The Dubai Financial Services Authority (DFSA) has today entered into a Memorandum of Understanding (MoU) with the Financial Supervisory Commission of Chinese Taipei (FSC).
The MoU was signed by Mr. David Knott, Chief Executive of the DFSA and Dr. Gordon Shuh Chen, Chairman of the Financial Supervisory Commission. The signing coincided with a visit by Mr. Knott to speak at the 5th Taipei Corporate Governance Forum.
The FSC is Taiwan’s single financial supervisor responsible for the supervision of all financial institutions, including banks, securities firms and insurance companies.
Mr. Knott said, “The signing of today’s MoU has formalised arrangements for co-operation and information sharing between the two regulators. It recognises that both regulators place reliance on the quality of regulatory standards administered in the other’s jurisdiction.”
“This initiative, together with the FSC’s commitment to promoting good corporate governance, confirms Chinese Taipei’s pragmatic response to dealing with some of the difficulties facing financial services regulators today.”
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 and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives 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; CEO of Commonwealth Funds Management; CEO of the Australian Financial Institutions Commission; and Director of the Australian Crime Commission.
The Taiwan Financial Supervisory Commission (FSC) is the integrated financial supervisor of Taiwan established on July 1, 2004 with the objectives of consolidating the supervision of banking, securities and insurance sectors, and acting as a single regulator for all of these sectors.
Dr. Gordon Shuh Chen was appointed Chairman of the FSC in July 2008. Dr. Chen has previously served as Chairman of the Securities and Exchange Commission under the Ministry of Finance, a Cabinet-level Division Director in the Executive Yuan, Deputy Minister of Finance, Chairman of the Taiwan Stock Exchange Corporation, and Chairman of the Taiwan Academy of Banking and Finance. He holds a Ph.D. in Business Administration from National Taiwan University and is an Adjunct Professor at National Chengchi University.
