The Securities and Commodities Authority of the United Arab Emirates (ESCA) and the Dubai Financial Services Authority (DFSA) signed a Memorandum of Understanding (MOU) to further enhance regulatory cooperation and information sharing between the two agencies.
H.E Abdulla Salem Al Turifi, CEO of ESCA, and Dr. Habib Al Mulla, Chairman of the DFSA, signed the historic MOU today in Abu Dhabi, reiterating the commitment of two of the leading securities regulators in the Middle East to work together in ensuring that securities and commodities markets in the UAE and DIFC are fair, transparent, efficient and regulated to world class standards.
The MOU cements an already excellent level of co-operation between ESCA and the DFSA, the two independent agencies. Each regulator will be able to rely on the MOU to ensure compliance with applicable legislation and to collaborate in regulating inter jurisdictional dealings as well as share technical know-how and joint training in enhancing the credibility of financial markets and protect investor rights.
H.E. Shaikha Lubna Bint Khalid Al Qassimi, Minister of Economy and Planning and the Chairman of ESCA, said that the MOU aims at supporting the national economy and minimising the risk that is usually involved in financial market transactions. Their joint working with DFSA will help prevent fraud, money laundering, market manipulation and other prohibited practices in the securities markets of the DIFC and greaterUAE.
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