Dubai Financial Services Authority (DFSA) plans to take another major step forward as an international financial regulator with the appointment to its board of the Earl of Home.
Lord Home, son of the former British Prime Minister Sir Alec Douglas-Home, will bring another dimension to what is already a highly experienced international board governing Dubai's independent regulatory authority.
He has held both senior business and senior political posts. His business career has encompassed the chairmanship of Morgan Grenfell International, a directorship of Deutsche Morgan Grenfell, chairmanship of Coutts, the famous private bank, and a directorship of MAN Ltd., the UK subsidiary of MAN AG of Germany.
Lord Home, aged 61, has also been a Trade & Industry spokesman for the Conservative Party in the UK House of Lords.
Dr. Habib Al Mulla, chairman of the DFSA, said
"I am delighted that Lord Home has agreed to join the board of the DFSA. His wide international experience at senior level will be a timely addition to our already significant dept and breadth of international financial expertise.
"The pace of our operations is accelerating, as more and more international institutions and professional firms seek to obtain licences to operate inside the Dubai International Financial Centre (DIFC).
"We are now close to finalising the second batch of laws. When that happens we will have almost completed all the major laws and regulations to govern the operations of the DIFC. With the opening of the Regional Exchange expected in September, our aim is to manage what will be a large volume of regulatory work without compromising our high standards.
"The DFSA board's policy is to attract people of high expertise and calibre. This new appointment will help us achieve that goal."
Lord Home said:
"I am delighted and privileged to be asked to join the board of the DFSA. I hope to be able to contribute constructively to their deliberations."
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Notes to Editors
The Dubai International Financial Centre (DIFC) has been established as part of the goal to position Dubai as a universally recognised hub for institutional finance and as the regional gateway for capital and investment to the Middle East.
The DIFC Authority is the core body established by the Dubai Decree , is the body that issues all the laws and regulations for all the non-financial entities who will operate in the DIFC, and houses the Companies and Security Registries. The DIFCA is also the marketing arm of the DIFC and has the mandate to attract financial and non-financial entities to set up in the DIFC.
The Dubai Financial Services Authority (DFSA) is a critical part of the DIFC. The DFSA is an independent unitary regulatory authority, responsible for the regulation of asset management, banking, securities trading, Islamic finance, re-insurance and a regional financial exchange. The DFSA is being created using principle-based primary legislation modelled closely on that used in London and New York, and its regulatory regime will operate to standards that meet or exceed those in the world's major financial centres. The Authority expects to license blue-chip institutions operating in a variety of industry sectors with a primary focus on the wholesale markets.
The DIFX, the first international exchange to be launched in the 21st century, is being created to provide investors and issuers with a larger and more liquid securities market than exists in any of the region's national exchanges. Based on state-of-the-art technology, this fully electronic marketplace will be capable of listing and trading a wide range of bonds, equities, funds and derivatives.
For further information contact:
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© Press Release 2005
