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DFSA enters into Memorandum Of Understanding with Central Bank of Cyprus

Dubai, UAE, 5 December 2011: The Dubai Financial Services Authority (DFSA) recently entered into a Memorandum of Understanding (MoU) with the Central Bank of Cyprus.

The MoU was signed on behalf of the DFSA by Chief Executive, Mr Paul Koster, having been signed earlier in Nicosia by the Governor of the Central Bank of Cyprus, Dr Athanasios Orphanides.

Mr Paul M Koster, Chief Executive of the DFSA said, "The Central Bank is the independent supervisor of banks in Cyprus which was integrated into the Eurosystem in January 2008. The DFSA already values its formal working relationship with Cyprus's markets' regulator, the Securities and Exchange Commission, having signed an MoU in May 2008. This signing indicates a growing interest on the part of European institutions in doing business in the Dubai International Financial Centre ."

This initiative also extends the DFSA's collegiate links with the supervisors of financial institutions in Cyprus and reflects each Authority's commitment to co-operation in relation to prudential oversight and inspections. It adopts the model for information sharing developed by the Basel Committee on Banking Supervision and follows similar arrangements the DFSA has with other significant banking supervisors in the UK, US, Germany, France, India, Singapore and China.

Recent financial turmoil has reinforced the importance of effective dialogue and collaboration between banking supervisors. We must find better ways to work together to resolve current problems and prevent their repetition. Agreements of this kind should help that process, Mr Koster added."

-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.

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:
Ms Angharad Irving - Jones
Head of 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 2011