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You are here: Homepage > Press Room > Press Releases 2011 > MOU between CIMA and DFSA Endorsed by Premier

Published 5th April 2011, 8:51am

GRAND CAYMAN - The Cayman Islands Monetary Authority (CIMA) has formally established bilateral ties with the Dubai Financial Services Authority (DFSA) through a memorandum of understanding. The MOU, signed earlier by CIMA’s Managing Director, Mrs. Cindy Scotland, received endorsement by the Premier of the Cayman Islands, the Hon. McKeeva Bush, OBE, JP, who was in Dubai for a State visit and was present for the signing by the DFSA on Wednesday, 30 March. Also in attendance was the Dubai International Financial Centre (DIFC) Governor, H.E. Ahmed Humaid Al Tayer, and other officials from both jurisdictions.

“The MOU with DFSA reinforces the regulator-to-regulator cooperation which the government of the Cayman Islands fully supports,” said the Premier. “As I have previously stated, there are many synergies between our jurisdictions and I am proud to have been able to be a part of this solidification in our ongoing relationship with Dubai.”

This agreement - which boosts the number of MOUs and similar accords which CIMA has with international counterparts to 21 - will govern cooperation and the exchange of information between the organisations; something that had already been taking place on an informal basis.

Signing on behalf of the DFSA, Chief Executive, Mr. Paul Koster, said: “The DFSA is pleased to have entered into this formal arrangement with the Cayman Islands Monetary Authority. Both authorities are integrated regulators striving to embrace best practice and seeking to reflect the resolutions of the international standard-setters.”

The DFSA is the independent regulator of all financial and ancillary services conducted through DIFC. 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. In addition, DFSA, like CIMA, complies with the Basel Core Principles for Effective Banking Supervision and is a member of the International Association of Insurance Supervisors (IAIS). As is the case with CIMA, the DFSA is also a signatory to the multilateral MOU with the International Organization of Securities Commissions (IOSCO), and has a number of other agreements in place. The DFSA has over 50 bilateral memoranda of understanding with regulators in jurisdictions across the world including the UK, Jersey, Isle of Man, Belgium, Netherlands, Portugal and Malta.

CIMA's Managing Director Cindy Scotland concurred with her Dubai counterpart:“We see this MOU as reinforcing our strong international cooperation regime and further demonstrating our commitment in this area. CIMA is pleased to formally recognise the cooperation that has existed between our jurisdictions and we look forward to continuing that. This MOU will create a framework that will facilitate greater assistance between us - the regulators of financial services in Cayman and Dubai - with regard to effectively carrying out our duties," said Mrs. Scotland.

In addition to the DFSA, and IOSCO, CIMA has bilateral and multilateral MOUs and other information-exchange agreements with financial regulators in Argentina, Bermuda, Brazil, Canada, the Isle of Man, Jamaica, Jersey, Malta, Mexico, Panama, the Turks and Caicos Islands, the UK, and the USA. The multi-lateral agreements include one with four USA federal banking regulators and another with eight Caribbean banking regulators. The agreements can be viewed in the Regulatory Framework / International Agreements section of CIMA's website: International Agreements.

 

For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at financepr@gov.ky.