DFSA signs MoU with Banque de France.Summary: The Dubai Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. (DFSA DFSA Dubai Financial Services Authority (Dubai International Financial Centre) DFSA Direct File System Access (MOSIX) DFSA Drug-Facilitated Sexual Assault DFSA Deterministic Finite State Automaton ) this week, entered into an agreement with the French Banking Supervisor, the Commission Bancaire, the supervisory arm of the Banque de France Banque de France National bank of France, created in 1800 to restore confidence in the French banking system after the financial upheavals of the revolutionary period. Napoleon was one of its founding shareholders. . The Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MoU) binds the DFSA and Commission Bancaire to information sharing and co-operation in the supervision of financial institutions. The Dubai Financial Services Authority (DFSA) this week, entered into an agreement with the French Banking Supervisor, the Commission Bancaire, the supervisory arm of the Banque de France. The Memorandum of Understanding (MoU) binds the DFSA and Commission Bancaire to information sharing and co-operation in the supervision of financial institutions. The MoU was signed on behalf of the DFSA by its Chief Executive, Mr. David Knott, and Mr. Jean-Paul Redouin, Deputy Governor of the Banque de France and Chair of the Commission Bancaire. Mr. Knott said: C[pounds sterling]The attraction of the DIFC DIFC Dubai International Financial Centre as the domicile of choice for French financial institutions in the Middle East will be further enhanced by these regulatory relationships. This initiative reflects each agencyCOs 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 The Basel Committee on Banking Supervision is an institution created by the central bank Governors of the Group of Ten nations . It was created in 1974 and meets regularly four times a year. and follows similar arrangements the DFSA has with other significant banking supervisors in the UK, Germany, the United States and ChinaC[yen]. A[umlaut] 2008 Al Bawaba (www.albawaba.com) A[umlaut] 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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