Dubai hails regulatory efficiency

His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday met the chairman and directors of the Dubai Financial Services Authority (DFSA) at its headquarters in the Dubai International Financial Centre. During the meeting, held in the presence of Dubai Crown Prince Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Shaikh Mohammed listened to a presentation on the major achievements of DFSA. The DFSA is the independent regulator of all financial and ancillary services conducted through the DIFC, a purpose-built free-zone in Dubai. DFSA chairman Saeb Eigner said that the authority could set up an international network of regulatory relations through the signing of agreements with over 115 entities across the world including Federal Reserve in USA, Financial Services Authority of UK and similar authorities in India, China, Japan and major European countries. 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. Shaikh Mohammed expressed satisfaction over DFSA’s attainment of a global position with several international financial experts of reputation in its cadre. This expertise owned by the authority can be utilised in supporting our national economy in this vital sector and building Emirati global expertise in this area.