The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with Lebanon’s Capital Markets Authority (CMA). The agreement is said to enhance information sharing and cooperation around supervisory issues, further extending the existing relationship between the two markets. DFSA has recently been signing agreements with regulatory agencies around the world designed to boost Fintech cooperation.
Ian Johnston, Chief Executive of the DFSA, and Sami Saliba, Executive Board Member of the CMA, signed the agreement at the offices of the DFSA. Representatives of DFSA said the MOU also provides the foundation to facilitate the entry of some financial institutions into the Dubai International Financial Centre (DIFC) from Lebanon, through information sharing.
“Building strong frameworks of cooperation with our regional peers has always been a strategic objective for us. We have MoUs in place throughout the GCC as well as in Egypt, Jordan and, through our MoU with the Banque du Liban (BDL), with Lebanon,” said Johnston. “Today’s MoU affirms the success of our relationship with the Lebanese authorities and recognises the joint oversight of brokerage firms, investment banks and other non-banking financial institutions in the two jurisdictions.”
DFSA said the MoU reflects growing relations with Lebanese markets. The DFSA entered into a MoU with the BDL in 2013, to enhance information sharing and cooperation. In May this year, the DIFC hosted the “Lebanese Banks Day in DIFC” under the patronage and in the presence of H.E. Riad Salamé, Governor, BDL and H.E. Essa Kazim, Governor, DIFC. Senior representatives of the Lebanese banking community attended the event in an effort to further build relationships among the well-established sector.