The Dubai Financial Services Authority, DFSA, today entered into a Memorandum of Understanding, MoU with Lebanon’s Capital Markets Authority, CMA.

The MoU will enhance information sharing and cooperation on supervisory issues, further extending the existing relationship between the two markets. It also provides the foundation to facilitate the entry of some financial institutions into the Dubai International Financial Centre, DIFC, from Lebanon, through information sharing.

The MoU was signed at DFSA's headquarters between Ian Johnston, Chief Executive of DFSA, and Sami Saliba, Executive Board Member of CMA.

Johnston said, "Building strong frameworks of cooperation with our regional peers has always been a strategic objective for us. We have MoUs in place throughout the GCC as well as in Egypt, Jordan and the Banque du Liban, BDL, in Lebanon.

"Today’s MoU affirms the success of our relationship with the Lebanese authorities and recognises the joint oversight of brokerage firms, investment banks and other non-banking financial institutions in the two jurisdictions."

Source: Wam