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DUBAI The Dubai Financial Services Authority has entered into a Memorandum of Understanding with the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin), the Federal Financial Supervisory Authority of Germany that regulates the insurance sector.
The DFSA said that as German financial services firms join the DIFC the bilateral relationship with the BaFin will become more important as both regulators rely on the quality of regulatory standards administered in the other's jurisdiction."The BaFin is one of Europe's pre-eminent financial services authorities. As such this memorandum of understanding is a most significant initiative, recognising the importance of these arrangements for cooperation and information sharing between the two regulators," said, David Knott, chief executive of the DFSA."Although both the BaFin and the DFSA are signatories to the International Organisation of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding, today's bilateral agreement reflects each agency's responsibilities, not just for securities, but as an integrated regulator of its banking and insurance sectors," he added.
"Our cross-sectoral Memorandum of Understanding meets the highest international standards", said BaFin President Jochen Sanio after signing the agreement.
"The MoU is most timely and thanks to it, cross-border supervision between Germany and the DIFC will be enhanced," he continued.