Dubai, UAE, 2 May, 2012: The Board of Directors ("Board") of the Dubai Financial Services Authority ("DFSA") today announces the appointment of Ian Johnston as the next Chief Executive of the DFSA. Ian Johnston will succeed Paul M Koster, with effect from 15 June 2012, after Paul Koster completes three and a half years with the DFSA. During his tenure Paul Koster has made an important contribution to the further establishment of the DFSA as a strong and internationally respected regulator, and thus, to the development of the Dubai International Financial Centre ("DIFC") as a successful international financial centre.
Ian Johnston has been the DFSA's Deputy Chief Executive since 2009 and Managing Director since 2006, when he joined the DFSA. Ian has wide international experience and has been active in supporting the work and objectives of the international standard-setting bodies. He is a member of the Technical Committee of the International Association of Insurance Supervisors, the global standard-setting body for insurance regulation. Of his new appointment Ian said: "I would like to thank the Board for entrusting me with this responsibility. I am very honoured to have been selected as the new Chief Executive and look forward to continuing the DFSA's work in delivering world-class regulation."
Saeb Eigner, Chairman of the DFSA, commenting on the appointment said; "International interest in the DIFC and in DFSA's role plays an important part in the work that we do. As such, Ian's experience in shaping our international agenda and his experience in working with the global standard-setters continues to be very relevant to the development of the DFSA and to the DIFC. The Board of Directors and I are committed to supporting the Executive as Ian Johnston takes the helm of the DFSA."
Mr Eigner continued by saying; "On behalf of the Board, I wish to convey our appreciation to Paul whose many achievements at the DFSA include the further development of our co-operation with key regulatory agencies in the UAE and other important jurisdictions."
-Ends-
For further information please contact:
Angharad Irving-Jones (Ms)
Head of Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate
Dubai, UAE
Tel: +971 (0)4 362 1661
Email: airvingjones@dfsa.ae
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.
Ian Johnston is an experienced international regulator who joined the DFSA in November 2006, as a Managing Director, to head-up the Policy and Legal Services Division. In May 2012, the DFSA's Board of Directors appointed Ian as its new Chief Executive, to take over from Paul M Koster on 15 June 2012.
Ian was admitted to practice Law in Australia in the early 1980's and spent most of his career in the private sector. He held a number of senior positions within the financial sector and was CEO of one of Australia's major Trustee Companies. During that time, Ian played a leading role in the Trustee industry and served on the National Council of the Trustee Corporations Association.
In 1999, Ian joined the Australian Securities and Investments Commission where he held the position of Executive Director, Financial Services regulation, and spent several terms as an acting Commissioner. In 2005, Ian took up a position with the Hong Kong Securities and Futures Commission as a Special Advisor.
Ian is a past Chairman of the Joint Forum, which comprises representatives of the major international regulatory standard-setters (IOSCO, IAIS and the Basel Committee). He is a member of the Technical Committee of the IAIS, the global standard-setting body for insurance regulation, and Ian is a member of the Board of Directors of the Financial Planning Standards Board (FPSB).
The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas.
Since its launch in 2004, DIFC, a purposely built financial free-zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC's client base comprises over 800 active registered firms, including 21 of the top 30 global banks, 8 of the top global money managers, 6 of the 10 largest insurers and 6 of the top 10 law firms in the world. More than 12 thousand employees operate in an open environment complemented by international legal and regulatory standards. DIFC offers its member companies benefits such as 100 percent foreign ownership, zero percent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA). It also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over civil and commercial disputes in or relating to the Centre.
DIFC is built upon a modern legal, regulatory and physical infrastructure which makes it the destination of choice for Financial Services firms establishing a presence in the region.
For further information, please visit www.difc.ae or Twitter @DIFC.
© Press Release 2012
