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The Dubai Financial Services Authority, DFSA, and the Central Bank of Oman signed a Memorandum of Understanding, MoU, to cooperate in the supervision and authorisation of firms operating in both markets.
The MoU was signed in the Dubai International Financial Centre by Bryan Stirewalt, Managing Director, Supervision of the DFSA, and Tahir bin Salim bin Abdullah Al Amri, Executive President of the Central Bank of Oman.
Stirewalt commented, "We are honoured to host the President of the Central Bank of Oman. This agreement is indicative of the value we place on regional cooperation and sustainable growth of financial services in our respective markets. DFSA already enjoys a warm relationship with the Capital Markets Authority of Oman, with whom we signed an MoU in October 2008."
Al Amri added, "The MoU aims at strengthening the bilateral relationship and enhancing mutual cooperation between ourselves and DFSA. It also aims at supporting and developing banking, financial and economic operations for both the Sultanate of Oman and the UAE."
The agreement is the third MoU signed by DFSA with a Central Bank in the Gulf and reflects the level of trust and confidence each Authority has for the other. In January, DFSA signed an MoU with the Central Bank of Bahrain to cooperate in the supervision and authorisation of firms operating in both markets. This builds upon an MoU signed with the Central Bank of the UAE in 2009.
DFSA has 103 bilateral MoUs with regulators globally, and five multilateral MoUs. The agreements reflect the continued need for regulatory cooperation in global financial markets.
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