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DFSA Enters into M0U With
 S. African Reserve Bank

DUBAI - The Dubai Financial Services Authority, or DFSA entered into a Memorandum of Understanding (MoU) with the Bank Supervision Department of the South African Reserve Bank. The MoU was signed on behalf of the DFSA by Chief Executive, Paul Koster, having been signed earlier in Pretoria by Mr Errol Kruger, the Registrar of Banks and Head of Bank Supervision at the South African Reserve Bank.

Koster said: “The attraction of the Dubai International Financial Centre, or DIFC as the domicile of choice for South African financial institutions in the Middle East should be enhanced by this regulatory relationship.”

This initiative reflects each agency’s commitment to co-operation in relation to prudential oversight and inspections. It adopts the model for information sharing developed by the Basel Committee on Banking Supervision and follows similar arrangements the DFSA has with other significant banking supervisors in the UK, Germany, France, the US, Singapore and China. It is also worth noting that the DFSA already enjoys a good working relationship with Financial Services Board of South Africa having signed an MoU with in May 2008.

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