Istanbul, Turkey - An important memorandum of understanding between the Capital Markets Board of Turkey (CMB) and the Dubai Financial Services Authority (DFSA) was completed at a signing ceremony in Istanbul on November 8, 2005.
The ceremony was attended by CMB Chairman, Dr. Do?an Cansizlar, and by the DFSA Chief Executive, Mr. David Knott.
CMB is the regulatory authority responsible for the supervision of securities markets and institutions in Turkey. DFSA is the independent regulator of all financial services (banking, asset management, reinsurance and stock exchanges) within the Dubai International Financial Centre. The MoU is designed to enhance information sharing and cooperation between the two agencies, including investigation of international securities crime.
Commenting on the signing DFSA's Chief Executive David Knott said: "We are delighted that DFSA's close relationship with CMB has been formalised in this manner. Both agencies are committed to promoting high standards of market conduct, governance and transparency. Our agreement to co-operate and share information will assist to preserve those high standards in international financial transactions that affect our two jurisdictions.
"I am particularly pleased to have signed the MoU with my friend Do?an Cansizlar against the background of increasingly warm ties between Turkey and the UAE."
Knott added: "The end result will be a transparent and robust regime of audit supervision that will further enhance investor confidence in financial firms that operate within the DIFC. Review of audit performance, measured against applicable international standards, will form the centrepiece of the regime. The audit expertise of the ACCA will be invaluable in achieving these objectives."
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About DFSA
The Dubai Financial Services Authority (DFSA) is a critical component of the Dubai International Financial Centre (DIFC), a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
The DFSA is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Centre, including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modeled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
Mr. David Knott is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organization of Securities Commissions (IOSCO). He was appointed Chief Executive of the DFSA on 20th March 2005.
Capital Markets Board, Turkey
The CMB, established in 1982 under the Capital Markets Law of 1981, is a self-funding regulatory authority of securities markets in Turkey, with investigative and enforcement powers. The CMB is responsible for regulating all matters relating to securities and derivative instruments and ensuring proper conduct of securities market institutions. It also aims to boost both domestic and foreign investors' confidence in Turkish capital markets through the implementation of rules & policies in accordance with international standards.
The CMB's regulatory and supervisory functions include public offering of securities by the corporations; securities market intermediaries; mutual funds and investment companies including real estate investment companies and venture capital investment companies; independent auditing firms operating in capital markets; stock exchanges and other organised markets; precious metal exchanges and derivatives exchanges; other related institutions such as rating agencies, clearing and depository institutions.
Dr. Do?an Cansizlar was appointed Chairman of the Capital Markets Board of Turkey in November 2000. He has served as Chairman of the Emerging Markets Committee of IOSCO since May 2002.
For further information please contact:
Stephen Worsley
Shilpa Mathai
Polaris Public Relations
Dubai, UAE
Tel: 9714 3348520
Fax: 9714 3341326
E-mail: s.worsley@polaris-me.com
E-mail: s.mathai@polaris-me.com
© Press Release 2005
