The Dubai Financial Services Authority (DFSA) has signed an agreement with the Australian Prudential Regulation Authority (APRA).

In the Memorandum of Understanding (MoU) both parties promise to share information and co-operate in the supervision of financial institutions. The DFSA's chief executive, Mr Ian Johnston, signed it with the chairman of APRA, Mr Wayne Byres, in Sydney.

Judging from the comments of the signatories, the main idea behind the MoU is to please the International Association of Insurance Supervisors (the IAIS) the Basel Committee on Banking Supervision.

The DFSA has other MoUs with supervisors in the UK, Germany, Italy, France, the US, India, China, Japan, Singapore and the Persian Gulf in general.