The 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, stated a press release. He is expected to begin in July 2002.
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.
After training as a barrister and solicitor in Wellington New Zealand, he moved to Hong Kong, undertaking a number of senior roles in the Commission responsible for securities and futures regulation in Hong Kong, and from October 1987 leading the Hong Kong Futures Exchange as its CEO.
After moving to the UK he became CEO of the London Commodity Exchange in 1991, and subsequently was appointed as CEO of IMRO, the organization responsible for the regulation of the investment management industry in the UK.
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)
