory skills in the UAE; and further developing the DFSA'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 DFSA, 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 Authority (SCA), 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). In September 2010, Mr Koster won the 'CEO of the Year for Financial Services' award and was voted one of the most influential expatriates living and working in the region today.

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

For further information please contact:
Ms. Angharad Irving - Jones     
Manager, Corporate 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