The Governor of the Dubai International Financial Centre (DIFC), His Excellency Dr. Omar Bin Sulaiman, today announced that Mr. David Knott will be appointed as a Board Member of the Dubai Financial Services Authority (DFSA) for a term of 3 years following his retirement as Chief Executive at the end of 2008.
“David Knott has greatly contributed to the success of the DIFC over the past few years and has more than fulfilled our expectations as Chief Executive of the DFSA. We are delighted that we will continue to benefit from David’s wealth of regulatory and business experience after he steps down from full time employment at the end of the year.”
About the DIFC
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. In just three years, over 600 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The Dubai Financial Services Authority (DFSA) is the sole independent regulator of all financial and ancillary services conducted through the Dubai International Financial Centre (DIFC), a purpose-built financial free zone in Dubai. The DFSA’s regulatory mandate covers asset management, banking, securities, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities exchange.
David Knott was appointed Chief Executive of the DFSA on 1 June, 2005. He is a former Chairman of the Australian Securities and Investments Commission (ASIC) and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO). Other positions previously held by him include COO of the Australian Prudential Regulation Authority (APRA); CEO of Commonwealth Funds Management; CEO of the Australian Financial Institutions Commission (AFIC) and Director of the Australian Crime Commission.
Prior to entering the field of regulation, David held senior private sector roles in both law and investment banking. He was a partner in a leading Australian commercial law firm and subsequently headed the M&A business of a prominent Australian investment bank. David has served as a Director of several companies, both private and listed, and also as a Member of charitable Boards and Foundations.
