Sep 13 2011 |
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DFSA and NASDAQ Dubai Announce the Transfer of the Official List of Securities
Dubai, UAE, 13 September 2011: The Dubai Financial Services Authority ("DFSA") and NASDAQ Dubai today announce that with effect from 1 October 2011 the responsibility for maintaining the Official List of Securities will be transferred from NASDAQ Dubai to the DFSA (the "Transfer").The Transfer will result in the streamlining of the regulatory process for approving prospectuses and listing, for the benefit of issuers and investors. It is also in line with international best practice. NASDAQ Dubai will continue to be exclusively responsible for the admittance to trading of securities on its market and its role as an Authorised Market Institution licensed to operate an exchange and clearing house remains unchanged.
The DFSA and NASDAQ Dubai agreed to effect the Transfer in view of the DFSA's proposed new Markets Rules. Without the Transfer the Markets Rules would have had the effect of considerably increasing the regulatory burden on issuers in the Dubai International Financial Centre, by duplicating regulatory oversight in respect of prospectus and listing approval processes. The Transfer ensures that these processes will instead be centralised at the DFSA, providing an efficient and effective regulatory structure.
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Paul M Koster was appointed Chief Executive of the DFSA on 1 December 2008. Prior to becoming Chief Executive, he was Commissioner and Member of the Executive Board of the Autoriteit Financiële Markten (AFM), 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 CESRs Sub-committee on International Standards Endorsement. During his time with the AFM, he was also a Member of the 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 to 2001; as Managing Partner Corporate Finance, Coopers & Lybrand 1988 to 1998; and as Chief Compliance Officer and Acting Commissioner of Quotations, Amsterdam Stock Exchange 1986 to 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 Registered (Chartered) Accountant having qualified through the Royal Dutch Institute of Chartered Accountants in 1977 and certified as a registered auditor in 1983.
In May 2009, Mr Koster joined the Advisory Board of the 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.
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
© Press Release 2011
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