Paris, France, 28 May, 2008:  The Dubai Financial Services Authority (DFSA) entered into a Memorandum of Understanding (MoU) with the Financial Services Board of South Africa (FSB) yesterday.

The signing took place between Mr. David Knott, Chief Executive of the DFSA and Mr. Rob Barrow, the Executive Officer of the FSB during the Annual Conference of the International Organisation of Securities Commissions (IOSCO) being held in Paris.

The FSB supervises the activities of non-bank financial institutions and other financial services in South Africa, including its licensed exchanges, clearing houses, collective investment schemes and all types of insurance and retirement fund activities. 

The Chief Executive of the DFSA, Mr. David Knott said:  "The Financial Services Board of South Africa is a valued member of IOSCO and a leading participant in the African and Middle East Region, of which the DFSA is also a member. Both the FSB and the DFSA are signatories to the IOSCO Multilateral MoU, having satisfied the highest standards of co-operation and assistance among IOSCO members.  It is enhanced by today's bi-lateral agreement which reflects each agency's responsibilities in the regulation of securities and insurance."

As more South African financial services firms join the Dubai International Financial Centre (DIFC), this relationship will assume increasing importance as regulators rely on the quality of regulatory standards administered in the other's jurisdiction.

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The Dubai Financial Services Authority (DFSA) is the sole independent regulator of all financial and ancillary services conducted through the Dubai International Financial Centre (DIFC), a purpose-built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking, securities, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities exchange.

David Knott was appointed Chief Executive of the DFSA on 1 June, 2005. He is a former Chairman of the Australian Securities and Investments Commission (ASIC) and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).  Other positions previously held by him include COO of the Australian Prudential Regulation Authority; CEO of Commonwealth Funds Management; CEO of the Australian Financial Institutions Commission; and Director of the Australian Crime Commission. 

The Financial Services Board of South Africa (FSB) was established in 1990 to supervise the activities of non-bank financial institutions and other financial services in South Africa and to advise the Minister of Finance on matters concerning financial institutions and financial services. The functions of the FSB include the regulation and supervision of the activities of South African licensed exchanges, clearing houses, intermediaries investing on behalf of clients, central securities depositories, collective investment schemes and provident institutions (which include all types of insurance and retirement fund activities). 

Rob Barrow was appointed Executive Officer of the FSB on 1 July 2005. A chartered accountant, Mr. Barrow joined the FSB in 1997 as the Deputy Executive Officer responsible for the supervision of the South African Capital Markets and Collective Investments Schemes Industry. Before joining the FSB, he headed the surveillance division of the JSE Securities Exchange, and before that was a partner in the audit firm of Coopers and Lybrand (now PricewaterhouseCoopers), for 16 years.

For further information please contact:
Ms. Angharad Irving - Jones        
Manager, Communications and Strategic Planning   
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 2008