The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding (MoU) with the Financial Supervisory Commission of the Republic of Korea (FSC).
The MoU was signed by Mr. David Knott, Chief Executive of DFSA, and Mr. Jeung-Hyun Yoon, Chairman of the Financial Supervisory Commission and Governor of the Financial Supervisory Service, after a meeting in Seoul where Mr. Knott addressed the FT Asian Financial Centres Summit.
The FSC has overall responsibility for financial supervision in Korea, particularly licensing financial business and revising and drafting financial regulations, in addition to supervising the Financial Supervisory Service, which undertakes the supervision and examination of all financial institutions in Korea.
Mr. Knott said: “This is a timely initiative as Korean firms are expressing interest in offering financial services at the DIFC. The FSC is, like the DFSA, an integrated regulator and an agreement that covers all of the financial sectors is a significant one.
He added: “The signing of today’s MoU formalises arrangements for cooperation and information sharing between the two regulators and recognises the reliance placed by each regulator on the quality of regulatory standards administered in the other’s jurisdiction.”
Dr. Habib Al Mulla, Chairman of DFSA, also welcomed the signing of the MoU.
“It is pleasing to see closer regulatory ties with our counterpart in the Republic of Korea. This is the DFSA’s second MoU with a regulator in Asia and reflects its desire to build effective working relationships within our own region and beyond,’’ he said.
Mr. Jeung-Hyun Yoon said “The MoU between FSC and DFSA is all the more significant because it is the first MoU the Korean financial supervisory authorities have concluded with their Middle East counterparts. I hope the signing of the MoU will be an opportunity to stimulate mutual exchange and enhance financial cooperation between the two authorities.”
The Dubai Financial Services Authority (DFSA) is a central 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 was appointed Chief Executive of the DFSA on May 21, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
The Financial Supervisory Commission (FSC) was established as an integrated financial supervisor in Korea on 1 April 1998. The FSC is the single regulator of financial services in Korea, including the oversight of securities and futures markets, accounting standards and audit reviews. All financial institutions are subject to the supervision of a single supervisory body, the FSC and its executive arm, the Financial Supervisory Service (FSS).
Mr Jeung-Hyun Yoon was appointed Chairman of the FSC and Governor of the FSS in August 2004. Mr Yoon was previously Executive Director of the Asian Development Bank having occupied senior positions, including at Director-General and Deputy Minister level, within the Ministry of Finance and Economy
