Dubai PR Network, Online Press Release from Dubai and Middle East
 
Government Sector(Government, Legal & Humanity)
Filter PR by
  
DFSA signs MoU with the Central Bank of Egypt
 

Dubai, UAE, 7 August 2019: The Dubai Financial Services Authority (DFSA) signed a memorandum of understanding (MoU) with the Central Bank of Egypt (CBE) to enhance the relationship and cooperation between both institutions and facilitate the performance of their respective supervisory tasks and promote the safety and soundness of banks in their respective jurisdictions. This includes, but is not limited to, combatting financial crime, conducting consolidated supervision of common firms and discussing crisis management.

The MoU was signed by Mr Bryan Stirewalt, Chief Executive of the DFSA, in Dubai on 28 July 2019 and by H. E. Tarek Amer, Governor of the CBE, in Egypt. 

Bryan Stirewalt said: “We are honoured to be working hand in hand with the Central Bank of Egypt. This MoU will enhance the cooperation and relationship between the two parties by promoting stable and transparent financial services in our respective jurisdictions as well as contribute to strengthening investor confidence.” 

Tarek Amer stated: “The MoU signed with the DFSA will help facilitate the exchange of information and performance of the supervisory tasks as well as promote the safety and soundness of banks in our respective jurisdictions, exchanging staff experience and training in the scope of banking supervision.”

The DFSA has enjoyed a close working relationship with its Egyptian counterparts for many years. In September 2006, the Capital Markets Authority of Egypt (the predecessor to the Egyptian Financial Supervisory Authority) was the first regulator outside the UAE to sign a MoU with the DFSA. In 2014, the DFSA signed a MoU with the then newly established Egyptian Financial Supervisory Authority, which has a broad regulatory remit for supervising and regulating non-banking financial markets and instruments, including capital markets, securities exchange, insurance services, mortgage finance, financial leasing, factoring and securitisations. 

This agreement is the seventh MoU signed by the DFSA with a regional central bank. Most recently, in March 2019, the DFSA signed a MoU with Bank Al Maghrib, in addition to MoUs with the Central Bank of Bahrain and the Central Bank of Oman in 2018. This builds upon MoUs signed with the Central Bank of the UAE in 2009, Banque Du Liban in 2013, and the Central Bank of Jordan in 2007.

The DFSA has signed 110 bilateral MoUs with national, regional and global regulators and five multilateral MoUs as members of the key international financial standard setters, demonstrating its commitment to enhanced regulatory cooperation and engagement in global financial markets.


Posted by : Dubai PR Network Editorial Team
Viewed 3617 times
PR Category : Government, Legal & Humanity
Posted on : Wednesday, August 7, 2019  12:40:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Next Story : SCCI and Sharjah Police to Launch Joint initiatives to Meet ...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
VARA - 2019 Fall/Winter Collection [8052-Views]
Nursery children gift Eid packages to labourers [5789-Views]
An increase of 36.7% compared to the first quarter [5240-Views]
Eid Al Adha Event Program [5112-Views]
US $859bn Oil, Gas and Petrochemical Projects Underway or Planned in the MENA Region as Gl... [5100-Views]
Dubai Festival City Mall Celebrates Global Independence Days with Exclusive IMAGINE shows [5063-Views]
Eid Gifting [4898-Views]
Turkish Airlines continues its journey to the top with new cabin uniforms [4697-Views]
Alisha Moopen appointed as the Deputy Managing Director of Aster DM Healthcare [4599-Views]
Evonik sticks to full-year outlook despite cooling economy [4520-Views]
Benefits to young people of becoming a freelancer a focus at International Youth Day event [4362-Views]
GEMS Education offers up some expert ways to get your children to read in the late summer ... [4264-Views]
Zulekha Hospital Sharjah Honored With Baby Friendly Hospital (BFHI) Accreditation From Uni... [4246-Views]
Al-Futtaim Toyota delivers strong H1 results [4185-Views]
FireEye Identifies Prolific Chinese Cyber Threat Group [4105-Views]
Eyes of the World on Expo 2020 Dubai [4099-Views]
MoHAP Announces Working Hours at Primary Health Care & Preventive Medicine Centers During ... [4081-Views]
Lenovo Introduces Single-socket Servers, Designed Specifically for Edge and Data-intensive... [4026-Views]
LG Signature Responds to Market Demand for Luxury Appliances With Expanded Lineup [3812-Views]
Show your Nanny some love and treat them to a Complimentary Haircut throughout August and ... [3733-Views]
9th Muslim World Business and Investment Zone to host Jewels of the Muslim World Award and... [3660-Views]
Sharjah Exports Development Center Achieves Record Results in First Half of 2019 [3611-Views]
Express Auto Wash offers festive deals during Eid Al Adha [3483-Views]
Introducing Lunette: A Tool to Empower Women [3361-Views]
New Mimecast Report Reveals Analysis of 67 Billion Rejected Emails [3337-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories