Dubai: The Dubai Financial Services Authority (DFSA) and the Central Bank of Bahrain signed a Memorandum of Understanding (MoU) last week to cooperate in the supervision and authorisation of firms operating in both markets.

The MoU was signed by Saeb Eigner, Chairman of the DFSA, and Rasheed Mohammed Al-Maraj, Governor of the Central Bank of Bahrain, in Manama.

Eigner said: “The DFSA places great importance on the relationships we have with our counterparts in the GCC. The signing of this MoU formalises arrangements for cooperation and information sharing between us. It underscores our shared commitment to maintaining the highest standards of supervision and the joint promotion of a stable financial services sector in our region.

“It also builds upon Dubai and the UAE leadership’s Vision of continued regional and international engagement. I am particularly grateful to His Excellency, the Governor for hosting our meeting and for the opportunity to share the experiences of two neighbouring regulators of international financial centres with much in common.”

The DFSA and the Central Bank of Bahrain have for some years, been co-signatories of the multi-lateral MoU of the International Organisation of Securities Commissions. The bilateral MoU between the two authorities enhances this relationship, reflecting both authorities’ commitment to international standards.

The DFSA is an independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC), a purpose-built financial free-zone in Dubai.

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 to regulating financial and ancillary services, the DFSA is responsible for supervising and enforcing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) requirements applicable in the DIFC.