The Dubai Financial Services Authority has signed a new Memorandum of Understanding with the Isle of Man Financial Services Authority. The MoU replaces two previous agreements that the parties signed in February 2005. Bryan Stirewalt, the Chief Executive of the DFSA, and Karen Badgerow, the Chief Executive of the IOMFSA, signed it yesterday.

Stirewalt said: “We are delighted to be extending and deepening our co-operation with the Isle of Man’s financial regulator, 15 years after the signing of our first bilateral MoU. Collaboration is crucial in enabling the DFSA to maintain the integrity, efficiency and financial stability of the Financial Services industry in the Dubai International Financial Centre.”

The MoU sets the terms for co-operation in the consolidated supervision of cross-border financial service activities, including retirement benefits schemes. It also provides for an exchange of views about global regulatory reforms, crisis management and resolution and the development of financial and regulatory technology (FinTech and RegTech). The two authorities will carry on working closely together to prevent money laundering, fraud and other prohibited practices in both their jurisdictions.

Ms Badgerow remarked: “This strengthens an already positive and long standing relationship.”