The Dubai Financial Services Authority (DFSA) has signed a memorandum of understanding (MoU) with the Office of the Superintendent of Financial Institutions of Canada (OSFI) to co-operate in relation to prudential oversight and inspections.
Paul Koster, chief executive of DFSA, said: “The attraction of the Dubai International Financial Centre (DIFC) as the domicile of choice for Canadian financial institutions in the Middle East will be further 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, Japan, Singapore and China.”
OSFI is responsible for regulating and supervising all federally chartered, licensed or registered banks, insurance, trust and loan companies, co-operative credit associations and fraternal benefit societies in Canada.