The Financial Services Commission of Mauritius and the Dubai Financial Services Authority have signed a memorandum of understanding.

The MoU deals with 'capacity building' in the Indian Ocean and other subjects for collaboration. Ian Johnston, the head of the DFSA, and Mr Dharam Dev Manraj, the chairman of the FSC Mauritius, signed it on 1 October.

The two authorities are aiming at more 'technical exchanges' and the promotion of cross-border activities. The FSC Mauritius has so far signed 3 Multilateral MoUs, 2 Regional MoUs, 25 MoUs regarding the supervision of entities under the European Union's Alternative Investment Managers' Directive, 22 MoUs with foreign authorities  and 6 MoUs with what it calls 'local authorities.'

Recently, the DFSA also signed an MoU with the Australian Prudential Regulation Authority (APRA). In it, both bodies promise to share information and co-operate in the supervision of financial institutions. Johnston signed it with the Chairman of APRA, Mr Wayne Byres, in Sydney. He noted APRA's membership of the International Association of Insurance Supervisors (the IAIS) and Byres' membership of the Basel Committee on Banking Supervision, of which he was once secretary-general. The DFSA is an 'observer' on the Basel Committee. Quite a few Australian firms offer financial services in the Dubai International Financial Centre. This year Dubai also signed MoUs with the Capital Markets Authority of Kuwait and the Indonesian Otoritas Jasa Keuangan. The DFSA has MoUs with other supervisors in the UK, Germany, Italy, France, the US, India, China, Japan and Singapore, as well as in the Gulf of Persia itself.