Dubai International Financial Center (DIFC) has appointed Phillip Thorpe as its Chief Commissioner for its Regulatory Agency. The Regulatory Agency will ensure that DIFC licensed institutions are regulated to the best international standards. Phillip is expected to begin in July 2002.
“Phillip has unparalleled knowledge about the regulatory markets and has an excellent track record in the UK, North America and Hong Kong—among the best regulated and most sophisticated financial markets in the world. We are confident that Phillip's world-class experience will help to establish us as one of the best markets in the world,” Ian Hay Davison, chairman of the DIFC Regulatory Council said.
Prior to joining the DIFC, Phillip was the President of the Washington D.C. based Institute for Financial Markets where he has overseen an expansion of the remit of the Institute, both in terms of the products and services it offers, and in terms of its contributor and client base.
Commenting on his new appointment, Phillip said: “The creation of a successful DIFC is an exciting and demanding project. I believe my previous experience in international financial markets and in building regulatory structures, will stand me in good stead for the job ahead. I particularly look forward to the challenge of helping establish a new regulator committed to setting and maintaining the highest standards for this new and important financial center.”
The DIFC has been established to position Dubai as a universally recognized hub for institutional finance and as the regional gateway for capital and investment. The independent unitary Regulatory Agency will adopt a two-tiered governance structure consisting of a 'Regulatory Council' and a 'Regulatory Commission'. This ensures having a transparent separation of execution and oversight functions.
The Regulatory Council will ensure that the agency acts in accordance with its regulatory objectives and principles. Its members will comprise of international legal, regulatory, and accounting experts and representatives from regulators of selected financial jurisdictions. The Regulatory Commission, consisting of executive members only and appointed by and accountable to the Regulatory Council, will execute all regulatory functions. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
